Leasing vs. Buying Post-TCJA

Recent tax changes are shifting the benefits and drawbacks that come from leasing or buying fixed assets such as equipment. No two companies are the same, but it is becoming common for companies to switch from leasing to buying their fixed assets.

Last Minute Strategies to Reduce Your Tax Bill

Sole proprietorships and pass-through entities may qualify for the new pass-through deduction. This deduction is up to 20% of qualified business income. Though, if your taxable income exceeds $157,000, or $315,000 for joint filers, certain limitations apply that reduce, and in some cases eliminate, the deduction. Reducing your income below the threshold is the best way to avoid these limitations, you can reduce your income by taking steps such as increasing retirement plan contributions.

Travel Reimbursement Post-TCJA

Reading time: 2 minutes Reimbursement for travel expenses has many benefits for businesses including attraction and retention of employees. The Tax Cuts and Jobs Act (TCJA) has imposed changes to benefits that make travel expense reimbursements more important to employees … Continued

The U.S. Supreme Court Has Spoken: Physical Presence No Longer a Requirement to Assess Sales Tax

On June 21st, the U.S. Supreme Court reversed the long-standing Quill v. North Dakota ruling when it stated that physical presence is no longer a requirement for states to assess sales taxes. In this landmark court case, South Dakota v. Wayfair, the State argued that the physical presence requirement was creating “unfair and unjust” market conditions favoring out-of-state sellers and resulting in significant revenue losses to the States.