Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Tax Cuts and Jobs Act: Updated Tax Brackets and Other Impacts
The passage of the Tax Cuts and Jobs Act in late 2017 set into motion sweeping changes to the tax code. As information came out regarding changes to the federal tax brackets, standard deduction, and personal exemptions, many people wondered, “How does this affect me?”...
2018 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting all...
New York State Issues Notices on Reporting Section 965 Repatriation Amounts
The New York State Department of Taxation and Finance recently released notices on the tax treatment of IRC § 965 repatriation amounts for tax year 2017 for corporations and flow-through entities. The Tax Cuts and Jobs Act requires certain U.S. taxpayers to recognize...
Do you need to make an estimated tax payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is...
Back-to-school time means a tax break for teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is...
To Be or Not To Be – A U.S. Citizen
We have been discussing two fictional taxpayers, John and Sue Ling, who have been residing in the United States for many years. John is a U.S. citizen but Sue is not, although she is a permanent U.S. resident. John is 12 years older than Sue and should he predecease...
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as...
Back-to-School Checklist for Greek Organizations
Hey you! Yeah, you. I’m calling out to all the fraternities and sororities out there! Are you ready for another school year? Here are some things to make sure you have set up for your fraternity or sorority to start the year off right. 1. Check to make sure the...
U.S Nonresident Aliens: Why U.S. Estate Taxes May Still Be an Issue
On our International Tax Blog, we have been discussing two fictional taxpayers, John and Sue Ling, who have resided in the United States for many years. They have been working with their CPA and attorney on their estate plans. John is a U.S. citizen but Sue is not,...
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures a small business taxpayer can...