Accountability Services LLC
Accountability Services LLC
Blog Post
  • The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have been repealed or suspended, with many new ones going into effect. This article, the second of a series, highlights the tax changes that apply in 2018 to individuals relating to deferred compensation, tax-preferred accounts, retirement plans, estate and gift taxes, capital asset...

Accountability Services LLC
Accountability Services LLC
Blog Post
  • The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have been repealed or suspended, with many new ones going into effect. This article, the first of a series, highlights the tax changes that apply in 2018 to individuals – tax rates, deductions, and credits.Revised income tax rates and tax brackets. For tax years beginning after Dec....

Accountability Services LLC
Accountability Services LLC
Blog Post
  • ​Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to bes...

Accountability Services LLC
Accountability Services LLC
Blog Post

Tax Cuts and Jobs Act

  • How do the new tax laws impact me?Anytime there are huge pieces of legislation, you can expect a 'technical corrections act' to come back and fix things.The IRS will have its hands full just deciding which provisions require new regulations first.  They will need to get guidance out to practitioners, such as Accountability Services, as well as businesses very soon. We expect them to issue some gui...

Accountability Services LLC
Accountability Services LLC
Blog Post
  • Individuals Retirement Contributions.  The 2017 maximum 401(k) / 403(b) contributions are $18,000 and $24,000 if you’re over 50.  Pre-taxed contributions will lower your 2017 taxable income.  In contrast, Roth contributions won’t lower your taxable income, but will grow tax free!Flexible Spending Account.  Keep in mind that these are “use it or lose it” benefits.  If you put funds aside tax-free, ...

Accountability Services LLC
Accountability Services LLC
Blog Post

The Business of Barter

  • ​Imagine coming to work at your business on a Monday morning and finding that the plumbing has been leaking over the weekend. While insurance will cover the water damage, it will not pay for the new plumbing work. Fortunately, one of your clients is a plumber. So, you call A&P Plumbing and tell them your problem. The two of you agree that the work will cost an amount equivalent to six months' of y...

Accountability Services LLC
Accountability Services LLC
Blog Post
  • ​Our phones have been ringing off the hook!  YES -- Seattle’s newly enacted Income Tax on high earners was signed into law this week by the mayor and, depending on taxpayer income, will add to some Seattle residents’ tax burdens. A broad overview of the basics is that the City of Seattle has authorized a 2.25% tax on the total income of single residents that exceeds $250,000 or $500,000 of those f...

Accountability Services LLC
Accountability Services LLC
Blog Post
  • Are you contemplating making an investment in solar panels?  If so, there are some terrific tax breaks! Federal Income Tax CreditYou may take a credit on your Federal taxes of up to 30% for solar equipment.  The phase outs start in 2020 as follows (2020-26%, 2021-22%, after 2021-no tax credit).​You may include any labor costs properly allocable to the onsite preparation, assembly, or original inst...

Accountability Services LLC
Accountability Services LLC
Blog Post

New blog articles detected.

  • How to Pay the IRS

    If you owe a balance to the IRS and do not want to physically send a check, we recommend paying online.  To do that, go to https://www.irs.gov/payments/direct-pay. *Make sure to have your most recent tax return on hand.  You will be asked to enter tax return verification information. Choose  “Make a Payment” Select the dropdown for Reason To pay your balance for 20xx:Key words:    1040  >  Tax Ret...

  • Taxation of Gifts - Gifted Property

    Figuring the tax gain or loss on gifted property can be tricky.First, one must determine its basis. If you received property as a gift, having paid neither money nor other property for it, your cost basis would not be $0.  Instead, you would use what is referred to as a substituted basis of the property. The general rule is that the basis for determining gain on property received by gift is the sa...

  • Tax Issues Related to S-Corp Officer Health Benefits

    If your company DOES NOT pay for officers’ health insurance, there is no need to read further. If your company DOES pay for officers’ health insurance, please read on…ISSUE / CONCERN:If your corporation pays for your officers’ health insurance premiums, and those officers own 2% or more stock in the company, and you want to deduct those premiums as business expenses, they must be paid by your corp...

  • Employee Stock Options

    As part of a compensation package, employees may receive stock options. The tax treatment depends on the type of options received. Incentive Stock Options (ISOs) An employee is not taxed on the receipt of these options. When the option is exercised, the difference between the option price and the fair market value of the shares (called the “spread”) is not subject to income tax. But when the optio...

  • 2016 Tax Policies of the Major Presidential Candidates

    Americans go to the polls November 8, 2016, to elect the 45th President of the United States. The next President will play a key role in shaping tax policy and possibly reforming the entire Tax Code. This special briefing describes the tax policies of the candidates of the two major parties: Hillary Clinton, the Democratic candidate for President and Donald Trump, the Republican candidate for Pres...

  • Retirement Plans for Businesses

    Defined Contribution Retirement Plans for Businesses SEP IRA Advantages:Best way to go for self-employed without other employeesInexpensiveAllows contributions up to 25% of W-2 compensation or $53,000 whichever is lessContributions can be made up to the date tax return is filed (including extensions) Disadvantages:Must contribute for all employees who have worked for business in 3/5 last years.Emp...

  • How to Request an S-Corporation Acceptance Letter From the IRS

    An S-corporation business structure is an elected structure for tax purposes. In most cases, an S-corporation is initially formed as a different type of entity in its state of operation before the election is made, such as a C-corporation or Limited Liability Company.You'll use Internal Revenue Service Form 2553 to elect S-corporation treatment. After the IRS processes your request, you will recei...

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