Tax Alerts
Tax Briefing(s)

Bob discusses the new tax withholding tables and other changes for your 2018 taxes on the KFAB morning show.

We are officially in tax season, and now is the time to start gathering information and documents you will need  to have your 2017 income taxes managed and prepared. 

It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely.  This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.  Here are ten tips for taxpayers to remember when selecting a preparer.

Companies nowadays have a wide variety of outsourced services to choose from. But deciding whether to engage an external provider calls for a careful assessment of the benefits vs. risks.

Some say that annual budgets, like rules, are made to be broken. If it looks like you’ll go over budget this year, consider this a good opportunity to make some beneficial changes to your business.

Succession planning requires a wide view of many valuation issues.

Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.

In continued celebration of our 20th anniversary, we would like to introduce you to another partner at Berger & O’Toole, CPAs, LLC; Stephen Jensen. Stephen joined the firm in August of 2010.

As we continue to look forward to our 20th anniversary this year, we want to take this opportunity to introduce you to our fourth partner, Joe Pritchard. Joe joined our team in October 2012 and he runs the Berger & O’Toole office in Spalding, NE.

Together with Bob Berger, Dennis O’Toole founded Berger & O’Toole, an accounting firm, in 1997.

To help us celebrate our 20th anniversary in 2017, we will be introducing you to the talented members of the Berger & O’Toole, CPAs team. We start with partner Robert Berger, who founded Berger & O’Toole, CPAs, LLC in 1997 with Dennis O’Toole. Prior to joining forces with Dennis he founded Freed and Berger, CPAs in 1987.

As the new tax season begins here are some of the reasons why you should be working with an accountant.

President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a 240-to-186 vote. The Senate approved the bipartisan measure a few hours earlier, by a 71-to-28 vote.

The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal.

The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, "Efficient, Effective, Accountable An American Budget." The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and Jobs Act, this year’s budget recommendations contain only a handful of additional tax proposals when compared to some prior-year budget requests.

The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs Act of 2017.

New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regs, rules to adjust basis and capital accounts if the partnership adjustment is a change to an item of gain, loss, amortization or depreciation.

The IRS has issued guidance for certain specified foreign corporations owned by U.S. shareholders subject to the Code Sec. 965 transition tax that are requesting a change in accounting period. The IRS will not approve a request to change the annual accounting period under either the existing automatic or general change of accounting period procedures if the change could result in the avoidance, reduction, or delay of the transition tax. This guidance applies to any request to change an annual accounting period that ends on December 31, 2017, regardless of when such request was filed.

The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017.

Charitable contributions traditionally peak at the end of the year-end. While tax savings may not be your prime motivator for making a gift to charity, your donation could help your tax bottom-line for 2015. As with many tax incentives, the rules for tax-deductible charitable contributions are complex, especially the rules for substantiating your donation. Also important to keep in mind are some enhanced charitable giving incentives scheduled to expire at the end of 2015.

Job-hunting expenses are generally deductible as long as you are not searching for a job in a new field. This tax benefit can be particularly useful in a tough job market. It does not matter whether your job hunt is successful, or whether you are employed or unemployed when you are looking.