All information below is based on the current guidance (as 4/24/2020) provided by the Small Business Administration (SBA), CARES Act, and Internal Revenue Service (IRS).. Please remember that additional guidance can be provided at any time by the SBA or IRS and therefore please do not rely solely on this page. Please contact Isler CPA…
This information has been re-posted in full from IRS.gov here. Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and…
1. What is the Corporate Activity Tax? a. A corporate activity tax is imposed on each person (Defined in Question #4) with taxable commercial activity (Defined in Question #2) doing business in this state. b. The corporate activity tax imposed for each calendar year shall equal $250 plus the product of the taxpayer’s taxable commercial…
This is the eighth installment of our monthly tax blog on the Tax Cuts and Jobs Act. Over the last seven months we, at Isler CPA, have been sharing with you selected sections of the new tax law and the impact it may have on your personal and business tax returns. In order to make…
This is our sixth installment of our monthly tax blog on the Tax Cuts and Jobs Act. Today, I will be addressing a question we (here at Isler) have been getting, and which we know has been on some of your minds lately, and that is, “With the new standard deduction, do I still need…
This is our fifth installment of our monthly tax blog about the Tax Cuts and Jobs Act. This blog will revisit a topic discussed in our third installment, however this blog post will focus on how the Qualified Business Deduction affects specifically rental properties. General Overview of Qualified Business Income Deduction The Qualified Business Income…
This is the fourth installment of our monthly tax blog about the Tax Cuts and Jobs Act. In previous posts, we have discussed changes to tax rates, standard and itemized deductions, and the Section 199A or “pass-through” deduction. In this post, we will look at changes to the deductibility of meals and entertainment expenses incurred…
This is the third installment of our monthly tax blog about the Tax Cuts and Jobs Act. In our two previous posts, we discussed changes to individual tax rates, exemptions, the standard deduction, and itemized deductions. In this post, we will conduct an overview of the Section 199A deduction, which is also known as the…
This is the second installment of our monthly tax blog around the new Tax Cuts and Jobs Act passed into law last December. In our first blog post, we discussed the changes in the tax rates for individuals as well as the changes in the exemptions and standard deductions. In this blog post, we will…
As tax professionals, like most of you, we are glad that April 15th has come and gone and another tax busy season is behind us. Now that 2017 is in the review mirror it is time to start planning for your taxes for 2018. The actions you take now can affect your taxes later. On…