IRS Waives Penalty for Many

The IRS has announced that it will be waiving the penalty for the underpayment of estimated tax for many taxpayers whose estimated tax payments and federal income tax withholdings came up short for the 2018 tax year. The underpayment penalty relief is intended to provide assistance to

How the New Tax Law Affects C Corporations

The Tax Cuts and Jobs Act (TCJA) made significant changes to the federal tax law, including a significant decrease in the corporate tax rate. Beginning in 2018, the tax rate for c-corporations is a flat rate of 21%. This is great for existing corporations, as they were previously taxe

2018 Itemized Deduction Changes

Due to the recent tax law changes, many more taxpayers will be taking the standard deduction vs itemizing for 2018. The standard deduction  for 2018 is $24,000 for married filing jointly taxpayers (up from $12,700 in 2017). Significant changes to itemized deductions take effect this y
Tax deduction

Is Your Business A Specified Service Business?

The Tax Cuts and Jobs Act (TCJA) created a new deduction for qualified business income. However, business income that comes from a specified service business is not eligible once taxable income reaches a certain limit. So, what is considered a specified service business? The IRS defin

Are You Eligible for the New Business Income Deduction?

The Tax Cuts and Jobs Act (TCJA) made significant changes to the tax law, most notably the addition of a new deduction for qualified business income. Qualified business income includes the ordinary income from sole-proprietorships, single-member LLCs, partnerships, S-corporations, and