New Federal Withholding Tables

The 2018 federal withholding tables, which were issued later than usual due to enactment of the Tax Cuts and Jobs Act (the Act), must be used beginning Thursday, Feb. 15, 2018. That is also the deadline for changing the optional flat rate for withholding on supplemental wage payments of $1 million or less (bonuses, commissions,

Beware of Fake Calls to Return IRS Refund Money to a Collection Agency

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme. In addition, the number of potential taxpayer victims jumped from a few hundred

WARNING: New IRS Phone Scam

URGENT NOTICE: Taxpayer’s are receiving phone calls from various phone numbers posing as agents of the IRS.

Small Businesses Need a Written Capitalization Policy

New repair regulations from the IRS require businesses to keep a written capitalization policy if they would like to utilize the safe harbor provisions of the regulations. Companies with audited financial statements can qualify for a safe harbor capitalization policy that allows them to deduct all assets under $5,000.