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Category: Tax

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Partnership Capital Accounts: 2018 Changes and Notice 2019-66

By Miranda Aavatsmark Who has not frantically awoken from a bad dream in the middle of the night and been relieved to realize that it was not real? I have a reoccurring dream (nightmare) that I either have to go back to college and retake classes or sit for the CPA exam again. I used […]

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Partnership Basis Reporting Changes

In September 2019, the IRS released a draft 2019 Form 1065 and Schedule K-1 with their respective instructions, suggesting that partnership capital accounts would have to report on the tax basis vs. GAAP or any other method of reporting. This change in capital account reporting meant that many partnerships would have to spend considerable amounts […]

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Ways Your Taxes will Change in 2020

Even though the New Year is just upon us, and we are working diligently to get our taxes filed for 2019, it is also time to start looking ahead to the 2020 tax year. As it happens, just before the holidays, two important pieces of tax legislation were passed as part of a year-end appropriations […]

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Ways to Jumpstart Your 2020 Self-employed Tax Strategy

Many self-employed taxpayers may be looking for strategies that could help jumpstart future tax years. Here are a few strategies that self-employed taxpayers can take advantage of to help minimize their tax burden. SEP IRA SEP IRA is a great way for the self-employed to be able to provide a retirement option to their employees […]

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Research and Development Credits Could Impact Your 2019 Tax Savings

Income taxes can be a major driving force in key business decisions on a daily basis. Income taxes have significant impact on cash flow, can influence decisions on how to price jobs, and can impact how much employees are paid. Taking advantage of tax credits can help strengthen cash flow and increase the ability to […]

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Highlights of Spending Package’s Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement […]

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IRS Update: Rules for Using Per Diem Rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem […]

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Spending Bill Extends Tax Breaks & Adds Retirement Account Provisions

Congress reached an agreement on a massive government-wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. […]

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Change in Accounting Method: Is now the time?

By Miranda Aavatsmark As I sit down to write this, it is a couple of days post-Halloween and I changed out my spring door wreath for my fall one. This year has been the first full year to realize most of the tax reform changes and needless to say, accounting professionals have been quite busy. But […]

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Form 990 Compensation Reporting

When your favorite time of year rolls around (completing your organization’s Form 990, of course!), it can be difficult to know what you should be providing to your tax return preparer when they ask for “compensation” to complete Form 990, Part VII as well as Schedule J, Part II, if applicable. Form 990 requires an […]

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indiana sales tax

New Indiana Sales Tax Rule for Not-For-Profits – Sales Tax Collection & Filing Threshold Increased

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. […]

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Clipboard with paper that reads Employee Retention Credit | IRS Orders Immediate Stop to New Employee Retention Credit Processing – What You Need to Know | What You Need to Know About ERC

IRS Orders Immediate Stop to New Employee Retention Credit Processing – What You Need to Know

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 […]

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Changes to Medicare Bad Debt and S-10 Template Effective this Month

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 […]

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