https://www.ftb.ca.gov/professionals/taxnews/Editions/2018/October.shtml#FTB3840 With October 15 right around the corner, this is a reminder that California requires taxpayers to file form FTB 3840 California Like-Kind Exchanges when they exchange real property located in California for like-kind property located outside of California. This requirement began with tax years beginning on or after January 1, 2014. FTB 3840 must…

IR-2018-196, Oct. 4, 2018 WASHINGTON — The Internal Revenue Service today reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the…

IR-2018-195, Oct. 3, 2018 WASHINGTON — The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to…

IR-2018-191, Sept. 24, 2018 WASHINGTON — Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31,…

IR-2018-192, September 25, 2018 WASHINGTON — The Internal Revenue Service has selected two new members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in support of paperless filing of…

Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.  The 2019 version of the Form W-4 will be similar to the current 2018 version. A new draft version of the W-4 for…

Should I choose Tax Preparer or Accounting Software? Are you ever wondering if you would be better off paying an accounting professional (CPA, attorney, enrolled agent or tax preparer) or using tax/accounting software to prepare your tax return? Is one better than the other? Unfortunately, there is no single answer for every taxpayer, and you…

The Affordable Care Act contains comprehensive health insurance reforms. This law includes tax provisions that affect individuals and families, as well as businesses, insurers, tax-exempt organizations, and government entities. For individuals, the law requires you and everyone on your return to report health care coverage or claim an exemption or make a payment with your…

Sen. Lamar Alexander, R-Tenn., and Rep. Stephen Fincher, R-Tenn., on September 3 announced their intention to introduce legislation following Congress’s return to session on September 9 requiring the federal government to notify taxpayers whenever the IRS has accessed their tax returns or other information. “The IRS violated the First Amendment rights of the American people…

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