Certified Public Accountant specializing in personal, non-profit and forensic accounting and tax preparation
Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly. The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax…
Note that in our previous announcements, we let you know that business meals with clients and prospects were no longer deductible based on the recent tax reform changes. But we now know that lawmakers plan to reinstate business meals with clients and prospects as 50% deductible. Here’s the updated strategy: deduct your client and business…
Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns more than 2 percent, may suffer additional…
Tax reform made changes to the tax law that significantly impact the alternative minimum tax (AMT). The changes could mean more money in your pocket and less going to the government. If you own a C corporation, then you are the big AMT winner: Tax reform completely eliminated AMT for C corporations. C corporations are…
