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Newsletter

Do you need to adjust your withholding?

Submitted by Eck, Schafer & Punke, LLP on May 9th, 2018

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

Submitted by Eck, Schafer & Punke, LLP on May 9th, 2018

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited.

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Get started on 2018 tax planning now!

Submitted by Eck, Schafer & Punke, LLP on May 1st, 2018

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018.

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A review of significant TCJA provisions affecting small businesses

Submitted by Eck, Schafer & Punke, LLP on May 1st, 2018

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.

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Tax record retention guidelines for individuals

Submitted by Eck, Schafer & Punke, LLP on April 30th, 2018

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.

The 3-year and 6-year rules

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Tax document retention guidelines for small businesses

Submitted by Eck, Schafer & Punke, LLP on April 30th, 2018

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can.

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Individual tax calendar: Important deadlines for the remainder of 2018

Submitted by Eck, Schafer & Punke, LLP on April 19th, 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due.

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

Submitted by Eck, Schafer & Punke, LLP on April 19th, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

4 breaks curtailed

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A net operating loss on your 2017 tax return isn’t all bad news

Submitted by Eck, Schafer & Punke, LLP on April 19th, 2018

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs.

Pre-TCJA law

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Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Submitted by Eck, Schafer & Punke, LLP on April 19th, 2018

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations.

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227 South 7th Street, Springfield, Illinois 62701 United States

227 South 7th Street
Springfield, Illinois
62701 United States

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