The Qualified Business Income (QBI) deduction is one of the most significant changes of the Tax Cuts and Jobs Act of 2017 (TCJA). It is also one of the most complex. In general, it permits a 20% deduction of net income to owners of small businesses like partnerships, S Corps and sole proprietorships as well […]
This is one change you may not have heard about in the Tax Cuts and Jobs Act of 2017 (TCJA): Effective January 1, 2018, Congress eliminated the 50% deduction previously allowed for entertainment expenses. Up through December 31, 2017 businesses could deduct 50% of entertainment expenses directly related to or associated with the active conduct […]
CPA Consulting Group, LLP is excited to announce that we are moving locations! Sometime in May, 2018 CPA Consulting Group will be moving to 111 S Durbin, 3rd Floor. This comes in the wake of numerous other exciting changes, including the merging of accounting practices with Cordell Fonnesbeck. “This is an important time for our […]
There is a new income tax credit available for employers under the Tax Cuts and Jobs Act (TCJA) of 2017. Effective in tax years beginning after 12/31/2017, and beginning before 01/01/2020, employers can claim a tax credit equal to 12.5% of wages paid to employees during any period that such employees are on leave, under […]
Whether you are just deciding to hire an internal bookkeeper or have employed one for years, the driving force behind the decision is that you, the business owner, simply don’t have time to do it yourself anymore. Once hired, the Company’s bookkeeper generally does it all including paying bills, payroll, invoicing customers and collecting payment, […]
CPA Consulting Group, LLP is proud to announce a merger between the accounting practice of Cordell Fonnesbeck, CPA, P.C. and ourselves. Effective January 1, 2018, Cordell will be joining the CPA Consulting Group Team, bringing with him a wealth of knowledge and a wide-array of clients- clients that have been working with Cordell for decades! […]
The Tax Cuts & Jobs Act is a significant tax law change that will be enacted effective for 2018. However, any change for 2018 may have potential effects on your 2017 taxes. Both the House and Senate bills will nearly double the standard deduction to $24,000 for married couples ($18,000 for head of household and […]
It appears very likely a significant tax law change will be enacted by Congress effective for 2018. However, any change for 2018 may have potential effects on your 2017 taxes. Here is how: Both the House and Senate bills will nearly double the standard deduction to $24,000 for married couples ($18,000 for head of household […]
According to Equifax’s website, equifaxsecurity2017.com, the amount of personal information compromised by their security breach is mind boggling. 143 million U.S. consumers’ personal information was compromised including names, social security numbers, birth dates, addresses and in some instances driver’s license numbers and credit card numbers. As a result, we as consumers may be subjected to […]
Are you a potential victim of the Equifax security breach? Since an estimated 143 million records were compromised, chances are yes you are. If so how do you find out? Equifax has created a dedicated website to check. It is equifaxsecurity2017.com. The website provides news and updates in regards to the breach and what they […]