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IRS Confirms Tax Filing Season Begins January 28, 2019

IR-2019-01, January 7, 2019 WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment...
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W2 Scams – Hey, you in today?

The IRS is once again warning taxpayers, employers, and tax professionals to be on guard against the latest wave of W-2 scams. This has become one of the more dangerous email scams for tax administration. The emails appear to be from an executive or organization leader to a payroll or human resources employee. It may start with a simple,”Hey, you in today?” By the end of the...
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Inflation Adjusted Amounts for 2019

Each year, a number of provisions in the Internal Revenue Code (IRC) are adjusted for inflation. The IRS recently released the inflation adjusted amounts for 2019. The following chart highlights a number of these adjustments, as they compare to the 2018 and 2017 amounts. See the attached listing of IRA and 401(k) limits, standard deduction amounts and other adjusted amounts. 2019 Inflation...
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Tax Transcript Scam – November 2018

The IRS is warning the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove. This well-known malware, known...
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CT Pass-Through Entity Tax (New for 2018)

The state of CT passed a “new” tax on small business entities (S corps and Partnership returns) starting in 2018.  Prior to this tax, the entity would give the owner(s) a K-1 and then the owner(s) would pay the CT income tax when the personal tax return was filed.  The new tax mandates the entity to pay the tax on the income.  Connecticut will then give that owner credit for the tax...
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2019 Standard Mileage Rate

The IRS has released the 2019 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2019 standard mileage rates compared to the 2017 and 2018 tax year standard mileage rates. 2019 2018 2017 Business rate per mile* 58.0¢ 54.5¢ 53.5¢ Medical and...
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Self Employed Tax Considerations

Self-employed individuals have their own tax considerations.  If you’re self-employed, consider the following tax-saving ideas Self Employed Tax Guide and give us a call to see how we can help you implement whats right for you and your...
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2018 Tax Change Highlights

Tax year 2018 comes with more changes than taxpayers have seen in decades. Virtually everyone will see a different tax bill than they did last year.  From large increases in standard deductions to the elimination of personal exemptions, the landscape has changed dramatically.  Take a look at some of the changes 2018 Tax...
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We Can Help You Address the Issues that Keep You Up at Night

Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can probably help you sleep a little easier. Our firm is made up...
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How Do Taxes Affect Your Financial Picture?

Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay on utilities, gasoline, cigarettes and alcohol, hotel stays and numerous other items? The CPA profession’s Total Tax Insights™ calculator (www.totaltaxinsights.org) can put these numbers in perspective, enabling you to make better informed financial...
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