General News

Tax-Free Transportation Fringe Benefits Update

What’s Happened to My Tax-Free Transportation Fringe Benefits? Over the years, Congress has established some nice tax breaks for transportation-related employee fringe benefits to encourage taxpayers to be more ecology-minded when commuting to work. But, the Tax Cuts and Jobs Act (TCJA) is changing the landscape for these tax-favored fringe benefits, and not in a…

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IRS Issues Final QBI Deduction Regulations

The rules in the new final regulations are nearly 250 pages long. They’re largely the same as in proposed regulations that the IRS issued in August 2018. However, the final regulations include clarifications and additional examples. Here are highlights of the new final regulations. Important: The new final regulations don’t address when income from rental…

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Deductible Mileage Rate for Business Driving Increasing for 2019

The Deductible Mileage Rate for Business Driving Is Increasing for 2019 The IRS has announced the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable…

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Making Smart Mergers and Acquisitions under Today’s Tax Law

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act (TCJA). And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it’s important to understand how your transaction will be taxed under current tax…

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3 Favorable TCJA Changes for Businesses

3 Favorable TCJA Changes for Businesses The Tax Cuts and Jobs Act (TCJA) contains several provisions that will lower federal income taxes for businesses. Here’s an overview of three pro-business changes. 1. Tax Rate Changes The TCJA permanently reduced the corporate federal income tax rate to a flat 21% for tax years beginning after 2017….

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