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Helpful Articles

Sales Tax & Internet Sales: Here be Dragons

Aug 10, 2018

In days before the world was fully explored, map makers often placed the words “here be dragons” in uncharted waters as a warning to sailors.  On June 21, 2018, the Supreme Court handed down its ruling on South Dakota v Wayfair, requiring “out-of-state sellers to collect and remit sales tax ‘as if the seller had […]

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Wage Earners Submit Your New W-4 Now Or Pay the Consequences (Read On)

Jan 31, 2018

If you have not updated your Form W-4 to provide for changes in the recently passed Tax Cuts and Jobs Act, you could be in for a surprise.  Your previous Form W-4 likely provided for personal exemptions which were eliminated under the new tax law.  A new Form W-4 should be resubmitted to exclude any […]

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New Meals & Entertainment Limitations

Jan 25, 2018

The time to find out expenditures are no longer tax deductible is before the money is spent, not when the receipts are totaled at year end.  To that end, there has been a major change in allowable deductions beginning in 2018 for meals and entertainment expenses.  Tax deductions for all meals have been limited to […]

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New Partnership Rules Streamlined Audit Process (Not Necessarily a Good Thing)

Jan 11, 2018

Tax year 2018 begins a new regime of partnership audit rules, casting off the old TEFRA regime of small and large partnerships in favor of a streamlined audit process.  While this may sound like the type of mind-numbingly technical issue to be ignored, it really isn’t.  Due to some harsh changes in the audit process, […]

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Update: State of Federal Tax Reform

Dec 4, 2017

The senate narrowly passed its version of the tax reform in the early hours of Saturday morning. There were numerous last minute adjustments that differed from the initial draft bill, as well as the house bill. Because of the numerous differences between the house and senate bills, the legislation must now go to a joint […]

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Important Reminders for 2017 Payroll Reporting

Nov 28, 2017

As 2017 draws to a close, there are some important items to keep in mind when putting together information for 2017 W-2’s. Company provided vehicle: If your company provides you, or any employee, with a company vehicle that is also used personally, you should include the personal use portion as a fringe benefit in the […]

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The Senate Tax Bill – Looking Under the Rock

Nov 13, 2017

While the house bill contained several landmines for the unwary, the senate bill has both hidden gems and camouflaged pitfalls in its differences.  Many of the provisions of both bills are effectively the same, but there are several notable discrepancies.  These are significant changes in tax law masquerading as simplifications in the code.  Many don’t […]

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Land Mines: Tax Cuts & Jobs Act Bill

Nov 8, 2017

The Tax Cuts and Jobs Act introduced by the house on November 2nd have been receiving a great deal of coverage because of the extensive changes proposed.  Gone would be many of the provisions individuals rely on (credits, personal exemptions, deduction of state taxes, et cetera).  Other changes would drastically lower the tax burden of […]

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Bringing Your Accountant Into Your Lawsuit

Nov 7, 2017

The tax treatment of a legal settlement can vary widely depending on the nature of the suit and the structure of the settlement.  One recent personal injury case was settled for over $100K, and, after taxes and attorney fees, the recipient was able to retain less than 10% due to the structure of the settlement. […]

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Chop Shop Your Building for Tax Savings

Oct 30, 2017

When a repair shop replaces a part in a car, they remove the old one.  It’s no longer of any use in its current state, and it certainly isn’t left in the vehicle, bolted up next to the new one.  Due to some changes in the law a few years ago, real estate owners are […]

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Steven Gilmore
ServiceMaster by Gilmore Brothers