This upcoming tax season is the first year that taxpayers and tax practitioners will work with the changes put in place by the Tax Cuts and Job Act (TCJA) signed into law on December 20, 2017. Significant, far-reaching changes were…
The Tax Cuts and Jobs Act (TCJA) trimmed two important tax breaks for homeowners but left another big break untouched. Before the TCJA, if you itemized your deductions by filing a Schedule A on your Form 1040, you could deduct…
The IRS says it is now more strictly enforcing rules that determine whether a worker is actually your employee or an independent contractor. This has a huge impact on the small business community, but the focus of this blog is…
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040 allowing President Trump and certain members of Congress to make good on a campaign promise of making the tax return the size of…
For a variety of reasons beyond the scope of this blog today, the IRS audit rate has been on the decline the past few years. In 2017, the audit rate was 0.6% or one out of every one hundred and…
Record Retention Guide Another common question I get this time of year is, “How long do I have to keep all this tax stuff?”. Several years ago, the Massachusetts Society of CPAs updated their record retention guide. The handbook isn’t…
Not everyone expects a refund, but for those clients who do, “How long will it take to get my refund?”, has to be one of the most common questions I receive this time of year. The general short answer is…
Airbnb is the go-to site for people looking to make for some extra cash off their own home or vacation property. Over the last five years, this way of making a secondary income has become one of the most popular…
Each year the IRS publishes a list of the most common tax scams called the “Dirty Dozen”. Not surprisingly in 2017, the No. 1 scam was phishing, which has affected tax preparers, company payroll and human resources departments, and individual…
Last week, the IRS released Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding, that indicates changes made since the new tax law, The Tax Cuts and Jobs Act (TCJA), was enacted in late…