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The Indiana College Credit

July 30, 2019

The Tax Cuts and Jobs Act (TCJA) passed on December 20, 2017 was the biggest tax bill since the Tax Reform Act of 1986. As a CPA, this new act has greatly impacted my profession. One area of impact is on form Schedule A, where itemized deductions are reported. State, Local and Real Estate Taxes…

Accounting Lease Standard Soon to Take Effect

July 18, 2019

We have been talking (since 2013) about changes to lease accounting standards and now they are here! Approved by the Financial Accounting Standards Board, Accounting Standards Codification Topic 842 (ASC 842) Leases presents dramatic changes to how lease transactions are accounted for in your financial statements. This standard is effective beginning with 2020 calendar year-ends for…

IRA Contribution to Charity

July 3, 2019

With the filing season now complete for the 2018 tax year, many taxpayers may have noticed that the standard deduction pretty much doubled. The standard deduction was increased to $24,000 per married couple ($12,000 for single tax payers) with the new TCJA tax legislation beginning in 2018, which in turn created a much lower number of taxpayers…

LLCs Electing S Corporation Status

June 19, 2019

Limited Liability Companies (LLCs) are a popular choice of business entity among small business owners. This is because a multi-member LLC combines the limited liability of a corporation with the tax flexibility of a partnership. There may be times, however, when LLC members choose to make an S Corporation election. Before that happens, it is…

New Indiana Depreciation Rules

June 6, 2019

On May 5, 2019, Governor Holcomb signed into law Senate Enrolled Act #565 updating numerous tax provisions including updates to both Section 179 and bonus depreciation when property is acquired in a trade.  We now have two separate Section 179 limitations. The Section 179 limit for property acquired in a trade is generally limited to…

Late in 2018, the Internal Revenue Service announced the 2019 official estate and gift tax limits

April 26, 2019

2019 Individual Estate and Gift Tax Exemption The 2019 estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. What does this mean?  An individual can leave $11.4 million to heirs and pay no federal estate or gift tax while married couples will be able to shield $22.8 million. This shield…

Indirect Roth IRA Strategy

April 1, 2019

Lincoln Perkins, CPA   Mr. and Mrs. Roth want to accumulate monies in individual Roth IRA’s so they will have an income tax free source of cash during their future retirement. Unfortunately, their adjusted gross income is higher than the IRS limits and they are prohibited from making direct contributions to a Roth IRA. The…

Changes to the Department of Workforce Development Reporting Requirements

March 15, 2019

Beginning in spring 2019, the Indiana Department of Workforce Development (DWD) has rolled out a new platform in which state unemployment tax must now be submitted by all employers. The new platform will allow employers full online access to Unemployment Insurance account information, including report submission, tax payments and information on account issues. Updates to…

The Tax Cuts and Jobs Act and Nonprofit Entities

February 28, 2019

The “Tax Cuts and Jobs Act” (TCJA) has a far-reaching impact to nonprofit entities that was not publicized until December 2018. Embedded in the TCJA were items regarding non-deductible parking fringes. In this verbiage, nonprofits were mentioned and on December 10, 2018 the IRS provided guidance to assess the impact on nonprofits that provide parking…

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