May 2018

What is an exit strategy?

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!

Artificial Intelligence (AI) has seen stunning development in recent years, and these improvements are wiggling their way into the day-to-day operations of small businesses faster than many business owners realize.

Recent changes to the Individual Income Tax Code eliminated deductions for casualty losses (storm damage) beginning in Tax Year 2018, unless the President declares a Federal Disaster Area.  Prior to the Tax Changes, individuals could claim certain personal casualty losses not compensated by insurance or otherwise as itemized deductions, includin

There are few experiences that conjure such dread and stress as when a taxpayer has received notification from the Internal Revenue Service that he or she will undergo an audit of their tax returns.

Frankly, it feels like a punch in the gut when you first read those words.

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. 

(Pursuant To IR-2018-66, March 21, 2018) Internal Revenue Service

Every year the IRS issues its “Dirty Dozen” report to highlight the biggest scams that the public needs to avoid.

The IRS has released the following press release:

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond.