Some things remain constant even in a tax year like 2018, such as the need to learn to skills to expand a practice. Tax practitioners report that a number of fresh certifications, designations and credentials are appealing to them as clients’ needs change. “By this time next year, I expect to have completed the requirements

President Donald Trump pledged that his tax law would kill off breaks and complex loopholes for the wealthy. Instead, the overhaul has ushered in a new generation of maneuvers that taxpayers can exploit before Dec. 31 to minimize next year’s bills. Some tactics capitalize on provisions in the law that provide benefits, such as a

Tesla Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018, crossing the threshold that, according to the Internal Revenue Service, triggers a phase-out of the tax credit available for purchasers of new Tesla plug-in electric vehicles beginning Jan. 1. Qualifying vehicles by

In a much-anticipated move, the California Department of Tax and Fee Administration announced last week that out-of-state retailers who sell above certain thresholds will have to start collecting California use taxes on their sales into the state, starting April 1, 2019. Since the landmark Supreme Court decision in South Dakota v. Wayfair last finding that

The Internal Revenue Service provided initial guidance Friday on a provision of last December’s tax overhaul enabling qualified employees of private corporations to defer paying income taxes for up to five years on the value of qualified stock options and restricted stock units granted by their employers. However, the provision of the Tax Cuts and

The IRS will raise most 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. On Jan. 1, the rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents/mile driven for business use, up 3.5 cents

You’ve probably been asked by your clients before: “Can I deduct my health insurance?” or, “How can I reimburse my employees for health insurance premiums without triggering tax consequences?” For small-business owners and sole proprietors, the most powerful and relevant options are Health Reimbursement Arrangements. There are two HRAs in particular that will be of

The Tax Cuts and Jobs Act produced a lot of questions throughout the tax world. Most clients, however, probably just have one: Will I get to keep more money? “I will have several clients that are upset by the loss of certain deductions and yet pleased with the lower tax bill,” said Morris Armstrong, an

The Internal Revenue Service has issued interim guidance to help tax-exempt organizations deal with changes in the Tax Cuts and Jobs Act that impose new taxes on groups like churches and charities that offer free parking to clergy and employees. The interim guidance comes in response to an outcry from some religious and nonprofit organizations

Even if your clients didn’t owe money last tax season, it’s more important than ever for them to start planning for the upcoming tax season now due to tax reform changes. Here are tips for end-of-year planning to help maximize their refunds from Intuit senior tax analyst Mike D’Avolio. With reduced tax rates due to

Maryland and Washington, D.C. officials unleashed a burst of subpoenas seeking financial records that would penetrate Donald Trump’s closely guarded trust and business and reveal whether the president is profiting off foreign governments. Among the investigative demands issued Tuesday to more than 30 business entities, competitors and government agencies is a request for state and

Bloomberg Starting Jan. 4, consumers can apply at H&R Block offices for an interest-free refund advance loan of up to $3,000. The loans, from Axos Bank, will be offered through Feb. 28 at participating offices and are repaid from the client’s federal or state income refunds. The tax prep giant says that customers should be

Ryan LLC, a Dallas-based global firm that specializes in business taxes, is acquiring VAT Systems, a Paris-based provider of international value-added tax compliance and recovery services. The acquisition is expected to bolster Ryan’s presence in Europe. The firm recently announced a $317 million investment from private equity firm Onex Corporation (giving Ryan a value of

California can be pretty aggressive when it comes to collecting taxes. Let’s look at a hypothetical example of a sale of non-California real estate in a taxable transaction to illustrate how one of the provisions of the California clawback law applies in a particular scenario. Californians who dispose of California real estate and then acquire

One of the biggest breaks created by last year’s tax law sits in Puerto Rico, a hurricane-ravaged island desperate for a recovery. But some residents fear tax history could repeat itself. President Donald Trump’s overhaul sets up “opportunity zones” in underdeveloped economic areas that try to lure investment with the promise of generous tax benefits.

House Republicans released a revised version Monday of their year-end tax package, putting special emphasis on tax relief for disaster victims, along with improvements to retirement and savings accounts, extensions on moratoriums to some taxes related to the Affordable Care Act, technical correction in the Tax Cuts and Jobs Act, and changes in the operation

Fish tales; from the general to the illegal; dinged; and other highlights of recent tax cases. Powell, Ohio: Scott W. Atway, 44, has been sentenced to a year and a day in prison, four months of community confinement and eight months of house arrest for filing a false return. For several years, including 2010 through

The tax season just ahead will be “1986 on steroids,” said Beanna Whitlock, a Canyon Lake, Texas-based tax professional and former director of IRS National Public Liaison. “Get some rest, and get ready for new clients!” Allan Boress, a central Florida-based CPA, said that in addition to dealing with the Tax Cuts and Jobs Act,

U.S. companies won some concessions from the Internal Revenue Service following proposed regulations that would soften the blow of a new foreign tax — but the rules didn’t go as far as the business community had hoped. The agency issued guidance Wednesday that would in some ways allow businesses to minimize the hit when calculating

Tax authorities swooped in on Walt Disney Co.’s Paris premises last year hunting for evidence to determine whether the entertainment giant improperly shifted revenue abroad, according to a series of court rulings from this month that tossed out claims the raids were illegal. Officials arrived on Oct. 5, 2017 — suspecting Disney had misled tax