Hulien & Company, LLC, CPA's
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Newsletters & Tax Updates

Feel free to browse our Newsletters & Tax Updates section. This information is updated daily.


March 14, 2018

2017 Business Tax Filings – Schedule Your Appointment Now

Note:

  • The IRS will begin accepting business returns on January 29, 2018 (These include Forms 1120, U.S. Corporation Income Tax Return; 1120s, U.S. Income Tax Return for an S Corporation; 1065, U.S. Return of Partnership Income; and 1041, U.S. Income Tax Return for Estates and Trusts)The IRS will also begin accepting Form 1040, U.S. Income Tax return for Individuals, on January 29, 2018. 
 

Tax Consultation

Now is the perfect time to get started on your 2017 taxes.  Tax season is here and we are scheduling appointments to discuss your businesses tax and financial matters.  If you would like to set an appointment to meet with us please call (781-582-1136) or email

 

Documents needed to complete your tax returns

          Below is a list of documents and files we will need to begin work on your businesses tax returns:

  • A copy of your QuickBooks or Peachtree/ Sage file (Please provide us with a full backup copy)
  • Payroll Documents: 940, 941’s, W-3
  • New Equipment Purchases: Please provide us with any purchase & sales agreements for all new equipment purchases
  • Accounts Receivable at Year End
  • Accounts Payable at Year End
  • Year-end statements for all bank accounts
  • Year-end statements for all loans: please include year-end balances and interest paid 
 

Feel free to contact us at 781-582-1136 or click here to email us.  


March 14, 2018

1099

1099's Due 01/31/2018 to the IRS

The IRS requires that all businesses file the applicable 1099 forms by January 31, 2018. If your business has paid $600 or more to an independent contractor, individual, LLC, partnership, vendor, or certain corporations for services (including materials and parts), rents, proceed payments to attorneys, or medical and health care payments then your business is required to file a 1099-MISC.

Be mindful of the related penalties that are associated with failure to file and late filing of these forms, which can reach up to $250. 

We provide 1099 preparation services and can assist you with this process. Please contact us for more information.


 

 

Tax Alerts
Tax Briefing(s)

Charles P. "Chuck" Rettig was confirmed as the new IRS Commissioner on September 12. The Senate confirmed the nomination by a 64-to-33 vote. Rettig received both Democratic and Republican support.


New IRS guidance aiming to curb certain state and local tax (SALT) deduction cap "workarounds" is the latest "hot topic" tax debate on Capitol Hill. The IRS released proposed amendments to regulations, REG-112176-18, on August 23. The proposed rules would prevent taxpayers, effective August 27, 2018, from using certain charitable contributions to work around the new cap on SALT deductions.


The IRS has proposed to remove the Code Sec. 385 documentation regulations provided in Reg. §1.385-2. Although the proposed removal of the documentation rules will apply as of the date the proposed regulations are published as final in the Federal Register, taxpayers can rely on the proposed regulations until the final regulations are published.


Last year’s Tax Reform created a new 20-percent deduction of qualified business income for passthrough entities, subject to certain limitations. The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) created the new Code Sec. 199A passthrough deduction for noncorporate taxpayers, effective for tax years beginning after December 31, 2017. However, the provision was enacted only temporarily through 2025. The controversial deduction has remained a buzzing topic of debate among lawmakers, tax policy experts, and stakeholders. In addition to its impermanence, the new passthrough deduction’s ambiguous statutory language has created many questions for taxpayers and practitioners.


Wolters Kluwer recently spoke with Joshua Wu, member, Clark Hill PLC, about the tax implications of the new Code Sec. 199A passthrough deduction and its recently-released proposed regulations, REG-107892-18. That exchange included a discussion of the impact that the new law and IRS guidance, both present and future, may have on taxpayers and tax practitioners.


Wolters Kluwer has projected annual inflation-adjusted amounts for tax year 2019. The projected amounts include 2019 tax brackets, the standard deduction, and alternative minimum tax amounts, among others. The projected amounts are based on Consumer Price Index figures released by the U.S. Department of Labor on September 12, 2018.


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