August 25, 2020
Following complaints from taxpayers and lawmakers, the Internal Revenue Service has agreed to quit sending notices about unpaid taxes to taxpayers while it works through the backlog of millions of pieces of unopened mail that has accumulated at IRS facilities.
May 1, 2020
New guidance from the IRS says that normally deductible business expenses will not be deductible as a way to prevent a “double tax benefit.”
April 8, 2020
Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Here are the details about the loan qualifications and terms.
April 3, 2020
Scammers are targeting individuals with promises to help them receive their upcoming economic impact payment faster. Here’s how to spot them.
March 27, 2020
The CARES Act will help provide more than $2 trillion in financial aid and incentives to help businesses and individuals weather the COVID-19 pandemic, and lawmakers say there could be more to come.
March 21, 2020
The Families First Coronavirus Response Act was signed into law as a response to the growing health and economic crises with provisions for paid sick leave and expanded unemployment benefits.
March 19, 2020
In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are times when filing separately is a better option.
December 17, 2019
The Tax Cuts and Jobs Act changed the way some businesses must compute per diem allowances. The IRS recently issued guidance for business travelers and their employers to clarify the changes.
November 19, 2019
If you’re concerned about your 2019 tax liability, consider these year-end tax planning opportunities.
October 21, 2019
New sales tax collection requirements for remote sellers and marketplace providers took effect Oct. 1, 2019, in several states, including Tennessee.
August 15, 2019
The Nashville chapter of the TSCPA has picked a KraftCPAs member as its president for the 2019-’20 term.
June 13, 2019
An attractive benefit for some employees is an employer-provided vehicle that can be used for both business and personal use. The IRS has issued new guidance on how to value the personal use of such vehicles to include the amount in an employee’s income.
June 12, 2019
Home sales are flourishing in Middle Tennessee, but consider all the potential pros and cons before putting your house on the market.
February 4, 2019
Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.
November 6, 2018
With the TCJA nearly doubling the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
October 1, 2018
Keeping track of all the changes with the TCJA isn’t easy, but here are six key changes to consider for taxpayers.
August 23, 2018
Small business owners will see changes as a result of the U.S. Supreme Court’s ruling on online sales taxes. And despite some uncertainties, now is the time to prepare.
July 25, 2018
Sales tax won’t apply on dozens of items as part of Tennessee’s annual tax-free weekend that begins at 12:01 a.m. Friday.
July 3, 2018
The U.S. Supreme Court’s decision in South Dakota vs. Wayfair Inc. has cleared the way for states such as Tennessee to collect sales tax on out-of-state online sales. State and local governments have joined brick-and-mortar retailers in welcoming the change.
June 26, 2018
The Tax Cuts and Jobs Act includes mixed results for taxpayers who plan to deduct employee-related moving expenses, vehicle expenses, and mileage expenses next year. The Internal Revenue Service has just come out with new details about which deductions will be impacted.
June 25, 2018
Individuals and employers: Don’t forget about important tax-related deadlines in the third quarter of 2018.
June 22, 2018
The U.S. Supreme Court ruled Thursday in a narrow 5-4 decision that states can require online retailers to collect and remit sales tax. The decision clears the way for major changes in the world of e-commerce.
January 22, 2018
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally decrease for 2018 through 2025. However, even with these reduced rates, there’s no guarantee that your income tax liability will go down.
December 28, 2017
One much-debated item that’s noticeably absent from the Tax Cuts and Jobs Act of 2017 (TCJA), though, is the repeal of the federal gift and estate tax, as originally included in the House of Representative’s version of the bill.
December 19, 2017
Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these tips to help ensure your contributions pay off on your tax return.
August 7, 2017
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Expanding one’s business has become so feasible that many businesses quickly find themselves crossing state lines.
August 7, 2017
Not all charitable donations are created equal. Some provide larger deductions than others, and how much or even what you donate might not necessarily be the most important factors.
July 14, 2017
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors.
July 14, 2017
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this distinction matter?
March 8, 2017
As the price of a college education continues to skyrocket, many parents (and grandparents) are looking for ways to save for future higher education costs. There are several taxpayer-friendly ways to save for a child’s or grandchild’s education.
March 1, 2017
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. You might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.
March 1, 2017
When your business travel takes you to attractive locations, you may consider staying a bit longer to enjoy a few days of rest and relaxation. If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off?
January 6, 2017
The IRS has changed the filing due dates for certain tax returns beginning with tax years starting after Dec. 31, 2015 (i.e., starting with 2016 returns that are due in 2017).
November 9, 2016
KraftCPAs PLLC is pleased to announce that Sean Owens and David Lister became members (owners) in the firm, effective November 1.