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Tax Accounting Humor Friday

There have been concerns that making large gifts utilizing the temporarily increased unified gift-estate exclusion could have some negative repercussions after the exclusion goes back to a lesser amount in 2026. The IRS has issued taxpayer-friendly regulations that address the issue. Learn more.

Wednesday Wisdom

The Internal Revenue Service recently issued the 2019 optional standard cents-per-mile rates for business, medical and moving purposes. However, you may find it in your best interest to keep track of actual expenses for 2019.

Just as a reminder, 2018 will be the second year that the due date for certain 1099-MISC information returns will be earlier than it was historically. The earlier due date only applies to 1099-MISC non-employer compensation (NEC) filings. Learn more.

Have you thought about any last-minute actions for this year's taxes? You might convert some or all of your traditional IRAs into a Roth IRA. Learn more.

If you plan to make a tax-deductible purchase, pay a tax-deductible expense, or make tax-deductible charitable contributions in 2018, the last day to do so is Monday, Dec. 31. But that still gives you time to utilize a number of tax strategies that could save you tax dollars. Read more.

If you are in a solid position financially, a good way to use the tax code for estate planning is year-end annual gifts.

An often misunderstood requirement of a working S corporation shareholder is the requirement to take a reasonable compensation for services provided to the business. Reasonable compensation is a determinable amount based on a number of factors. Read more.