As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether you’d benefit from accelerating certain expenses into this year. There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Some deductions are expressly authorized or excluded, but most are governed by the general rule of IRC Sec. 162, which permits businesses to deduct their “ordinary and necessary” expenses. Also, the TCJA reduces or eliminates many deductions. bit.ly/2pTLm0A
Congratulations to our very own Melanie Urwiller on her graduation from the AICPA Leadership Academy! Melanie is an integral part of the LMA team and we couldn’t be more proud of her and her accomplishments!
AICPA names 2018 'Leadership Academy' graduates
accountingtoday.com
Forty-one up-and-coming professionals graduated from the American Institute of CPAs' 10th annual training and education program in Durham, N.C.In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Those that are tax-free are especially attractive to employees. Examples include many types of insurance (health, disability, long-term care, life) and assistance plans (dependent care, adoption and educational), subject to certain limits. The tax treatment of some benefits, such as moving expense reimbursements and transportation benefits, has changed under the TCJA. bit.ly/2PAMQZ0
Businesses that acquire, construct or substantially improve a building should consider a cost segregation study. It combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. This may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the TCJA. bit.ly/2zN7PSR
IRS issues 2018–2019 per-diem rates
journalofaccountancy.com
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.Tax identity theft may seem like a problem only for individuals. But increasingly businesses are becoming victims. Business tax identity theft occurs when a criminal uses information from a business (such as the Employer Identification Number) to obtain tax benefits or enable individual tax identity theft schemes. Here are some prevention tips: 1) Educate employees on how to spot tax fraud schemes. 2) Use secure methods to send W-2 forms to employees. 3) Implement risk management strategies designed to flag suspicious communications.http://bit.ly/2R0zl5O
Here are a few key tax-related deadlines for businesses and other employers during Quarter 4 of 2018. OCT. 15: If a calendar-year C corp. that filed an extension, file a 2017 income tax return. OCT. 31: Report income tax withholding and FICA taxes for Q3 2018 (unless eligible for Nov. 13 deadline). DEC. 17: If a calendar-year C corp., pay fourth installment of 2018 estimated income taxes. bit.ly/2MFMez3
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help attract and retain employees. If you don’t, you may want to start. Changes under the TCJA make such reimbursements even more attractive to employees: Employees are no longer allowed to deduct such expenses. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS. bit.ly/2pfIuuB
LMA tailgate day in Laramie today! Great friends, great food and a great day for football with a W-Y-O win! #GoWyo #WeLoveOurCowboys
