General News

2018 Tax Payments Fall Short?

2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any…

Read More

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…

Read More

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%….

Read More

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…

Read More

Too Much Tax Deferral?

Can You Have Too Much Tax Deferral? Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year’s taxable income will postpone your tax bill and give you extra cash to work with until the…

Read More

Scroll Up