2018 Year-End Tax Planning Guides for Individuals and Businesses

  |  December 12, 2018

Nearly one year after the Tax Cuts and Jobs Act (TCJA), tax reform is still making headlines. We continue to learn more about its broad implications. Whether your previous tax filing posture was straightforward or complex, you will be impacted by the myriad of changes to the tax code.

Now more than ever, it is imperative to thoughtfully consider year-end tax planning opportunities, ensuring you are taking advantage of new tax strategies, staying compliant with new regulations and considering structures to help minimize taxes for future years.

Two Tax Letters from REDW are intended to assist you in that effort. Read more. Read More

South Dakota Wins in Supreme Court Decision on South Dakota v. Wayfair

  |  June 21, 2018

The U.S. Supreme Court today handed down a decision on the highly anticipated South Dakota v. Wayfair case, which challenged South Dakota’s collection of sales tax from out-of-state businesses that do not have physical presence in the state but that sell and deliver into South Dakota tangible personal property, products transferred electronically, or services.

South Dakota passed a law in 2016 that set off a dramatic and market-altering shift in taxation of online sales, one that concluded with today’s Supreme Court’s 5-4 decision... read more. Read More

Tax Scammers Don’t Take a Summer Vacation, IRS Warns

  |  June 18, 2018

Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this, summertime tends to be a period when phishing emails and telephone scams continue to pop up around the country. Scammers try to get people to disclose personal information such as Social Security numbers, account information, PINs and passwords. 

Watch out for these scenarios - read more. Read More

IRS Issues “Dirty Dozen” Tax Scam List

  |  April 2, 2018

The Internal Revenue Service has released its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes.

This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk. Read more. Read More

Contribute to an IRA by April 17, Claim It on Your 2017 Tax Return

  |  March 26, 2018

The Internal Revenue Service reminds taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018.

An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA, or add money to an existing account.Read more. Read More

How the Tax Bill Impacts Homeowners

  |  February 19, 2018

The Tax Cuts & Jobs Act (TCJA) was approved by Congress December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts individuals and businesses in a way not seen in over 30 years. With most provisions effective 2018, it lowers individual and corporate tax rates, repeals numerous tax credits and deductions,... Read More

Tax-Free Purchases Online May Come to an End with Supreme Court Ruling

  |  January 24, 2018

On January 12, 2018, the United States Supreme Court made the decision to hear State of South Dakota vs Wayfair Inc., Overstock.com, Inc., and Newegg Inc. In the case, Wayfair, Overstock, and Newegg challenged South Dakota Senate Bill 106, which requires remote retailers with annual in-state sales exceeding $100,000, or 200 separate transactions, to collect and remit sales tax starting April 1, 2016.

The Supreme Court’s decision in State of South Dakota vs Wayfair Inc. will affect state nexus laws for remote sellers across the United States. Read more. Read More

2017 Proposed Tax Reform Legislation – Explained

  |  December 11, 2017

On December 2, 2017, the Senate passed its version of the "Tax Cuts and Jobs Act." This proposed tax reform will be reconciled with the House of Representatives' bill, which passed several weeks earlier. The final bill may become law by the beginning of the new year, and it is poised to make radical changes to the current tax code. To get a better sense of what each bill contains, including their differences from each other and the potential impact they could have on individual and business tax planning, view our guide here. Read More