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    • Sep 19, 2018 | Cassady Schiller CPAs & Advisors

      The Tax Deduction Ins and Outs of Donating Artwork...

      If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you&rsq…

    • Sep 19, 2018 | Cassady Schiller CPAs & Advisors

      Sustainability Reports Look Beyond the Numbers

      In recent years, environmental, social and governance (ESG) issues have become a hot topic. Many companies voluntarily include so-called “sustainability disclosures” about these issues in their financial statements. But should the Securities and Exchange Commission (SEC) make these disc…

    • Sep 19, 2018 | Cassady Schiller CPAs & Advisors

      Be Sure Your Employee Travel Expense Reimbursement...

      Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to emp…

    • Sep 17, 2018 | Cassady Schiller CPAs & Advisors

      3 Bills Form Tax Reform 2.0

      On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small busine…

    • Janie Evans
      Sep 13, 2018 | Janie Evans

      Do You Still Need to Worry About the AMT?

      There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

      Now is a good time to…

    • Karen Keller
      Sep 13, 2018 | Karen Keller

      DOL has Increased Scrutiny of Defined Benefit Plan...

      Sponsors of defined benefit plans — commonly known as pensions — might be facing tighter scrutiny from the U.S. Department of Labor. Just last year, at an ERISA Advisory Council meeting, the agency’s Employee Benefits Security Administration (EBSA) announced that it had ramped up pension audit…

    • Sep 13, 2018 | Cassady Schiller CPAs & Advisors

      You Might Save Tax if Your Vacation Home Qualifies...

      Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’…

    • Sep 10, 2018 | Cassady Schiller CPAs & Advisors

      How to Reduce the Tax Risk of Using Independent Co...

      Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s shar…

    • Sep 07, 2018 | Cassady Schiller CPAs & Advisors

      Do You Need to Make an Estimated Tax Payment by Se...

      To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t ha…

    • Sep 06, 2018 | Cassady Schiller CPAs & Advisors

      Beware of Unexpected Tax Liabilities Under New Acc...

      The Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting for tax purposes, for tax years starting in 2018. This narrow section of the law could have a major impact on certain industries, especially as companies implement the updated r…

    • Sep 06, 2018 | Cassady Schiller CPAs & Advisors

      HSA + HDHP Can be a Winning Health Benefits Formul...

      If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits —…

    • Sep 05, 2018 | Cassady Schiller CPAs & Advisors

      Keep it SIMPLE: A Tax-Advantaged Retirement Plan S...

      If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularl…

    • Sep 04, 2018 | Cassady Schiller CPAs & Advisors

      Identifying and Reporting Critical Audit Matters

      For over 40 years, the Securities and Exchange Commission (SEC) has required only a simple pass-fail statement in public companies’ audit reports. But the deadline for mandatory reporting of critical audit matters (CAMs) in audit reports is fast approaching. The revised model will provide insi…

    • Aug 31, 2018 | Cassady Schiller CPAs & Advisors

      IRS Regs Detail How Businesses Can “Aggregate”...

      One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs…

    • Aug 30, 2018 | Cassady Schiller CPAs & Advisors

      Business Tips for Back-to-School Time

      Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new marketing initiatives, developing future employees or…

    • Aug 24, 2018 | Cassady Schiller CPAs & Advisors

      Play Your Tax Cards Right With Gambling Wins and L...

      If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

      Wins and taxable income

      You must report 100% of your gambling winnings as taxable income. The valu…

    • Aug 22, 2018 | Cassady Schiller CPAs & Advisors

      Assessing the S Corp

      The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as…

    • Aug 21, 2018 | Cassady Schiller CPAs & Advisors

      IRS Issues Proposed Regulations on the Pass-Throug...

      The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-t…

    • Aug 17, 2018 | Cassady Schiller CPAs & Advisors

      IRS issues guidance on new bonus depreciation rule...

      The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to cl…

    • Whitney Hurtt
      Aug 14, 2018 | Whitney Hurtt

      Should You Revisit Your Estate Plan?

      The Tax Cuts and Jobs Act (TCJA) increased the exemption amount for the individual estate, gift, and generation-skipping transfer (GST) tax exemptions to almost $11.2 million (double this for married couples). To put it more simply, individuals can pass assets to heirs up to $11.2 million during the…