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Schedule C

Schedule C Form 1040 Filers Beware: The IRS Is Monitoring Your Deductions

Every independent business owner wants to reduce their taxes by taking advantage of allowed business deductions. However, just how much taxpayers take advantage of such deductions has caught the attention of the IRS. If you file a Schedule C for income and related business deductions, it’s important to understand what the IRS is watching for.

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Factory, warehouse with materials and forklift

Sales Tax Economic Nexus Update

California and DC recently joined 34 other states and passed legislation which will now require out-of-state retailers to collect and remit sales tax if the sales or the number of transactions in the states exceed certain thresholds in the preceding…

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Accounting Standards

The Clock Is Ticking on Adopting New Accounting Standards

It might be human nature to procrastinate. It’s definitely not in most accountants’ natures, however. That’s what makes the findings in a recent MorganFranklin poll about the adoption of new revenue recognition and lease accounting standards so surprising. Most companies…

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Personal Tax Bill

4 Year-End Strategies to Lower Your Personal Tax Bill

Have you thought about your personal tax situation for 2018? In addition to reviewing the adequacy of your payroll withholdings and estimated tax payments, there’s still time to employ some tax-savvy moves that could potentially decrease this year’s tax bill….

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Update on Wayfair Decision

As a result of the United States Supreme Court’s decision in South Dakota v. Wayfair, many states have been scrambling to draft sales tax nexus laws which will effectively eliminate the prior physical presence threshold requirements. A number of states…

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URGENT: If You Have Real Estate in the Northeast Act Now

TODAY, August 27, 2018, is the last day to make contributions to charitable funds that reduce state and local tax liabilities. New regulations will take affect that will limit the charitable deduction. The IRS just released the proposed regulations (REG-112176-18)…

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