Newsletters

Tax Filing Reminders

October 1st 2017 calendar-year Form 1041 tax return for estates and trusts on extension is due October 15th 2017 calendar-year C corporation income tax return (Form 1120) on extension is due Individual income tax return on extension is due 2017 gift tax return (Form 709) is due 2017 FinCEN Form 114 Report of Foreign Bank and Financial Accounts is due

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Over 70 ½? Get a Tax Benefit from Contributions without Itemizing

It’s been estimated that the number of people who itemize will fall by more than half in 2018 because of changes made by the Tax Cuts and Jobs Act (TCJA). That’s bad news for many charitable givers, but those who are age 70½ or older can continue to gain a tax benefit from their charitable contributions even if they don’t itemize. The key is to make the gift by way of a qualified charitable distribution (QCD) to make annual contributions from an IRA and reduce distributions by a commensurate amount….

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20% QUALIFIED BUSINESS INCOME DEDUCTION UPDATE

New, anticipated guidance has been provided with the proposed regulations under IRC § 199A, taking effect in 2018.  The proposed regulations address application of IRC § 199A in terms of definitions, rules for aggregation of trades or businesses, rules for classifying specified service trades or businesses (SSTB), and specific parameters for limitations. To recap some of the basics, IRC § 199A allows for eligible taxpayers to receive a deduction of up to 20% of the combined business income of individuals with qualified business income (QBI) from a partnership, LLC, S…

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Oklahoma Changes to 2018 Income Tax

With all the emphasis on the many Federal tax changes for 2018, we also need to be aware of some changes related to your Oklahoma personal income tax return. For Federal purposes, personal exemptions were eliminated for 2018. However, Oklahoma will continue to allow personal and dependent exemptions of $1,000 per exemption. An additional exemption of $1,000 may be allowed for taxpayer or spouse who is blind at the close of the tax year. Oklahoma also allows an additional Oklahoma exemption of $1,000 for each taxpayer or spouse who is…

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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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Tax filing reminders

June 15th  Individual income tax returns are due for U.S. citizens or resident aliens living and working or on military duty outside the U.S. and Puerto Rico Individual and Trust second quarter estimated tax payments are due Calendar-year corporations second installment of estimated income tax for 2018 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…

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Tax retention guidelines for small businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up. General rules Retain records that support items shown on your tax return at least until the…

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