A brief overview of changes by the Tax Cuts and Jobs Act Lawmakers recently passed the largest reform of tax law since the Tax Reform Act of 1986 and it will affect almost every individual and every business. For years, itemized deductions have allowed taxpayers, if they qualified, to reduce their taxable income by claiming […]
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Working from home has become commonplace, but just because you have a home office space doesn’t mean you can deduct expenses associated with it. For 2018, even fewer taxpayers will be eligible for a home office deduction as a result of the Tax Cut and Jobs Act (TCJA). Changes Under the TCJA For employees, home […]
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Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two areas where the Tax Cuts and Jobs Act (TCJA) changes the rules are expenses for meals/entertainment and transportation. Meals and Entertainment Prior to the […]
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What does your individual tax debt have to do with a passport? Before late 2015, mostly nothing at all. Passports are issued by the State Dept., not the IRS. However, in 2015, Congress passed and President Obama signed a law that requires the IRS to notify the State Dept. of taxpayers having “seriously delinquent tax […]
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Highlights of the New Law The “Tax Cuts and Jobs Act” (the Act) is the largest overhaul of the United States Tax Code in over 30 years and will have an impact on nearly everyone. Below are some of the highlights of the new law. Individual Tax Provisions The new law changes the modified tax […]
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The Tax Cuts and Jobs Act (TCJA) is hot off the presses and contains many provisions which will impact taxpayers in 2018. In addition, the change in corporate tax rates could also impact many regular (or “C”) corporations immediately. Regular corporations recognize deferred tax assets and liabilities related to temporary differences between book and tax […]
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To help you make sure you are aware of and don’t miss any important 2018 deadlines, we’ve put together this summary of when various tax-related forms, payments and other tax-related activities are due. Be aware that some deadlines have been adjusted compared to previous years. Please review the calendar and let your Blue & Co., […]
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On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (P.L. 115-97), a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. There were four main changes specifically for tax-exempt entities including excise tax on excessive compensation, […]
Read MoreCongress and the President are enacting the biggest tax reform law in 30 years, one that will make fundamental changes in the way you, your family, and your business calculate your federal income tax bill, and the amount of federal tax you will pay. However, since most of the changes will not go into effect […]
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Click here to view the highlights of the “Tax Cuts and Jobs Act of 2017”
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By Nancy Orben, CPA, Senior Manager, Laura Philpot, Senior Accountant, Business Services, and Lisa Totten, Senior Accounting Specialist at Blue & Co. Attention all not-for-profit organizations! Are you currently using QuickBooks Point of Sale in your gift shops, ticket sales, or day-to-day business? If so, you may have heard the recent news that Intuit will […]
In the past several years, hospitals have continued to feel the impact of increased utilization of contract nursing and other contract services. Although these services have developed into a major expense line item, it is important for hospitals understand how expenses related to contracted services can impact the wage index factor for Medicare reimbursement. Contract […]
Trusted Insights from The National Bank of Indianapolis Nonprofit Services Team Not-for-profit organizations are increasingly falling victim to fraud, with a rising number of incidents and an ever-growing amount of money being lost. Fraudsters find it easy to target not-for-profits, as their publicly available 990s provide valuable information. Protecting your organization from such fraudulent activities […]
