Newsletters

Tax-exempt Organizations to Pay UBIT for Providing Parking Benefits to Employees

The Tax Cuts and Jobs Act (the Act) passed in late 2017 has brought a collection of changes to almost every business. Although many tax cuts, such as reducing the corporate tax rate from 35% to a flat rate of 21%, are widely and warmly welcomed, the Act trims down some tax breaks that businesses have depended on for many years, including qualified transportation benefits. Qualified transportation benefits are defined as: • A ride in a commuter highway vehicle between the employee’s home and work place; • A transit pass;…

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Supreme Court’s Internet Sales Tax Ruling

The Virtual Age Demands Change In the modern era in which we live, interpretation of laws is in flux. The virtual world creates new areas of query for lawmakers, courts, businesses, and their advisors. The interpretation of the Commerce Clause of the U.S. Constitution has been up for debate in recent years due to the increasing demand for goods in the online market place. Consumers are purchasing at an increasing rate through remote sellers who, due to their lack of physical presence in the purchaser’s state, have not collected and…

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Tax filing reminders

July 31st    Calendar-year pension and self-aware benefits plans (Form 550) is due September 17th 2017 calendar-year S corporation income tax return (Form 11205) on extension is due 2017 calendar-year Partnership income tax return (Form 1065) on extension is due Individual and Trust third quarter estimated tax payments are due Calendar-year corporations third installment of estimated income tax for 2018 October 1st Tax return for 2017 is due for extended income tax returns for estates and trusts October 15th 2017 calendar-year C corporation income tax return (Form 1120) on extension is…

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NEW 1040 FORM: SHORTER FOR 2018, BUT HAS MORE SCHEDULES

The IRS has issued drafts of the 2018 Form 1040 and new Schedules 1 through 6. This is a major redesign and allows the politicians to say that the tax return has been reduced to postcard size. The new 1040 is about half the size of the current version, with only 23 numbered lines (down from 79). The front page includes signature lines and no financial information. The numbers are reported on the back page of the 1040 and additional Schedules are completed only if they apply to the taxpayer….

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