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26 Ways the New Tax Law Will Affect Your Wallet

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By Kevin McCormally, Chief Content Officer , and Sandra Block, Senior Editor and Joy Taylor, Editor | January 4, 2018
Source: https://www.kiplinger.com/slideshow/taxes/T054-S001-26-ways-the-gop-tax-reform-will-affect-your-wallet/index.html?rid=SOC-email#.WnXIZ3XU75M.email

The new year starts with a new tax law affecting every taxpayer in the land. Now that a jubilant President Trump has signed the massive tax overhaul into law, it’s time for the number crunching to move from Capitol Hill to your kitchen table. Do the pros and cons found in the 500-plus pages of legislative language add up to good news or bad news for your family’s bottom line?

Here’s a look at key provisions of the new law that could affect everything from your family to your investments to your retirement planning. Most of the changes go into effect right away in 2018, but will NOT affect your 2017 tax return due in April. In almost every case, that return is covered by the old rules. Also, note that many of the changes affecting individuals are scheduled to expire after 2025. Unless a future Congress acts to extend them, most of these rules would revert to those in effect in 2017.

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New tax withholding tables are issued

Source: https://www.journalofaccountancy.com/news/2018/jan/2018-tax-withholding-tables-201818191.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=11Jan2018&utm_content=headline

By Sally P. Schreiber, J.D.
January 11, 2018

The IRS on Thursday issued new income tax withholding tables that reflect new tax rates and other changes for individuals implemented by P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22 (Notice 1036). Employers should use the updated withholding rules for 2018, putting them into effect as soon as possible but no later than Feb. 15, the IRS said. Until then, employers should continue to use the 2017 withholding tables.Read more

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Avoid these 8 entrepreneurial time-wasters

Source: http://ohiocpa.com/news-resources/news/2017/11/13/avoid-these-8-entrepreneurial-time-wasters

Written on Nov 13, 2017

Here are eight time-wasters to avoid for a more productive and efficient workday:

1. Being unorganized
If you come into work every day without a clear plan, the hours will fly by without anything to show for it. At the end of each day, assess the items that must be accomplished tomorrow.

Assemble a list of priorities with the understanding that other urgent issues may come up later.Read more

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Five Facts about Charitable Contributions

Source: https://www.irs.gov/newsroom/five-facts-about-charitable-contributions

IRS Tax Tip 2017-77, November 15, 2017

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return.

Here are five facts about charitable donations:

Qualified Charities. A taxpayer must donate to a qualified charity to deduct their contributions. Gifts to individuals, political organizations, or candidates are not deductible. To check the status of a charity, taxpayers can use Exempt Organizations Select Check on IRS.gov.Read more

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The tax strategy your company is missing

Written on Nov 02, 2017
By Jessica Salerno, OSCPA content manager
Source: https://ohiocpa.com/communities/news/2017/11/02/the-tax-strategy-your-company-is-missing

The secret to becoming a more dynamic, efficient organization could be in your tax strategy.

“True tax planning can sometimes be overlooked if one is just focused on tax compliance,” said Susan Allen, CPA/CITP, CGMA, senior manager with the AICPA Tax Practice & Ethics team.

An emerging area in the tax profession called “tax information and operations management” (TIOM) focuses on enabling tax operations to run as efficiently as possible to add business value. Tax is an evolving area, and this is about doing more than simply complying with tax regulations.

To start executing an effective TIOM strategy, Allen suggested assessing the systems you have in place and how those operations are managed. Talk with people at varying levels in different departments to hear how they think processes could be improved.

“Collaboration is so key,” Allen said. “To get the numbers right from a tax perspective, finance and tax need to be buddies at every stage.”
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Registration Opens for Municipal Net Profit Tax

Ohio Department of Taxation

Today the Ohio Department of Taxation opened registration for businesses to ‘opt-in’ for centralized filing and state administration of the municipal net profit tax for the 2018 tax year.

Taxpayers can register at the Department’s website (tax.ohio.gov) either electronically or by filling out and submitting a paper registration form (see Tax Forms – Form MNP-R).

Businesses that opt-in will have the advantage of filing one municipal net profit tax return that encompasses every municipality in which they are required by law to report. The Department of Taxation will process all the centrally filed returns and distribute tax payments to the appropriate municipalities. The Department will also be responsible for all administrative functions, including appeals and audits.

Businesses that operate as a sole proprietor or single-member LLC are not eligible to file with the Department, and should continue their current method of filing.

To register, or for additional information, please visit our website at www.tax.ohio.gov or contact the Department at 1-844-238-0403.

Ohio Department of Taxation
Business Tax Division
P.O. Box 16158
Columbus, Ohio 43216-6158
Telephone: (844) 238-0403

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Is Your Practice Secure in the Cloud?

By Micala Downs
Source: https://www.canopytax.com/blog/is-the-cloud-secure/

Many tax professionals have avoided using the cloud because of security concerns. However, you shouldn’t be worried.

Many tax professionals have avoided modernizing their software because of cloud security concerns. However, there is not any reason to worry. Many high-profile and reputable organizations use and trust the cloud and you can, too.According to a Cloud Security Alliance (CSA) study, nearly two-thirds of IT professionals trust the security of cloud computing equally or even more than their on premise systems.Check out these additional facts about cloud security.

How does the cloud work?

The cloud allows you to access an enormous storage capacity of hundreds of hard drives stored in highly protected and regulated, third-party data centers via the internet, instead of using the storage of your hard drive or on-premise software. This means you can access the information you put into the cloud from any device at any time.
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Tax and business planning

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Download our New Mobile App

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Davis CPA & Associates LLC offers a mobile app

Our new mobile app will keep you up-to-date with push notifications on any new tax updates, important filing dates, LIVE chat and new services from Davis CPA & Associates.

Download it now:

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