Tax Reform 2.0 is making its way through Congress. On September 13, the House Ways and Means Committee passed three separate bills that focus on making several provisions of the Tax Cuts and Jobs Act (TCJA) permanent. The provisions affect individuals, families, and small businesses. The bills also promote family and retirement savings and new […]
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If you own a vacation home that you both rent out and use personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses are not subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions, be sure to contact your local Blue & Co. advisor to ensure you’re meeting […]
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The Tax Cuts and Jobs Act (TCJA) opened up the eligibility guidelines for using the cash method of accounting, making the cash method available to more businesses than was previously allowed. The IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. […]
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The Tax Cuts and Jobs Act made many changes to the meals and entertainment deduction. The largest change is that entertainment is no longer deductible. Below is a summary of what will and what will not qualify for deduction: Entertaining Clients: Meals will continue to be 50% deductible as long as they are not considered […]
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By Cory Schunemann, CPA, Manager at Blue & Co. Indiana’s 2023 Senate Enrolled Act (SEA) 417 made another change to the sales tax collection requirements for not-for-profits after 2022’s SEA 382. Not-for-profits with taxable retail sales in excess of $100,000 in the current or prior year are now required to collect and remit sales tax. […]
By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. On Thursday, Sept. 14, the IRS announced a moratorium on processing of new Employee Retention Credit (“ERC”) claims through at least December 31, 2023. This decision is in response to a flood of questionable claims and trusted tax advisors expressing a slew of concerns […]
The new Medicare Bad Debt template (Exhibit 2A) and S-10 template (Exhibit 3B and 3C) have been finalized by Medicare and are now required for cost reporting periods ending on or after September 30, 2023. This deadline is quickly approaching, and Blue & Co. wants to be sure you are prepared. If you are feeling […]
