Ryan Hart | March 22, 2019
What does the Tax Cuts and Jobs Act have to do with divorces and alimony payments? It turns out—a lot. In fact, the new law eliminates tax deductions for alimony payments related to post 2018 divorce agreements. Alimony for divorces pre-2019 that met the tax-law definition if alimony will continue to be deductible. Read more. Read More
Ryan Hart | March 11, 2019
The Tax Cuts and Jobs Act of 2017 affected businesses and employees in any number of ways, and parking expenses were no exception. Before the close of 2018, the IRS issued highly anticipated guidance that will help determine the amount of qualified parking expenses that are subject to disallowance or inclusion in income. Read more. Read More
Jamie Fridley | March 1, 2019
The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong? Read more. Read More
James Ortiz | February 20, 2019
On February 4, Governor Michelle Lujan Grisham signed Senate Bill 106 into law, closing the tax loophole that had allowed property owners to avoid paying Lodgers Tax on revenue generated by short-term rental of their properties. The bill, which was very similar to legislation drafted during the 2017 session, passed both the House and Senate with overwhelming support. Read more. Read More
James Ortiz | February 11, 2019
The wheels of the Wayfair decision are turning across the U.S.
Federal tax changes had a ripple effect across many states in 2018. In fact, 13 states saw net increases to their sales and use taxes, as stated by a recent report from the National Conference of State Legislatures. In comparison, 10 states reported net decreases. While relatively on track with trends in recent years, these changes accounted for the most significant net tax increase at the state level, up by $847.1 million.
According to the report, 2018 proved to be a year of many challenges and opportunities in regards to taxes. Read more. Read More
Mike Chelius | February 4, 2019
Taxpayers finally have guidelines from the IRS regarding the Section 199A deduction. In issuing the final regulations regarding qualified business income (QBI), the IRS provided clarifications about how taxpayers can demonstrate they qualify for the deduction. Additionally, the IRS issued proposed regulations regarding previously suspended losses. Read more. Read More
REDW | January 21, 2019
Are you missing an opportunity to reduce your property tax liability?
Nearly all local taxing jurisdictions, including municipalities, counties, and boards of education, generate tax revenue through the imposition of property tax, which is one of the most substantial sources of local government revenue. For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred.
Unlike other taxes, property tax assessments are based on the estimated value of the property, and thus, are subject to varying opinions. Businesses that fail to take a proactive approach in managing their property tax obligations may be missing an opportunity to reduce their tax liability. Here are 10 common property tax myths, and the truths that counter them. Read more. Read More
REDW | January 16, 2019
The IRS has announced that due to the lapse in appropriations that began on December 22, 2018, most IRS operations are closed during the shutdown.
Under a contingency plan covering the tax filing season, the IRS is recalling 57% of its workforce in order to handle some tax season duties. Their workforce will increase from 9,946 employees who have been working since the start of the shutdown, to 46,052 employees. This plan will allow the IRS to process tax returns and issue refunds, but limitations on other services remain remain.
Here is a list of the limited operations available during the appropriations lapse: Read more. Read More
REDW | January 10, 2019
The IRS has redesigned the 2018 Form 1040, the U.S. Individual Income Tax Return. The new form will replace not only the current Form 1040, but also Forms 1040A and 1040EZ. Find out more about the updates to the form and what Schedules you may need to file this year, based on your circumstances. Read more. Read More
James Ortiz | December 19, 2018
In the beginning of what may become a national rollout of the landmark South Dakota v. Wayfair Supreme Court decision from this past June, the state of California Department of Tax and Fee Administration (CDTFA) has announced its intention to use the Wayfair thresholds beginning April 1, 2019. “We know the legislature is also looking closely at this issue and we look forward to working with them as we proceed,” said Nick Maduros, CDTFA Director.
Starting April 1, out-of-state retailers selling above certain economic thresholds into California will be required to collect California use taxes on their sales into California. Read more. Read More