IRS Says Business Meal Deductions Still Apply

The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation (see the May 2018 CPA Bulletin). However, the TCJA did not specifically turn thumbs up or down on the deductibility of business meal expenses. Example: Jim Morgan, who owns a roof […]

Tax Calendar: January and February 2019

JANUARY 2019 January 15 Individuals. Make a payment of your estimated tax for 2018 if you did not pay your income tax for the year through withholding (or did not pay enough in tax that way). Use Form 1040-ES. This is the final installment date for 2018 estimated tax. However, […]

IRS Issues Long-Term Care Premium Deductibility Limits for 2019

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (*see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), […]

Can You Put a Surveillance Camera in a Nursing Home Room?

Technological advances have made it easier to stay connected with loved ones all the time. This includes the ability to install cameras in a loved one’s nursing home room but these so-called “granny cams” have legal and privacy implications. The benefit of putting a surveillance camera in a nursing home […]

Learn About Social Security’s Online Tools

With the aging population becoming increasingly tech savvy, the Social Security Administration (SSA) has moved a lot of services online. From applying for Social Security benefits to replacing a card, the SSA has online tools to help. To access most of the online services, you need to create a mySocial Security account. […]

The New SALT Deduction Limits Will Affect Home Sales

The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a single or joint tax return. As a result, most people will take […]

Powers Of Attorney Can Be Vital Documents

Most people realize the importance of a will to help direct the transfer of assets after death. During your lifetime, you also may want to have a power of attorney (POA) for convenience and asset protection. The person who creates a POA is known as the principal. In the POA, […]

How to Handle Year-End Bonuses

Rewarding employees at the end of the year can brighten up their holidays and set the stage for your company to enjoy a good start to 2019. Some forethought and careful communications can avoid problems. A key first step is to check your company’s financial condition. Year-end bonuses can boost […]

Tax Calendar: December 2018 & January 2019

DECEMBER 2018 December 17 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in November if the monthly rule applies. Corporations. Deposit the fourth installment of estimated income tax for 2018.   JANUARY 2019 January 15 Individuals. Make a payment of your estimated […]