New Tax Code & What You Need To Know
NEW TAX CODE
- On February 22nd you chamber held a panel discussion on the new tax code.
- A panel comprised of CPA's answered questions regarding what changes in the new plan and how it will affect you and your business.
- Discussion included answers to if the corporate income tax has been reduced, by how much and how that affects small business. Should LLC's sole proprietor switch to a corporation? Is it true S-corporations do not get the corporate tax reduction, however, may get other benefits as an individual? Will less taxes will be taken out of paychecks?
- For more information and answer to your questions contact any of the panelists below:
- Jessica Price - CPA Partners, LLC
- Diane Miksch - Miksch & Company, CPA, PA
- Mike Price - Metzler Advisory, LLC
UPDATES FROM IRS
- IRS, States and Tax Industry Warn Employers to Beware of Form W-2 Scam; Tax Season Could Bring New Surge in Phishing Scheme | Internal Revenue Service The Internal Revenue Service, state tax agencies and the tax industry today urged all employers to educate their payroll personnel about a Form W-2 phishing scam that made victims of hundreds of organizations and thousands of employees last yea
- IRS, Partners Across the Nation Mark Today’s EITC Awareness Day; Taxpayers May Qualify for Significant Tax Benefit | Internal Revenue Service The Internal Revenue Service and its partners across the country remind taxpayers about the Earned Income Tax Credit (EITC) on EITC Awareness Day
- Many Hurricane Victims Qualify for Earned Income Tax Credit; Special Method Can Aid Workers Whose Income Dropped | Internal Revenue Service The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC)
- IRS Issues Additional Guidance on Transition Tax on Foreign Earnings | Internal Revenue Service The Treasury Department and the Internal Revenue Service (IRS) today provided additional guidance (Notice 2018-13) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act
- IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $51,000 or More Covered | Internal Revenue Service The Internal Revenue Service today strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy
- Free Tax Software Available Now through Free File; Partnership Launches its 16th Year of Free Assistance to Taxpayers | Internal Revenue Service Although the tax filing season officially opens Jan. 29, taxpayers starting today can begin preparing and e-filing their taxes for free with IRS Free File software