2018 Year-End Tax Planning Guide

This guide provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the new tax environment. It will be important to work closely with your tax advisor this year. They can help you identify which changes affect you and the best strategies for maximizing the new tax law’s benefits and minimizing any negative tax ramifications.

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2018 Blue & Co. Year-End Tax Planning Guide Cover

IRS Waives Penalty for Some Who Underpaid Their Taxes in 2018

If you didn’t adjust your withholdings or estimated tax payments in 2018 and now owe tax, you could qualify for penalty relief. On January 16, 2019, the Internal Revenue Service announced that it is generally waiving the estimated tax penalty for taxpayers who have paid at least 85% of their total tax liability during the […]

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Upcoming Changes to Accounting for Lease Arrangements

Upcoming Changes to Accounting for Lease Arrangements

Accounting Standards Codification (ASC) Topic 842 (ASC 842) is the new lease accounting standard that is effective for calendar year-end non-public companies beginning January 1, 2020. Under this new standard, all companies reporting under U.S. GAAP will be required to record all lease arrangements longer than 12 months in duration on their balance sheet – […]

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Taxable Income too high for 2018? Consider Paying Bonuses to Employees

Taxable Income too high for 2018? Consider Paying Bonuses to Employees

With the passing of the New Year, many tax planning strategies businesses use to reduce their tax liability for the year expire. However, you may be able to accrue and pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have […]

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