Jerry Moss's Articles

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs.

Even if you usually don’t file until closer to the April deadline (or you file an extension), consider filing early. It can potentially protect you from tax identity theft.

The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.

If you’ve been affected by one of the many natural disasters across the U.S. in recent months, a variety of tax-relief options could help provide much-needed relief.

The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?

Jerry Moss, KraftCPAs’ Tax Leader, is joining the firm’s healthcare team to bolster the firm’s commitment to Middle Tennessee’s growing healthcare industry.

As more details emerge from the 880-page, $2 trillion CARES Act, the potential economic perks are becoming clearer for employers and individuals.

Taxpayers now have an additional 90 days to file returns as the result of the Treasury Department’s latest step to address growing economic concerns.

Individuals and businesses will have an extra 90 days to pay their tax bill as a result of new directives from the Treasury Department.

Allocating time for year-end tax planning now can prove beneficial come filing time next year.

New IRS regulations for the first-year 100% bonus depreciation deduction have been published. Do you know how they might affect your business’s tax bill?

The U.S. Department of Labor’s final overtime rule goes into effect on Jan. 1, 2020. Will your company be ready?

Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.

Recent statistics show a decreased number of IRS audits. The thought of being audited can be frightening, but proper preparation can ensure a smoother process if you are selected.

Refunds are usually sent to taxpayers within a few weeks. However, there may be delays, or in worst-case scenarios, refunds may be applied to debts owed to the federal or state government.

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this year.

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

How confident are you that you’ve paid enough in taxes for 2018? The tax law changes in the TCJA have made it difficult to properly estimate 2018 tax liability, but the IRS is ready to provide modest penalty relief for some taxpayers who didn’t withhold enough.

The government shutdown continues, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?

With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals starting in 2019.

The IRS once again is warning taxpayers to watch out for phone scammers who call and threaten legal consequences unless they pay the IRS with an immediate wire transfer or gift card.

On December 20, the House passed the reconciled tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. The finalized legislation represents the most sweeping tax overhaul since the Tax Reform Act of 1986.

If you filed your 2016 income tax return (rather than filing for an extension), you may now wonder whether your business could face an IRS audit. Every business owner should understand what the IRS audit process may entail, and how it could impact the business.

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.

When President Obama signed into law the 21st Century Cures Act on Dec. 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs).