Access the 2020 Anders Tax Pocket Guide for this year’s corporate and individual tax rates, retirement plan contribution limits and more, including: Estate tax and lifetime gift tax exemption increase to $11,580,000 AMT exemption increase Standard deduction increase View the 2020 Anders Tax Pocket Guide. Contact an Anders advisor to learn how these rates affect you...

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With a large salary comes a large tax liability for athletes, and that could be going up following tax reform. The Tax Cuts and Jobs Act brought benefits to many individuals, but athletes may notice some negative effects from it.… Read More

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MLB Spring Training is in full swing, and one of the most buzzed about topics down in Florida this year was Bryce Harper signing the biggest MLB contract in history. With a 13-year contract of $330 million, you can only… Read More

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Professional gamblers and hobby gamblers are now on the same playing field in the eyes of the IRS. Under the Tax Cuts and Jobs Act (TCJA), changes were made to how expenses and losses are deducted against gambling winnings. Previously… Read More

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The new Qualified Business Income (QBI) deduction is an area of tax reform that may affect how some business owners structure their entities. This new deduction puts flow-through businesses on a level playing field with C Corporations. In its simplest… Read More

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There has been a lot of buzz about tax reform changes and how they will affect companies in the coming tax years. Some of these changes include the reduction of the corporate and individual tax rates, the repeal of the… Read More

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More manufacturers may be exempt from the Uniform Capitalization (UNICAP) rules following tax reform. The UNICAP rules from Code Section 263A generally require that certain direct and indirect costs associated with real or tangible personal property manufactured by a business… Read More

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Manufacturing companies that sell equipment to the federal government or government contractors could be eligible for a tremendous tax benefit. The opportunity can help reduce sales/use taxes paid for consumables purchased in support of such government contracts.
The federal government… Read More

The post How Manufacturers Can Save on Sales/Use Tax for Government Contracts appeared first on Anders CPAs.

The Tax Cuts and Jobs Act is changing the way organizations do business, including not-for-profit organizations. To help you prepare for the changes and take advantage of new benefits, the Anders Not-for-Profit Group has compiled a chart on the most… Read More

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Anders is continually monitoring the 2017 Tax Cuts and Jobs Act to determine how it will affect individuals, businesses and organizations. Our tax experts are closely studying the new law and its impact on a variety of industries and created… Read More

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Many not-for-profits organizations have been concerned about the taxability of parking and transportation benefits as a result of the Tax Cuts and Jobs Act. Fortunately, the IRS recently issued interim guidance around the treatment of these benefits incurred after December… Read More

The post How Not-for-Profits Can Take Advantage of New Guidance on Taxable Parking Benefits by March 31, 2019 appeared first on Anders CPAs.

The Tax Cuts and Jobs Act (TCJA) significantly changed the tax benefits of donating to your favorite charity starting in 2018. Now that we’ve seen a full year with the new provisions, not-for-profit organizations are taking a look at the… Read More

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Many not-for-profits organizations have been concerned about the taxability of parking and transportation benefits as a result of the Tax Cuts and Jobs Act. Fortunately, Congress recently moved to repeal the dreaded “parking tax” on fringe benefits, such as free… Read More

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Take Action: Tell the Senate to Vote on NECA-Supported Cadillac Tax Repeal!

1. NECA Wins in Year-End Funding Bills

On December 17, 2019, Congress passed two funding bills, H.R. 1158, FY2020 Consolidated National Security Appropriations Package and H.R. 1865, FY2020 Consolidated Domestic and International Assistance Package, both resulting in big wins for NECA contractors.

NECA’s Look Ahead: In addition to ensuring the full operation of the federal government for the remainder of Fiscal Year 2020, several of NECA’s top legislative priorities were included:

• Full repeal of the Affordable Care Act’s (ACA’s) 40 percent “Cadillac Tax”

• Allowing 529 savings accounts to be used for costs associated with Department of Labor (DOL) registered apprenticeship programs

• Seven-year reauthorization of the Terrorism Risk Insurance Program

• Extension of the National Flood Insurance Program

• Full repeal of health insurance tax (HIT) and the medical device excise tax

• Seven-year authorization of the U.S. Export-Import Bank

• An extension of 179D energy efficiency tax deduction retrospectively from 2017 and prospectively through 2020

• $1 billion for Better Utilizing Investments to Leverage Development (BUILD) grants

Summaries of the package can be found below:

Full Package Summary – H.R. 1158

Full Package Summary – H.R. 1865

Division Q – Summary (Revenue Provision Amendment)

2. USMCA Passes the House

On December 19, 2019, the House passed, in a 385 to 41 vote, the NECA-supported United States-Mexico-Canada Agreement (USMCA), H.R. 5430, to replace the North American Free Trade Agreement (NAFTA).

NECA’s Look Ahead: Now that the USMCA has passed the House, it will move to the Senate. Under the Trade Promotion Authority (TPA), the bill procedurally spends up to 15 legislative session days in the Senate Finance Committee. Then, there are up to 15 session days for the Senate to vote on the floor. With Impeachment Articles passed from the House taking precedent, USMCA is unlikely to see a Senate vote any time before late February.

3. Impeachment Update

On December 18, 2019, the House of Representatives took up impeachment procedure and  passed H. Res. 755 – “Impeaching Donald John Trump, President of the United States, for high crimes and misdemeanors” by a vote of  230 – 197, 1 for Article I and by a vote of 229 – 197, 1 for Article II.

NECA’s Look Ahead: It remains unclear when the two articles of impeachment will reach the Senate. When they do arrive to the Senate, it is expected that the Senate will begin the trail immediately.  

The IRS recently released guidance on the CARES Act employment tax deposit deferral. Below are the highlights of the deferral, including eligibility, timeline and use with other incentives.
Deferral Eligibility
The CARES Act allows employers to defer deposits and payments… Read More

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With the COVID-19 pandemic impacting businesses across industries, this is an ideal time to look for other ways to find funds to be able to recover quickly and get business back to normal. One way to do that is through… Read More

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The new 21% corporate tax rate allows C corporations to pay federal taxes at a significantly lower tax rate than the 35% top rate in prior years. While the new tax rate took effect beginning in 2018, this new benefit… Read More

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Robert V. Willeford, Jr., CPA, Esq., Director + State and Local Tax at Anders, was published in the Summer 2019 edition of the St. Louis Dental ARCH magazine. Robert discusses what the consumer use tax is and how it impacts… Read More

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Many physicians are aware that the medical services they provide are typically exempt from sales tax. However, the physician may still be required to pay sales or use tax in his or her medical practice. The liability depends on the… Read More

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The allocation of assets between taxable and tax-advantaged accounts, known as asset location, is a tax minimization strategy that takes advantage of the fact that different types of investments receive different tax treatments. When reviewing asset statements, it’s not uncommon… Read More

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The Treasury Department and the Internal Revenue Service (IRS) recently issued final regulations around the increased gift and estate tax exclusion amounts in effect from 2018-2025. The final regs confirm that individuals who take advantage of the increased gift and… Read More

The post IRS Confirms No Clawback for Gift and Estate Tax Exclusion – Act Now for the Biggest Benefit appeared first on Anders CPAs.

The end of the year is fast approaching whether we are ready or not! There are several tax savings strategies that you can utilize to reduce the taxes you will be paying for the 2019 tax year.
Bunch Itemized Deductions… Read More

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Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 million per taxpayer to $11.18 million per taxpayer. For 2019,… Read More

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As more and more people participate in the digital economy, there is a need for countries to develop a framework to regulate and to get a 'fair' share of taxes from the revenues generated by such businesses.

High income earners could find staying with old I-T regime more attractive.

The government said the provision was an “anti-abuse” one and will only apply to income that is generated locally.

This tax calculator will let you know how your tax liability changes post-Budget 2016. Just input your personal income details and know how much tax would now be payable.

The government (GoI) has so far been very supportive and empathetic towards businesses and was quick to respond through delayed application of few amendments introduced in Finance Act 2020 (FA 2020) along with relief measures on various tax and other statutory compliances announced subsequently.

Relevant business structure attracts a certain tax liability and it is important to consider the tax implications before finalizing the formation.

In a notification issued Friday, the Central Board of Direct Taxes (CBDT) allowed tax exemption to donations under Section 80 G of the Income Tax Act, on the grounds that the structure would be a “place of historic importance and a place of public worship”.

The first step to implementing a better system is to out the stateless income gamers, whether US or foreign-based.

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

Premium paid towards health insurance for self, family and parents not only provides financial help in case of medical emergencies but also reduces tax liability.

An alternate option, in this case are Equity Linked Saving Schemes (ELSS) or tax-planning mutual funds as they are popularly known.

"CBDT may need to clarify reporting requirement for unlisted equity shares in foreign companies for NR/NOR,” said Sonu Iyer, tax partner and people advisory services leader at EY India.

In order to avoid any misinterpretation, it is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession.

Clarification that overseas earnings of bona fide workers won’t be taxed is ambiguous, say experts.

Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.

Virus could hit the way Indian revenue authorities tax their individual, foreign income.

Budget 2020: Flat tax-rate without exemptions on FM's table

Use all your entitlement; tax saved is money earned, says Dhirendra Kumar

A Las Vegas resident was sentenced to 65 months in prison today for his role in a stolen identity tax fraud, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Nicholas A. Trutanich for the District of Nevada.

The founder of a Russian bank was arrested last week in London in connection with an indictment charging him with filing false tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division, U.S. Attorney David L. Anderson for the Northern District of California, and Internal Revenue Service (IRS) Criminal Investigation, Special Agent in Charge Kareem Carter.  The Sept. 26, 2019, indictment was unsealed today. 

A federal grand jury in Tulsa, Oklahoma, returned an indictment Wednesday charging a Bristow, Oklahoma, business owner with filing false tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney R. Trent Shores for the Northern District of Oklahoma.

A Brooklyn, New York, tax return preparer was sentenced to 15 months in prison today for preparing false returns for his clients and himself, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Richard P. Donoghue for the Eastern District of New York.

A Hoover, Alabama, salesman and tax defier pleaded guilty Friday to tax evasion, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Jay E. Town for the Northern District of Alabama.

A Miami, Florida, business owner was sentenced to 24 months in prison today for failing to pay over employment taxes, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Ariana Fajardo Orshan for the Southern District of Florida.