Shaw, Hull and Navarrette, CPA's
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New Nebraska Filing Requirement
There is a new filing requirement that impacts pass-through entities in Nebraska. Pass-through entities include LLC's, Partnerships and S-corporations. The Nebraska State Legislature recently passed LB 512 which was signed into law on May 30, 2019. The new law...
IRS Corrects Error in Schedule D Worksheet
The IRS recently notified tax software vendors that a corrected schedule D tax worksheet had been posted for 2018. Due to an error in the original worksheet some taxpayers may have overpaid their taxes. The error only affected a small portion of taxpayers that...
Federal Disaster Area designation postpones tax deadlines
Victims of the weather incidents that took place in March in Nebraska may qualify for tax relief from the Internal Revenue Service. Taxpayers who reside or have business or business records in Butler, Cass, Colfax, Dodge, Douglas, Nemaha, Sarpy, Saunders and...
Individual Tax Planning in the TCJA Environment
Individual tax planning in the TCJA environment is important. The largest tax overhaul in decades provides several opportunities for tax planning. Depending on your circumstances the new provisions could impact your income tax liability in various ways. Some of the...
Business tax planning in the TCJA environment
Business tax planning is the TCJA environment is very important. The Tax Cuts and Jobs Act (TCJA) enacted in December 2017 made many changes to business and individual taxes. This week we are discussing some to the major changes to business taxes. Next week we will...
Bonus depreciation on used property
Bonus depreciation may be claimed for used property. The TCJA boosted the first-year bonus depreciation allowance from 50% to 100% for qualified property acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2023. That means a business can write off...
IRS clarifies who is a qualifying relative for family credit purposes
IRS clarifies who is a qualifying relative for family credit purposes. Under the TCJA, effective for tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, you can't claim a dependency exemption for dependents, including qualifying relatives, but you may be...
IRS Issues Regulations on the 20% Deduction for QBI
IRS explains 20% deduction for qualified business income. The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here's a summary of the basic rules: For tax years...
Simplified per-diem increase for post September 30, 2018 travel
Simplified per-diem increase for post-Sept. 30, 2018 travel. An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses (M&IE). If the...
Reconciling a Bank Account
One of the basic steps in keeping an accurate record of a bank account, whether it is a business account or a personal account, is performing a periodic reconciliation of the account. This basic step is important for many reasons including ensuring that any...
IRA Inheritance Rules for Surviving Spouses
If you have been named the beneficiary of your spouse’s IRA, it is important that you understand the rules regarding IRA inheritance and the potential opportunities to defer taxes. The rules relating to inherited IRA’s are complex and it is important to consult with...
Inheriting an IRA
Inheriting an IRA can be a financial boon to a beneficiary. If the beneficiary is aware of all of their options when they inherit an IRA, they may be able to defer the tax implications of the IRA and further increase the financial benefits of the inheritance. Today we...
Divorce Tactics Changing Due to New Tax Law
Financial negotiations in a divorce often include alimony. The Tax Cuts and Job Act of 2017 made significant changes to the tax treatment of alimony. These changes will impact the way alimony is negotiated. Existing agreements are still subject to the old laws which...
Nebraska Inheritance Tax
Nebraska is one of a small handful of states that taxes heirs on their inheritance. The tax rate varies based on the relationship of the recipient to the decedent. If the decedent’s property passes to their spouse in full, there is no inheritance tax due. Any property...
Qualified Business Income Deduction
One of the significant new tax deductions taking effect in 2018 under the new tax law is the qualified business income deduction. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or...
Financial statement impact of lower tax rates
Over the past few months we have discussed several of the tax implications of the December 2017 tax law changes. (2017-tax-reform-business-provisions) Today we are discussing how the tax law change could impact financial statement reporting. The new law reduces the...
The Sales Tax Landscape is Changing
It is time to set aside the rules relating to sales tax nexus that have been in place for several decades. Times are changing! On June 21, 2018 the US Supreme Court issued a decision in South Dakota vs. Wayfair, overturning a sales tax standard that dated back to a...
New credit for paid family and medical leave
The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave which is available to eligible employers for wages paid to qualifying employees on family and medical leave. The credit is...
Countdown to Tax Day!
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