News and Tips

Summary of Changes for Business under the Tax Cuts & Jobs Act

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http://taxandacct.net/wp-content/uploads/2017/12/Overview-of-TCJA-Changes-Affecting-Business.pdf
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Summary of Changes for Individuals for the Tax Cuts & Jobs Act

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http://taxandacct.net/wp-content/uploads/2017/12/Overview-of-TCJA-Changes-Affecting-Individuals.pdf
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2017 Tax Facts

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Attached are the 2017 amounts that have been adjusted for inflation as well as the 2017 Tax rate tables. If you have any questions please call us! http://taxandacct.net/wp-content/uploads/2017/11/taxfacts.pdf
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Identity theft

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If you have been a victim of identity theft this information could be helpful. Please let us know if you have any questions. http://taxandacct.net/wp-content/uploads/2017/07/client_handout-identity-theft.pdf
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Values for Non Cash Charitable Donations

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Ever wonder what those old items you donated equate to for a tax deduction? The following can be used as a reference. http://taxandacct.net/wp-content/uploads/2017/06/FMV-Guide-Contributions.pdf
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Ohio Requiring Drivers License Number to Efile

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Ohio, along with other states, will require driver's license information for the primary taxpayer and spouse (if Married Filing Jointly) beginning in tax year 2016 in an effort to combat stolen-identity tax fraud. Taxpayers will be asked to provide information from their driver's license or state issued identification card. For taxpayers who do not have…
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21st Century Cures Act Allows Small Employers to Offer Health Reimbursement Arrangements

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On December 13, 2016, President Obama signed into law the 21st Century Cures Act.  The Cures Act, which pays for cancer research, mental health treatments, the fight against opioid abuse, also creates a new type of employer-provided health care coverage - qualified small employer health reimbursement arrangements. Previously, such plans did not meet the stringent…
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Sharply Increased Form 1099 Penalties Take Effect

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Starting in 2017, hefty increases in the penalties imposed  apply if a payer fails to timely file an information return, fails to include all information required to be shown on an information return, or includes incorrect information on an information return (including all variations of Form 1099). The new penalties run as high as $250…
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Penalty for Failing to Carry Health Insurance

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Under Obamacare, there is a penalty, known as the "shared responsibility payment," for not having health insurance coverage. You may be liable for this penalty if you or any of your dependents didn't have health insurance for any month in 2016. The penalty is 2.5 percent of your 2016 household income exceeding the filing threshold…
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