Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘IRS’ Category

Low-income housing units offered to displaced victims recent disasters

Low-income housing units nationwide may be offered to displaced victims of Hurricanes Michael and Florence, other recent disasters

The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide temporary emergency housing to individuals who are displaced by a major disaster from their principal residences, regardless of income. (more…)

Small business, self-employed should plan now for new changes

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With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them. (more…)

100-percent depreciation deduction benefits business taxpayers

Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. (more…)

Retirees: Avoid a surprise tax bill

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With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov. (more…)

Extended deadlines tax relief for victims of Hurricane Florence

Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced. (more…)

TCJA Draws a Silver Lining Around the Individual AMT

The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. (more…)

Dealing in the Sharing Economy

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If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. (more…)