Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI). Read More
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What if you could walk into a store, buy something and not have to pay sales tax because the whole state does not impose a sales tax? Believe it or not, in some states that does happen. Several states, mainly in the South and East, have these so-called “tax holidays,” which at specific goods. As we discuss below, during tax holidays specific items are exempted from the tax, only in certain states, and these holidays occur only on limited days. Very little is uniform in the multi-state tax world.
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California’s AB 2829 Digital Advertising Tax ProposalCalifornia has proposed a new digital advertising tax (AB 2829) that has been met with mixed reactions from businesses and consumers alike. If passed, the tax would be levied on large-scale […]
The Tax Relief for American Families And Workers Act of 2024Part 1: Tax Relief for Working Families Calculation of Refundable Credit on a Per-Child Basis. —Under current law, the maximum refundable child tax credit for a taxpayer is computed by multiplying […]
IRS Issues Frequently Asked Questions Related To The Tax Treatment Of Work-Life Referral Services Provided To EmployeesThe Internal Revenue Service issued frequently asked questions (FAQs) in Fact Sheet 2024-13 related to the tax treatment of work-life referral services provided to employees under an employer’s […]
Spotlight Interview: Chuck Levun On Educating CPAs And Attorneys On Partnership, LLC, And S Corporation Flow-Through Planning On Four Costly Business Mistakes They Make (Part 1)Each year there is a must attend complimentary webinar hosted by Tax Forum educators Chuck Levun, Michael Cohen, and Scott Miller. This is a special presentation for educating attorneys and CPAs on […]
Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your BusinessIf you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. […]
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