Congress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way.
Here is a quick rundown of last-minute moves you should think about making.
Tax Cuts and Jobs Act of 2017: What it means to you and your business
tax services , Brett W. Neate , Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual
The Journal of Accountancy recently published an interesting article addressing the issue of 'gray divorce.' Gray divorce refers to couples divorcing later in life and while a 30-something divorcing couple may be squabbling over custody, visitation, and credit card bills, those couples divorcing over age 50 are facing battles over retirement funds, the long-term residence, and a diverse portfolio of assets.
Oftentimes, divorcing couples believe that because the court suggests a particular division of assets, that it is what they must do. Couples may not realize that the court will decide in the absence of either party striking an agreement. When the court makes a decision for the couple, this may not be in the best interest for either.
Learn more about retirement and estate planning in Gary's blogs
Meeting with your CPA, whether as a couple or individually, will allow you to take a closer look at the reality of the tax and financial implications depending on how the assets are ultimately divided. Also, your CPA will run scenarios, especially if one spouse was the higher earner or if one spouse did not work, which will greatly affect the financial future of both.
Ohio taxpayers with outstanding bills will have a window to pay up without penalty.
The Ohio Department of Taxation is offering amnesty from Jan. 1 to Feb. 15, 2018 to individual and business taxpayers.
ODT has launched a statewide campaign to raise awareness of the amnesty. Ohio Tax Commissioner Joe Testa kicked off the effort Nov. 10 by discussing the issue with attendees at OSCPA’s Columbus Accounting Show.
The Department of Taxation will offer amnesty on the following:
- Individual taxes
- School district income taxes
- Employer withholding taxes
- Employer withholding for school district income taxes
- Pass-through entity taxes sales tax
- Use taxes
- Commercial activity
- Financial institutions
- Cigarette and other tobacco products
- Alcoholic beverage
Amnesty is available only for taxes that were due and payable as of May 1, 2017, and still remain underreported or unreported. Those who fully pay qualifying tax delinquencies will owe no penalties and only half the interest normally charged. The program does not apply to any tax for which a notice of assessment or audit has been issued, for which a bill has been issued, that relates to a still-open tax period, or for which an audit has been conducted or is pending.
Taxpayers can learn more and determine eligibility at www.OhioTaxAmnesty.gov; or by calling 800-304-3211.
This article appears courtesy of the Ohio Society of CPAs Community News published Nov. 16, 2017.
Debt, for many, is synonymous with life. By the time an individual turns eighteen, they will have likely been introduced to the world of debt through credit card and personal loan offers in which the lure of ‘access to excess’ overrides personal responsibility.
| Every Halloween, children knock on doors pretending they are everything from superheroes to movie stars. Scammers, on the other hand, don’t leave their impersonations to one day. They can happen any time of the year. People can avoid taking the bait and falling victim to a scam by knowing how and when the IRS does contact a taxpayer in person. |
For many, Medicare open enrollment is an opportunity to fine tune their healthcare coverage needs and assess (or anticipate) what coverage may be needed in the coming year.
Open enrollment may also allow you to save money as plans are reevaluated and adjusted and in some instances, improve coverage where you recognize you may have gaps. While the open enrollment plan changes may seem confusing, it is your opportunity to switch Medicare health and prescription drug plans to better suit your needs.
What is the Medicare open enrollment period?
The Medicare open enrollment period is the time during which people with Medicare can make new choices and pick plans that work best for them. Each year, Medicare plans typically change what the plans cost and cover. In addition, your health-care needs may have changed over the past year.
Hurricane Tax Provisions Included in Bill Passage
Brett W. Neate , Taxes - Planning, Rules and ReturnsDisaster Tax Relief and Airport and Airway Extension Act of 2017 expands the application of disaster-related tax relief to the hard-hit US Virgin Islands and Puerto Rico.
The I-9 Form updated 7/17/17 must be used for all new hires starting today, 9/18/17. The form can be found on the U.S. Citizenship and Immigration Services' (USCIS) website at https://www.uscis.gov/sites/default/files/files/form/i-9.pdf.
Related read: What to know if you are planning to hire in the coming weeks
On September 7, 2017, Equifax, one of the three main credit reporting agencies, announced a massive data security breach that, according to the
Wall Street Jurnal, exposed vital personal identification data — including names, addresses, birth dates, and Social Security numbers — on as many as 143 million consumers, roughly 55% of Americans age 18 and older.
This data breach was especially egregious because the company reportedly first learned of the breach on July 29 and waited roughly six weeks before making it public (hackers first gained access between mid-May and July) and three senior Equifax executives reportedly sold shares of the company worth nearly $2 million before the breach was announced.
DOWNLOAD: FREE Ebook - Income Tax Return Fraud and Identity Theft
Moreover, as CNN points out, consumers don't choose to do business or share their data with Equifax; rather, Equifax — along with TransUnion and Experian, the other two major credit reporting agencies — unilaterally monitors the financial health of consumers and supplies that data to potential lenders without a consumer's approval or consent.
Have Nagging Financial Questions?
