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RMS Accounting
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9/16/18
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IRS notices are in the mail. When the IRS contacts you, it’s important to respond. If you owe taxes and can’t pay, there are ways to deal with the IRS that will ensure you are protected and that your payments are manageable. Want to know more about options for dealing with the IRS? Check out: https://rmsaccounting.com/irs-collection-alternatives/ .
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The IRS has released a Temporary Regulation on Section 1099A of the Tax Cuts and Jobs Act of 2017. This is the part of the law that provides a 20% reduction in taxable income for Sole Proprietorships, Partnerships and S Corporations. The Temporary Reg 107892-18 can be found on the IRS website at https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf . This regulation is over 180 pages long and answers many of the questions about the deduction. It also makes clear that if you divide up a business that does not qualify in order to try to qualify, some parts won’t work as those parts will still be treated as the whole. The good news is that for those whose income qualifies, much of the regulation will not apply. However, those who are married with income exceeding $315,000 or single with income exceeding $157,500, things will be a lot more complicated. The IRS is currently accepting comments on this new regulation, and you can bet we won’t have a final regulation until long after we file our 2018 returns. If this just confuses you, the important thing to remember is that tax planning and talking with your tax professional is more important than ever this year.
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Visit our website and learn just how our team can help make you and your business more successful. https://rmsaccounting.com/about-3/
RMS Accounting - About Us
RMS Accounting - About Us
rmsaccounting.com
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