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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...
Important Reminders for 2017 Payroll Reporting
As 2017 draws to a close, there are some important items to keep in mind when putting together information for 2017 W-2’s. Company provided vehicle: If your company provides you, or any employee, with a company vehicle that is also used personally, you should include...
The Senate Tax Bill – Looking Under the Rock
While the house bill contained several landmines for the unwary, the senate bill has both hidden gems and camouflaged pitfalls in its differences. Many of the provisions of both bills are effectively the same, but there are several notable discrepancies. These are...
Senate tax reform bill differs from House version in many ways
Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts and Jobs Act, and the House Ways and Means Committee issued a revised version of H.R. 1, the bill it first introduced...
Land Mines: Tax Cuts & Jobs Act Bill
The Tax Cuts and Jobs Act introduced by the house on November 2nd have been receiving a great deal of coverage because of the extensive changes proposed. Gone would be many of the provisions individuals rely on (credits, personal exemptions, deduction of state taxes,...