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When Can I Deduct My Home Equity Interest?
Last year’s Tax Cuts and Jobs Act removed the itemized deduction for home equity interest for 2018 onward. At first blush this would appear a straightforward prohibition of the deduction for interest on any loan not used for the original purchase of a home. As with...
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Sales Tax & Internet Sales: Here be Dragons
In days before the world was fully explored, map makers often placed the words “here be dragons” in uncharted waters as a warning to sailors. On June 21, 2018, the Supreme Court handed down its ruling on South Dakota v Wayfair, requiring “out-of-state sellers to...
Wage Earners Submit Your New W-4 Now Or Pay the Consequences (Read On)
If you have not updated your Form W-4 to provide for changes in the recently passed Tax Cuts and Jobs Act, you could be in for a surprise. Your previous Form W-4 likely provided for personal exemptions which were eliminated under the new tax law. A new Form W-4...
New Meals & Entertainment Limitations
The time to find out expenditures are no longer tax deductible is before the money is spent, not when the receipts are totaled at year end. To that end, there has been a major change in allowable deductions beginning in 2018 for meals and entertainment expenses. Tax...
New Partnership Rules Streamlined Audit Process (Not Necessarily a Good Thing)
Tax year 2018 begins a new regime of partnership audit rules, casting off the old TEFRA regime of small and large partnerships in favor of a streamlined audit process. While this may sound like the type of mind-numbingly technical issue to be ignored, it really...
New year, new tax brackets. Here’s where you stand
It's now 2018, and a raft of changes to the tax code are in effect – including updates to income tax brackets. The Tax Cuts and Jobs Act, signed into law by President Donald Trump in December, maintains the same seven-bracket structure that was in force previously....
2017 Tax Cuts and Jobs Act Bill
On Friday December 15th Congress blessed the American taxpayers with a tax bill reconciled from two similar, yet distinctly different, bills passed separately in the House and Senate. The reconciled draft legislation was passed by the Senate on Tuesday, December...
Paresky Flitt & Company, LLP to Open Shrewsbury Office
Wayland, MA --- Paresky Flitt & Company, LLP of Wayland, MA, a prominent business tax and accounting practice, today announced plans to expand its business with the opening of a second office in Shrewsbury, Massachusetts. Located at 352 Boston Turnpike in...
Update: State of Federal Tax Reform
The senate narrowly passed its version of the tax reform in the early hours of Saturday morning. There were numerous last minute adjustments that differed from the initial draft bill, as well as the house bill. Because of the numerous differences between the house and...