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Expert Advice to Start the Year Off Right

“Just remember that entertainment expenses are generally completely non-deductible, but… Read more »

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Top 4 things employers need to know about the changes from the new tax law

There are numerous changes that employers must make to their processes and accounting in the areas of income tax withholding, family and medical leave, moving expenses and entertainment deductions, among others. This article is a summary of those changes.

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Side-Benefit from Government Shutdown

Now that tax reform has been enacted, the spotlight may move back to actual health care, making a permanent repeal of each of these taxes more likely.

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US Tax Reform – Top Action Items and Observations

The Tax Cuts and Jobs Act (TCJA) is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. LBMC highlights some of the most significant changes affecting business and individual taxpayers.

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More Businesses May Claim R&D Tax Credit Under New IRS Rules

New IRS regulations could allow more businesses to take an R&D tax credit against the costs of developing software for internal use. In most cases, but not all, a tax credit is much more valuable than a tax deduction.

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Possible cut on capital gains tax makes installment sales appealing

If capital gains rates are reduced, it would be an even greater incentive to use a deferred payment strategy such as an installment sale.

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IRS Employees Must Initiate All Future Audits By Mail; Never By Telephone

Effective immediately throughout the IRS, “all initial contacts with taxpayers to commence an examination must be made by mail, instead of the telephone, using the appropriate initial contact letters.”