The Tax Professionals Blog

21% of Taxpayers Will Be Underwithheld For 2018

Posted by Lee Reams Sr. on

The Government Accountability Office (GAO), in a report assessing the impact of the Tax Cuts and Jobs Act provisions and the withholding allowances established by the IRS, has estimated 21% of taxpayers will be underwithheld for 2018, up from 18% in 2017.

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S Corporation Medicare Premiums Reimbursement

Posted by Lee Reams Sr. on

A frequent question that arises is whether a shareholder of an S corporation can deduct above-the-line Medicare premiums.

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133,000 Injured Veterans Entitled To Tax Refunds

Posted by Lee Reams Sr. on

133,000 Injured Veterans Entitled To Tax Refunds - As a result of the 2016 Combat-Injured Veterans Tax Fairness Act more than 133,000 injured vets may qualify for a tax refund. The minimum refunds are estimated to be $1,750 meaning the government will be paying out an estimated minimum of $228 Million.

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Independent Contractor or Employee - The “ABC” Test

Posted by Lee Reams Sr. on

Several states, including California, Massachusetts, and New Jersey, have adopted the so-called “ABC” test. The test is a broad means of determining a worker’s status as either an employee or a contractor by considering the following criteria:

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HELOCs and Acquisition Debt

Posted by Lee Reams Sr. on

There was a recent lengthy discussion on ClientWhys connect in regards to what constitutes acquisition debt and equity debt in light on the TCJA.

 

 

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