Tax Planning Articles
Tax Planning Articles
Tax Watch
IRS Issues Standard Mileage Rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be…
read moreTaxpayer Certainty and Disaster Tax Relief Act and the SECURE Act
On 12/20/2019, the President signed The Further Consolidated Appropriations Act (H.R. 1865), which included several bills. A few have tax implications, which we will discuss here. Included in the omnibus spending legislation was the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Act”, for short). This is a summary of what is in the Disaster Act.
read moreHow Nonprofits Can Use Internal Audits to Mitigate Risk
DMJ & Co., PLLC explains why internal audits are critical for nonprofits, and how they can identify fraud risks.
read moreIRS Heightens Focus on Tax Liabilities of S Corporations
One outcome of the Tax Cuts and Jobs Act (TCJA) is the increased scrutiny by the IRS of S corporations and their shareholders with regard to certain tax liability issues. Specifically, the IRS is examining activities regarding unrealized built-in gains (BIG) from the sale of assets, as well as distributions and loan repayments.
read moreTaxing Non-Resident Trusts—New Boundaries Defined by Supreme Court Ruling
The Supreme Court’s June 2019 decision to aggressively tax trusts didn’t exactly surprise many experienced tax practitioners. The notion was foreshadowed by the Wayfair vs. South Dakota decision one year prior. In North Carolina Department of Revenue vs. The Kimberley Rice Kaestner 1992 Family Trust (herein referred to as the Trust), Justice Sonia Sotomayor wrote the Supreme Court’s unanimous opinion in which the Court affirmed all lower courts’ decisions and held for the taxpayer, the Trust.
read moreRetaining Your Most Valuable Asset – Your Employees
In the transportation industry, studies reflect a driver shortage in 2018 of over 60,000 with that number to grow to over 160,000 by 2028. As a result of the driver shortage, the average cost to hire a new driver has increased and ranges from $6,420 to $8,612 per driver. With the combination of the lack of drivers and increased hiring cost, it is essential to retain the company’s most valuable asset – its employees.
read moreFinding Real Estate and Construction Talent – and Keeping It
DMJ & Co., PLLC discusses the challenges surrounding employee retention as experienced employees approach retirement.
read moreU.S. Expats May Still Owe Taxes
Many former American citizens who live outside the U.S are not aware that they still may owe U.S. taxes. To remedy this situation and collect back taxes, the IRS released the Relief Procedures for Certain Former Citizens in September 2019. It provides certain expats with relief for back taxes and the chance to comply with their U.S. tax and filing obligations.
read moreConsider These Top 5 Accounting Process Improvements for 2020
As the 2019 year-end approaches, this is an excellent opportunity to evaluate whether you could be, maybe even should be, getting more from your financial data.
read moreIs Your Manufacturing Business Prepared for an Economic Downturn?
DMJ & Co., PLLC shares insights on preparing your manufacturing business for a prospective economic downturn in 2020.
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