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Latest Tax Developments

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 year, new tax brackets. Here’s where you stand

Jan 4, 2018

It’s now 2018, and a raft of changes to the tax code are in effect – including updates to income tax brackets. The Tax Cuts and Jobs Act, signed into law by President Donald Trump in December, maintains the same seven-bracket structure that was in force previously. However, Congress has tweaked the rates and the […]

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2017 Tax Cuts and Jobs Act Bill

Dec 20, 2017

On Friday December 15th Congress blessed the American taxpayers with a tax bill reconciled from two similar, yet distinctly different, bills passed separately in the House and Senate.  The reconciled draft legislation was passed by the Senate on Tuesday, December 19th, with the House (re)vote expected shortly thereafter. The reconciled tax bill will constitute the […]

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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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Senate tax reform bill differs from House version in many ways

Nov 10, 2017

Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts and Jobs Act, and the House Ways and Means Committee issued a revised version of H.R. 1, the bill it first introduced last week. The Senate bill contains many of the same […]

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Details of tax reform legislation revealed

Nov 7, 2017

Details were revealed yesterday on the new tax reform legislation. The bill features new tax rates, a lower limit on the deductibility of home mortgage interest, the repeal of most deductions for individuals, and full expensing of depreciable assets by businesses. Learn more here about the impact on both individuals & businesses.

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Report of Foreign Bank and Financial Accounts (FBAR)

Jun 15, 2016

Tax law can be quite confusing and to add to the confusion, the law changes from year to year.  For instance, the reporting dates for the 2015 and 2016 Report of Foreign Bank and Financial Accounts (FinCEN Report 114) are both different.  On July 31, 2015, President Obama signed the short-term highway funding extension, H.R. […]

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Protecting Americans From Tax Hikes Act of 2015 Highlights

Dec 21, 2015

On December 18th President Obama signed into law the long negotiated extender legislation passed by the senate earlier in the day.  Under the enacted legislation the tax provisions which expired at the end of 2014 were retroactively reinstated for 2015.  Of those reinstated, some were made permanent, while others were extended through either 2019 or […]

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New Due Dates for Tax Returns Due in 2017

Sep 2, 2015

President Obama signed the short-term highway funding extension, H.R. 3236, into law on Friday, July 31, 2015. Included in that law were a series of revised filing deadlines for numerous taxpayers. The most notable are as follows: Partnerships (and entities taxed as partnerships) filing Form 1065: Calendar year filers will be due March 15th (previously April 15th) or […]

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Optional Standard Mileage Rates 2015

Jan 12, 2015

Optional standard mileage rates for use of a vehicle will rise for 2015. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2015 rate will be 57.5 cents per mile, up from 56 cents […]

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“Harbor Networks has been a customer of Paresky & Flitt for almost 20 years now. The team there is proactive, thorough, and has great depth in accounting knowledge with specialists on staff...
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Greg Bertschmann
Harbor Networks, Inc.