D.E. Rodrigues & Company Accounting Blog

February 2018

New budget bill contains retroactive tax provisions.

Written by February 24, 2018

The Bipartisan Budget act of 2018 was recently signed in to law by President Trump on February 9, 2018. The bill is the third in a group that increased spending caps previously imposed by prior budget acts. The bill contains several provisions including several provisions that impact taxpayers for the 2017 filing season. for example, the bill restores above the...

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Not for Profit Organizations must file with the IRS

Written by February 20, 2018

Not for profit organizations are under more pressure than ever from the IRS to file their year end tax returns, or else face the possibility of losing their tax exempt status. While there is a minimum threshold which requires an organization to file, many organizations do not know that they must file a statement with the IRS even when they...

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Bartering is subject to tax

Written by February 19, 2018

A growing number of businesses are using the barter system to supplement their normal purchasing activity. Bartering is a payment method in which goods and services are exchanged between parties in lieu of cash. Before you consider jumping on the bartering bandwagon, though, it is important to be aware of the tax consequences of these transactions. While your first thought...

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Changes to the Kiddie Tax

Written by February 8, 2018

The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children. In the past, interest, dividends and other unearned income used to be taxed in phases. The first $1,050 was tax-free, the next $1,050 was taxed at the child’s rate and any additional was taxed at the parent’s tax rate. The act now calls...

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Review your withholdings

Written by February 6, 2018

The IRS recently announced new withholding guidelines for all employers and payroll companies. Employers are expected to update your paycheck on or before Feb. 15. That means you’ll need to review the amount withheld from your paycheck. Why? Because the Tax Cuts and Jobs Act lowered tax rates, increased standard deductions and eliminated personal exemptions. Many employees should see an...

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