Firm Announcment

Hello everyone! I hope you are doing well and that your year has had a great start.

I wanted to give you a quick update on some positive changes at our firm.

First, I would like to announce that Andrew McMillan, CPA has acquired an equity interest in REH CPA, PLLC and is now a partner in the firm. Andrew's title going forward will be Tax Partner. Andrew will be managing all aspects of individual and business taxation.

Andrew's work ethic and commitment to our firm's values has already made a huge impact over the past year and a half, and I am excited to see what the future holds as we go forward.

Second, I would like to announce that Anita Surphlis, CPA has been promoted to Manager of Accounting and Payroll Services. Anita brings a wealth of experience and knowledge to this role and will enable the firm to increase its focus on our core services.

Last, but not least, Patricia Nass, CPA has joined the firm as a Tax Accountant. Patricia recently relocated from Ridge, NY where she was a staff accountant at a local CPA firm. Patricia is well versed in accounting, payroll and tax issues as it relates to individual and small business. We are very lucky and excited to have Patricia on our team.

Going forward the firm will be structured into two main areas of focus:

•           Business and Individual Tax Services managed by Andrew McMillan, CPA

•           Accounting and Payroll Services managed by Anita Surphlis, CPA

By breaking these into two separate business units with a manger that is responsible, we are able to provide a greater focus on customer service and quality.

Of course, I am still intimately and actively involved in overseeing all areas and functions.

If you have any questions or concerns please feel free to contact me.

Thank you!

Raymond E Halstead, CPA

REH CPA, PLLC

rehcpas.com

704-662-8249

223 Williamson Rd, Suite 204

Mooresville, NC 28117

Tax Planning Tips for Cutting 2017 Income Taxes - Tax Reform Edition

There’s still time left for you or your clients to cut their 2017 tax bills.

The conventional tax wisdom at the end of the year is to pull in deductions to offset current tax liability and push off income to postpone tax payment. This takes on added significance in 2017 with enactment of the new tax reform law, the Tax Cuts and Jobs Act (TCJA). Because the bill, just signed into law by President Trump on Friday, December 22, cuts individual tax rates and eliminates or scales back most itemized deductions in 2018, many taxpayers have even more tax incentive to follow the traditional pull-and-push strategy.

Read More: http://www.cpapracticeadvisor.com/news/12388257/tax-planning-tips-for-cutting-2017-income-taxes-tax-reform-edition

Questions: http://www.rehcpas.com/

IRS issues 2018 standard mileage rates

The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Read More: https://www.journalofaccountancy.com/news/2017/dec/2018-irs-standard-mileage-rates-201718061.html

Questions: http://www.rehcpas.com/

House bill features many business tax changes

At an estimated projected revenue cost over 10 years of $1.46 trillion, the reduction of the corporate income tax rate in the Tax Cuts and Jobs Act, H.R. 1, is the bill's largest single item by forecast negative effect to the federal budget, according to the Joint Committee on Taxation's estimate (JCX-47-17). But the bill contains many other provisions that would affect a large number of businesses, if enacted.

Read More: https://www.journalofaccountancy.com/news/2017/nov/house-bill-features-business-tax-changes-201717819.html

Questions: http://www.rehcpas.com/index.asp

Details of tax reform legislation revealed

The House Ways and Means Committee released draft tax reform legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details. Budget legislation passed in October would allow for the tax reform bill to cut federal government revenue by up to $1.5 trillion over the next 10 years and still be enacted under the Senate’s budget reconciliation rules, which would require only 51 votes in the Senate for passage. The Joint Committee on Taxation issued an estimate of the revenue effects of the bill on Thursday showing a net total revenue loss of $1.487 trillion over 10 years.

Read More: https://www.journalofaccountancy.com/news/2017/nov/tax-reform-legislation-details-201717798.html

Questions: http://www.rehcpas.com/index.asp

The Most Overlooked Tax Deduction by Real Estate Owners

The IRS has provided real estate owners with a juicy tax deduction. The de minimis safe harbor election is an annual tax return election that permits a taxpayer to deduct, as ordinary and necessary business expenses, purchases of items that would normally have to be capitalized. Yet this advantageous election is often overlooked by taxpayers. This article will discuss the de minimis safe harbor election and its requirements.

Read More: http://www.cpapracticeadvisor.com/article/12372399/the-most-overlooked-tax-deduction-by-real-estate-owners

Questions: http://www.rehcpas.com/index.asp

When 'Independent Contractors' Get Unemployment Benefits

What It Means For Employers

With Uber, Lyft, and many other companies that provide many different services and products, the norm these days seems to be independent contractors. The companies avoid the huge taxes, expenses, and liabilities of having employees. The workers get the freedom to work on their own, managing their own schedules. One of the great unanswered questions, of course, is how much control is too much for independent contractors, without making them employees. Many lawsuits brought by workers and by third parties are about this very question. 

Read More: https://www.forbes.com/sites/robertwood/2017/10/20/when-independent-contractors-get-unemployment-benefits-what-it-means-for-employers/#687f45084eff

Questions: http://rehcpas.com/