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The New Opportunity Zone Tax Incentive

By Ronald Cutler, P.A. |

The new Opportunity Zone tax incentive was created by last year’s Tax Cuts and Jobs Act and was designed to help drive investment in distressed communities across the nation by providing tax benefits to taxpayers who invest in businesses located in those areas. In June, 8,761 communities were designated as qualified Opportunity Zones, a… Read More »

Taxes

Reduced Withholding Rate For Small Businesses and Individual Taxpayers

By Ronald Cutler, P.A. |

As a result of changes made by the Tax Cuts and Jobs Act (TCJA), the backup withholding tax rate for individual taxpayers and small businesses was reduced from 28 to 24 percent. Backup withholding applies in a number of situations, including when a taxpayer doesn’t supply his or her taxpayer identification number (TIN) to… Read More »

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The Tax Repercussions of Like-Kind Exchanges

By Ronald Cutler, P.A. |

One of the many changes made by last year’s Tax Cuts and Jobs Act (TCJA) involves the treatment of like-kind exchanges, which are now limited to transactions related to real property. To find out how these changes could affect your own responsibilities come tax season, please contact a member of our dedicated tax return… Read More »

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Revised Family Tax Credits

By Ronald Cutler, P.A. |

According to a notice recently issued by the IRS, it will be much easier for taxpayers to obtain a family-based credit after the implementation of the newly revised Child Tax Credit. These revisions were made possible by the tax reform legislation that was passed in December of last year. This law, known as the… Read More »

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New Hardship Withdrawal Regulations Proposed

By Ronald Cutler, P.A. |

In a preamble to newly proposed regulations that were published in November, the federal government detailed several changes to the tax code that could affect hardship withdrawals in the future. For instance, according to the IRS, taxpayers with 401(k) plans and other employer-sponsored retirement plans, are now permitted to make loans and hardship distributions… Read More »

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Preparing for a Natural Disaster

By Ronald Cutler, P.A. |

As we have seen over the last few months, natural disasters, such as Hurricane Florence, can strike at any time. While ensuring personal safety and the safety of one’s family is, of course, the most important concern at times like this, it is also important for taxpayers to consider the effects of a natural… Read More »

TaxDeadline

Paying Estimated Taxes

By Ronald Cutler, P.A. |

With the end of the year in view, small businesses and self-employed taxpayers are encouraged to remember the importance of making quarterly estimated tax payments. For help determining how much you owe in estimated taxes and whether you should be paying on a quarterly basis, or if you were recently notified by the IRS… Read More »

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IRS Offshore Voluntary Disclosure Program to be Terminated

By Ronald Cutler, P.A. |

The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »

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Deducting Charitable Contributions as Business Expenses

By Ronald Cutler, P.A. |

According to a recent announcement, the IRS is planning on issuing a series of regulations concerning the availability of charitable contribution deductions to business taxpayers. Fortunately, the proposed rule changes do not impact the availability of deductions for businesses that donate to charities or government entities and who receive state or local tax credits,… Read More »

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Combat-Zone Contract Workers May Qualify for Foreign Earned Income Exclusion

By Ronald Cutler, P.A. |

As a result of the passage of the Bipartisan Budget Act, which was enacted in February, certain citizens and resident aliens who work for the military in designated combat zones could now be eligible for the foreign earned income exclusion benefit. To find out more about this tax break and whether you qualify, please… Read More »