The TG Blog

Resources and articles to empower you and keep you up to date.

estate planning

Getting Your Affairs in Order When You’re Terminally Ill

March 18, 2019

If you receive the diagnosis of a terminal illness, likely the last thing on your mind is estate planning. But taking the time now to get your affairs in order can provide you and your family some peace of mind. What to do first Here are some (but by no means all) of the steps…

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gift tax return

The 2018 Gift Tax Return Deadline is Almost Here

March 12, 2019

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018…

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interest expense

Matters of Interest: When Are Interest Payments Deductible?

March 11, 2019

The Tax Cuts and Jobs Act (TCJA) has made a significant impact — both directly and indirectly — on the deductibility of interest expense. Here’s a quick review of where things now stand. 5 types of interest Interest expense generally falls within one of five categories: Business interest, Qualified residence interest, Investment interest, Qualified student…

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vehicle-related expenses

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

March 5, 2019

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through…

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QOZ

Qualified Opportunity Zones: A Powerful Tax Incentive for Investors

March 5, 2019

Investors willing to make long-term investments in distressed communities now have a powerful tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program, created by the Tax Cuts and Jobs Act (TCJA). The program allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in…

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pass-through entity tax deadline

Beware the Ides of March – If You Own a Pass-Through Entity

February 28, 2019

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until…

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Attention All Sellers into Germany

February 27, 2019

As a result of new legislation effective January 1, 2019 Germany has broadened its Value Added Tax (VAT) tax filing compliance efforts. The law regarding VAT seller responsibilities has not changed, that is, all sellers of products into Germany, regardless of where your business is located or where your product is stored, have VAT collection…

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nonemployee stock compensation

How to Report Stock Compensation Paid to Nonemployees

February 25, 2019

The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods and services, under recent guidance issued by the Financial Accounting Standards Board (FASB). Old rules Under existing U.S. Generally Accepted Accounting Principles (GAAP), the FASB requires businesses that give stock awards to independent contractors or…

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tax deductions

Some of Your Deductions May be Smaller (or Nonexistent) When You File Your 2018 Tax Return

February 19, 2019

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local…

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cashless transaction

Auditing Cashless Transactions

February 15, 2019

Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements? Cashless transactions require the exchange of digital information to facilitate payments. Instead of focusing…

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