As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ are no longer available. Taxpayers who previously . . . → Read More: Here’s What Taxpayers Should Consider When Determining If They Need to File
Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.
Here are some facts about this deduction to help businesses better understand how to claim it:
The 100-percent depreciation deduction generally . . . → Read More: New 100% Depreciation Deduction Benefits Business Taxpayers
By Mark Harring, Standing Chapter 12 and 13 Trustee for the Western District of Wisconsin (Madison, WI)
Since 2013, net farm income, a broad measure of farm profitability, has declined by 52%, and in 2018 is projected to be at a 12 year low.1
According to the USDA, farmers are facing unrivaled income volatility, . . . → Read More: Is There a Light in the Farm Economy?
Because a natural disaster can strike any time, the IRS reminds individuals and businesses to take time now and create or update their emergency preparedness plan. Individuals, families and businesses begin getting ready for a disaster with a preparedness plan that includes key documents, lists of belongings and property.
Copies of key documents Original . . . → Read More: IRS Urges Taxpayers to Prepare For Natural Disasters
IRS provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect:
Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing
Changes to the deduction for move-related vehicle expenses
The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning after Dec. 31, . . . → Read More: Law Change Affects Moving, Mileage and Travel Expenses; Offers Higher Depreciation Limits for Some Vehicles
IRS reminds businesses that passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes. Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment.
Changes to depreciation and how they will affect businesses may include:
Businesses can immediately expense more under the new . . . → Read More: Tax Reform: Changes to Depreciation Affect Businesses Now
April 13, 2018
Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army/Navy/Marines/Air Force/Coast Guard who performed services in the Sinai Peninsula of Egypt can claim combat zone tax benefits retroactive to June 2015. Eligible service members should review Publication 3, Armed Forces’ Tax Guide, available on . . . → Read More: Combat Zone Tax Benefits Now Available to Armed Forces Members Who Served in the Sinai Peninsula; IRS Accepting Retroactive Tax Refund Claims Back to 2015
When a taxpayer changes their name, that change can affect their taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what a taxpayer should do if anyone listed on their tax return changed their name:
Reporting Taxpayer’s Name Change. . . . → Read More: Taxpayers Should Report Name Changes Before Filing Taxes
By Scott G. Stout and Wayne P. Novick
So, you think the Bankruptcy Code does not impact your practice. Think again. Bankruptcy is one area of the law that can reach far and wide and can impact numerous other areas of law. The most important question you can ask your client is: “Are you . . . → Read More: Special Counsel and Chapter 13 Bankruptcy
By Professor Rafael I. Pardo, Robert T. Thompson Professor of Law, Emory Law (Atlanta, GA)
By Phil Lamos, Chief Legal Counsel, Office of the Chapter 13 Trustee Lauren A. Helbling (Cleveland, OH)
Slavery and Bankruptcy in America – Summary
Professor Rafael Pardo has written an extensive and fascinating article to be . . . → Read More: Slavery and Bankruptcy in America