Tax Consulting & Compliance

TCJA May Restrict Deduction Of Losses From Pass-Through Entities

Operating Loss

The TCJA Changes Some Rules for Deducting Pass-Through Business Losses It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole...

Mixing Business With Pleasure – What You Can Claim

Work Vacation

Can you Deduct Business Travel When it’s Combined With a Vacation? At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing....

TCJA Provisions Affecting Small Businesses for 2018

TCJA Provisions

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the...

Small Business Tax Documentation Retention Guidelines

Document Retention

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with...

Impact of TCJA Changes to Employee Benefits Tax Breaks

TCJA Changes to Employee Benefits Tax Breaks: Four Negatives and a positive The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the...

Recent Tax Law Change Made 2017 Net Operating Loss More Beneficial

Net Operating Loss

A Net Operating Loss on Your 2017 Tax Return Isn’t All Bad News. The Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of net operating loss (NOL), which is (generally) when a company’s deductible expenses exceed its income. If when filing your 2017 income...

“IRS Refunds” ID Theft Scam

Yesterday, at a Security Summit in Providence, the Rhode Island Division of Taxation, the Internal Revenue Service, and other partners  warned taxpayers and tax professionals to be alert to identity theft (ID) scams. They shared information about a new email ID scam currently pretending to be from “IRS...