The Tax Professionals Blog
21% of Taxpayers Will Be Underwithheld For 2018
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...
Read MoreS Corporation Medicare Premiums Reimbursement
A frequent question that arises is whether a shareholder of an S corporation can deduct above-the-line Medicare premiums.
Read More133,000 Injured Veterans Entitled To Tax Refunds
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....
Read MoreIndependent Contractor or Employee - The “ABC” ...
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...
Read MoreHELOCs and Acquisition Debt
There was a recent lengthy discussion on ClientWhys connect in regards to what constitutes acquisition debt and equity debt in light on the TCJA.
Read MoreTax Reform and the Recharacterization Rule
The Tax Cuts & Jobs Act repeals the special rule that allows a traditional IRA to Roth IRA conversion to be later unwound. Thus, for example, under the provision, a conversion contribution to a...
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