Brady Ware News

Corporation Foreign Tax Credit Form and Instructions

IRS Releases Corporation Foreign Tax Credit Form and Instructions The IRS has released a new Form 1118, “Foreign Tax Credit—Corporations” and new instructions along with it. The agency notes that, to incorporate the provisions of the Tax Cuts and Jobs Act (TCJA), extensive changes have been made to both. Credit Overview The United States, its…

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Get the Shareholders’ Agreement Right, Save Money Later

Get the Shareholders’ Agreement Right, Save Money Later By Owen Sizemore, CPA, CVA Summary Ohio’s Seventh District Court of Appeals recently ruled that the trial court erred when it valued a company’s stock because it ignored the plain language of the parties’ shareholder agreement. Background At issue was the value of shares held by a…

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Important Tax Figures for 2019

The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2019 2018 Social Security Tax Wage Base $132,900 $128,400 Medicare Tax Wage Base No limit No limit Employee portion of Social Security…

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Should you switch to C Corp?

Should You Switch Your Business to C Corporation Status? Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. Under prior law, C corporations were subject to graduated tax rates ranging from 15% to 35%….

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Were Your 2018 Income Tax Withholdings Correct?

2018 Income Tax Withholdings: Too Much, Too Little or Just Right? Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn’t pay enough estimated taxes if you’re self-employed — you could have an unpleasant surprise when you file your 2018 return. Tax Law Changes The Tax…

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