Due to concerns that partnerships may not be able to comply with its new mandate for the way they should report partners’ capital accounts, the IRS has postponed the requirement for reporting partners’ shares of partnership capital on the tax-basis until 2020. (See Notice 2019-66). Under old law, partnerships could report partners’ capital on a[…]
No business owner wants to hear that the Pennsylvania Department of Revenue believes you owe it taxes, interest and/or penalties. And while a tax assessment notice is certainly unpleasant, it may help ease your concern to learn about some of the issues around such assessments. One such area is industry standards, which is when the[…]
Business owners who are moving their businesses can claim a number of deductions, although the IRS has certain requirements that must be met. It is always recommended that you check with a tax professional and the IRS to confirm your individual situation. The cost of moving business equipment, including all computers and peripheral equipment, supplies,[…]
When the Tax Cuts and Job Act (TCJA) became law in 2017, the United States tax code significantly changed. Those changes, from deductions and accounting methods, to succession planning opportunities, have important implications for many taxpayers. Additionally, TCJA expanded many states’ tax bases and initiated discussions on tax conformity. At the end of 2018, only[…]
Whether you’re considering a startup business or have already begun one, be sure you don’t overlook the important matter of taxes. Experts strongly advise business owners to take time to look at businesses similar to theirs and research how they are handling taxes, including what structure they are using to establish their startup. While many[…]
How small business owners should prepare for a meeting with their tax professional
By diamondcpas Business Taxes Feb 08, 2019
As any small business owner will tell you, being prepared for tax season is critical. Here we offer some key advice to help you get ready for a meeting with your tax professional. If you follow the steps and keep important filing dates in mind, you’ll be fully confident and there’ll be no need for[…]
The ABCs of Cryptocurrency Accounting Bitcoin Cryptocurrency We expect there to be major changes this year in how the IRS will enforce cryptocurrency gains. In this blog post we explore the definition of cryptocurrency and what you need to know about accounting for cryptocurrency transactions and reporting cryptocurrency gains on your 2018 tax return. What[…]
The Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2018, for most provisions, and for many businesses it provides benefits such as reduced corporate tax rates, the end of the corporate alternative minimum tax, and a new pass-through business income deduction. As 2018 winds down, we would like to share some planning[…]
A new provision of the Tax Cuts and Jobs Act of December 2017, titled Section 199A, stipulates that owners of sole proprietorships, S corps. or partnerships can deduct up to 20% of the income earned by the business. The idea behind Section 199A is to afford the owners of these types of businesses their own[…]
The Tax Cuts and Jobs Act was the biggest overhaul of the tax code in three decades and provides significant opportunities for the self-employed. But, as always, there are a few areas that require an explanation from the IRS. How does this impact small business owners and entrepreneurs? For 2018, it is believed that[…]
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