Although Indiana’s not-for-profit organizations play a huge role in making our state a valuable place to live and do business, their tax reporting requirements can be a major hassle to completing their respective missions. We tried to make it easier in this reference guide for 2019.
Lower Income Tax Rates for Most Individuals The 2017 Tax Cuts and Job Act (TCJA) is the biggest change that the US has seen in regard to tax law in decades. Prior to the TCJA being signed into law last year, the biggest change the tax law underwent was when the Tax Reform Act of…
New Tax Imposed on Nonprofits Prior to the Tax Cuts and Jobs Act, certain for-profit employers were allowed a tax deduction for the costs related to qualified transportation and parking benefits provided to their employees. However, this deduction was eliminated by the Tax Cuts and Jobs Act. As a result, nonprofits that provide transportation and…
2018 HSA Contribution Deduction Limit Restored to Original Level of $6,900 Before the Tax Cuts and Jobs Act was passed, the 2018 limit on deductible HSA contributions for account owners with family coverage was scheduled to be $6,900. However, the Tax Cuts and Jobs Act included changes to how annual inflation adjustments are calculated for…
The IRS is warning of an increase in refund scams this filing season. The criminals who are perpetrating these scams are using victim’s Social Security numbers, dependent data, and bank account information to file fraudulent returns. The criminals are also calling tax preparers posing as IRS agents or collections agents demanding that the refund money…
Much of the media’s attention regarding the new tax reform bill has focused on the reduced corporate tax rates, the 20% pass-through entity deduction, and the limitation on state and local taxes. However, there were several less-talked-about, yet impactful, changes to the tax law that businesses and individuals should be aware of. Business entertainment expenses,…
The United States congress has passed a sweeping new tax legislation bill, which will impact nearly every American taxpayer beginning in 2018. With the beginning of 2018 just a few days away, we have highlighted a few year-end tax planning considerations regarding the new tax bill.
With the rebound in the economy, a large number of small business owners have taken on commercial property ownership. There can be some distinct advantages to owning a building vs. leasing, but either way, if you or your client have spent money on the space you occupy, there may be some tax advantages that might…
The Internal Revenue Service (IRS) released their “Dirty Dozen” list of tax scams last week. Near the top of their list was a warning to taxpayers to be on the lookout for tax return preparers promoting inflated tax refund claims. The “Dirty Dozen” annual list is compiled by the IRS – providing taxpayers with information…
Tax Policies Likely to Change in Next Few Years As a result of the election last month, you will likely see some significant changes in the future of tax policy. With Republican President-Elect Donald Trump and the Republicans controlling both the House and Senate, the political dynamic will make it easier to move legislation through…