Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1] The Tax Cuts and Jobs Act Read More…
The IRS recently issued a revised Draft Form W-4 (Employee’s Withholding Allowance Certificate). The final version will be released in November 2019. This form is not applicable until January 1, 2020. The form was revised to reflect more accurately, the changes in the tax code due to the enactment of the 2017 Tax Cuts and Jobs Read More…
Click to Read the Full Articles from our New Year 2019 Tax Planning Letter. Including: What’s New in 2019, Will These New Changes Alter Your 2019 Tax Plan, Top 3 Tax Moves, and Its Time to Create Your Succession Plan .
We have noticed an increase in the frequency of fraudulent calls by individuals posing as IRS or United States Treasury officials. This Client Alert summarizes important information on how to respond in the event you are contacted by someone stating they are from the IRS, United States Treasury or other state or local taxing authority. Read More…
Darlene Shaffer, a CPA, a financial planner with BKC, CPAs, PC has recently been awarded the Personal Financial Specialist (PFSSM) credential by the American Institute of Certified Public Accountants (AICPA), joining an elite group of professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning. The PFSSM Credential, established in 1987 Read More…
Taxpayers pay a tax when they sell their business or investment property, and realize a gain on the sale. However, if the property is exchanged for “like-kind” business or investment property, the gain on the sale of the property will be deferred. Like-kind property is defined broadly. Exchanging a rental property for another rental property, Read More…
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