The Supreme Court ruled that South Dakota can require online retailers to collect sales tax, in the June 21st, 2018 decision of South Dakota v. Wayfair, Inc. Collecting sales tax on online purchases has been a controversial subject for years. The Supreme Court’s 5-4...
With the passing of the Tax Cuts and Jobs Act, there were some important changes in the legislation which are both temporary in nature and effective through 2025 regarding mortgage interest. The first change relates to the limitation on the amount of acquisition...
Even before the Opening Ceremony began, we knew it was going to be a gold medal day! Stephano Slack spent the day volunteering with Special Olympics Delaware at the University of Delaware. We arrived bright and early and the weather was perfect for the events. Some...
It’s never too early to start thinking about your 1099-MISC preparations for 2018. The deadline for filing is January 31. This may seem like a long way out, but do yourself a favor and reduce the last minute rush of collecting W-9s by reviewing your vendors now. Are...
Many people are aware that the tax rate for C-Corporations lowered to 21% across the board, but what many do not know is that there is a potential 20% deduction on Qualified Business Income (QBI) for owners of pass-through entities, Schedule C businesses and even...
The accounting landscape in the United States was inundated at the end of 2017 with the impact of the Tax Cuts and Jobs Act (TCJA) on individuals and their personal tax returns. Now that the tax deadline has come and gone, business owners need to focus on how...
See what the IRS is warning small businesses about... https://www.irs.gov/newsroom/irs-urges-small-businesses-protect-it-systems-from-identity-theft
One of the most talked about aspects of the Tax Cuts and Jobs Act (TCJA) were the changes made to business meals and entertainment expenses. With changes in law, come the necessary changes in how these expenses should be categorized on your books. Appropriate time...
Does the buzz about the new tax laws have you second guessing your second mortgage? Second guess no more! The IRS has stated that taxpayers are, in many cases, still able to deduct interest on a home equity loan, a home equity line of credit, or a second mortgage. It...