­

February 2018

How do I? Calculate bonus depreciation under the new tax law?

The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and placed in service after September 27, 2017, and before January 1, 2023. The rate phases down thereafter. Used property, films, television shows, and theatrical productions are eligible for bonus depreciation. Property used by rate-regulated utilities, and property of certain motor vehicle, boat, and […]

FAQ: Did the new law change capital gains taxation?

The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and 20 percent, respectively (with the 25- and 28-percent rates also reserved for the same special situations). However, changes within the new law impact both when the favorable rates are applied and the level to which to may be enjoyed.

Capital […]

President signs bill delaying three ACA taxes

President Trump signed legislation on January 22 to delay the medical device excise tax, the health insurance provider fee and the excise tax on high-dollar health plans. All three taxes were delayed in a temporary funding bill.

ACA Taxes

The Affordable Care Act (ACA) created all three of these taxes. Since passage of the ACA, many stakeholders and lawmakers have called for […]

IRS instructs employers to use new withholding tables

Much-anticipated withholding tables for 2018 have been posted by the IRS. While the new withholding tables are designed to work with existing Forms W-4, the agency encouraged taxpayers to use its online withholding calculator to make adjustments if necessary. New Forms W-4, Employee’s Withholding Allowance Certificate, will be released for 2019 withholding; withholding for 2018 will adapt to existing Forms […]

IRS launches 2018 filing season

The 2018 filing season for 2017 tax-year returns officially launched on January 27. On the other end of the filing season, taxpayers have two additional days to file their 2017 returns: the traditional April 15 filing deadline moves to April 17 this year. Some early filers, however, may find their refunds delayed if they are claiming the additional child tax […]

Meals & Entertainment Deductions under the New Tax Law

The new Tax Cuts and Jobs Act made several changes to the tax treatment of certain business expenses.
Here is a useful guide to deducting meals and entertainment expenses as well as certain other fringe benefits under the new tax law.  You may find the following chart helpful .

As a general rule, all meals expenses will now be 50% deductible, and entertainment […]

Tax Cuts and Jobs Act (TCJA)

Flaherty Salmin CPAs is pleased to help you understand the new Tax Cuts and Jobs Act (TCJA) law and its Impact on the Affordable Housing, Community Development & Real Estate Industries.
To help you navigate through industry-specific changes, we have prepared a summary of guidelines in this white paper PDF.
We hope this information is helpful. If you have specific questions about […]

February 2018 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2018.

February 2

Employers. Semi-weekly depositors must deposit employment taxes for Jan 27–Jan 30.

February 7

Employers. Semi-weekly depositors must deposit employment taxes for Jan […]

Load More Posts