Tag - TCJA

Maternity Leave- November 2, 2018

Hello my friends, Owning a business comes with a mass of responsibilities including awareness and understanding of all the new tax law changes and the residual impact they will have on you and your employees. Are you aware of the Credit for Maternity Leave? Last week I wrote about my love for reading, but not everyone or every business owner shares my passion. They depend on me, or their tax pro to keep them “in the know.” I am sharing the [...]

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Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer’s bottom line and its employees’ deductions. We’ve decided to explain how the changes will affect employers: Entertainment Expenses & Deduction for Meals The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges, theaters, [...]

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Fall is here! September 28, 2018

Hello, my fellow taxpayers, Now that it is officially Fall (actually, it began on the 21st), Autumn, or the Autumnal Equinox (“mid-autumn”) and if you are like me, you are wondering where the cooler weather is. Today, on the east coast, we reached the low 90’s while it feels like it is 100+ with the humidity. I was hoping to wear a “fallish” sports coat and suit for my two speaking engagements on the west coast of Florida this weekend. [...]

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Hurricanes and taxes, oh joy!

Hello, Fellow Floridians (and those that are not). We hope that all of our friends, family, business associates that live or have family and friends in the Carolinas are safe and that Hurricane Florence is not impacting them too severely. Though it was downgraded one level as of this writing on Thursday, the storm surges are expected to be robust and dangerous as Florence is now the size of both of the Carolinas. All of us at SFS are hoping [...]

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HSA- May 3, 2018

Hi Folks, I am here in DC for the Internal Revenue Service Advisory Council (IRSAC) meetings. Even in my travels, I try to stay on top of all current events and most especially tax matters, that will affect my clients. If you have a Health Savings Account or HSA, either through work, your business or personally, this is important news. Before the new law, The Tax Cut and Jobs Act (TCJA), was passed in January, the 2018 contribution limit for a [...]

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Paycheck Checkup- April 12, 2018

Hello Fellow Taxpayers, The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup using the Withholding Calculator on IRS.gov and, if necessary, complete a new W-4 form. The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. Recent changes affecting withholding include: Reduced tax rates Elimination of personal exemptions Increased standard deductions: $12,000 for singles, $18,000 for heads of households [...]

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Oh, My aching back!- February 2, 2018

Hello, All I am back from my freezing “winter experience” in DC. Saturday morning I woke up only to find that my back was out. I toughed it out and spent the day in the office playing catch up. Sunday, which during tax season is a workday, I was in so much discomfort that I could not go to the office. I stayed home, couch-bound with a heating pad on my back. Ali and I vegged out and caught up with [...]

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