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(Pursuant To IR-2018-66, March 21, 2018) Internal Revenue Service

Every year the IRS issues its “Dirty Dozen” report to highlight the biggest scams that the public needs to avoid.

The IRS has released the following press release:

If you’ve formed certain habits related to how you handle meals, entertainment, transportation, and parking as it relates to your business and taxes, the time to change those habits has come.

No business looks forward to the time-consuming process of closing their books at the end of each month. It’s certainly not the fun part of running a business. It can be tedious. (Though when business is doing well, it can be encouraging to see everything closing nicely in healthy shape.)

After a lengthy process, Congress and the President did what they had to do in late December 2017 to put into law one of the most significant pieces of legislation in decades: the Tax Cuts and Jobs Act (TCJA). The Act put into place a number of provisions that will affect Not for Profit Organizations.

Every business owner wants growth and profit. No one wants to sit back passively and miss out on opportunities. However, as noted in Rhonda Abram’s analysis in USA Today, it’s easier said than done: there’s a certain key combination of factors that must be achieved.

There is plenty of misunderstanding about the definition of cryptocurrency. Wikipedia’s well-researched entry on the topic defines “cryptocurrency” as follows (with their links included):

Most articles about the passage of the Tax Cuts and Jobs Act in December buzz about the resulting income tax consequences for individuals and businesses.

But what about the intersection of the TCJA and estate planning?

A recent interview style Q and A session appeared in Accounting Today featuring the expertise of author Iralma Pozo. In this series of questions, Pozo tackles some important aspects of the most significant change to the U.S. tax code since 1986.

Over the years in our regulation-heavy business environment, small businesses have had forests of rules and regulations to wade through every year. The hard truth is that legislative and regulatory challenges (especially over-regulation) often hit small businesses the hardest. They have fewer resources in terms of staff, money, time and management attention to handle the sometimes massive tasks of keeping up with regulations.