When the new tax law disallowed miscellaneous 2% deductions and personal exemptions, it was unclear how this would affect Estates and Non-Grantor Trusts. On 7/13/2018, the IRS issued Notice 2018-61 that announced the Treasury Department and IRS intend to issue regulations providing clarification. In general, some deductions and the personal...
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July 9, 2018 by Staff
We have been contacted by several clients recently who received scam emails or phone calls “from the IRS”. Scammers will impersonate the IRS by sending emails which look like they are from the IRS or display caller ID which indicates a call from the IRS. If you receive communication from...
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June 12, 2018 by Staff
System and Organization Controls (SOC) reporting has been around for many years, but there remains some confusion about when and how to use it. Financial auditors use SOC reports to evaluate the adequacy of internal controls around financial systems. Businesses who use the services of other businesses will review SOC...
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The Tax Cuts and Jobs Act made changes to the limits on passenger automobiles placed in service after 2017. These caps are often referred to as the “luxury auto limits” even though they generally affect vehicles that cost $18,000 and above and have a gross vehicle weight of less than...
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The Tax Cuts and Jobs Act make substantial changes to the rules for bonus depreciation, Code Section 179 expensing deductions and regular depreciation deductions for property used in a business. Bonus Depreciation Property placed in service and acquired after September 27, 2017 100% bonus is allowed. Additionally, the post Sept....
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