Tax Alerts

The Senate Small Business Committee held a hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code. Various provisions of the Tax Cuts and Jobs Act (TCJA) were discussed among lawmakers and witnesses. Specifically, Opportunity Zones under the TCJA were […]

This article is reproduced with permission from Spidell Publishing, Inc. The EDD has released the 2019 State Disability Insurance (SDI) withholding rate. The rate for 2019 is 1.0% and the taxable wage limit is $118,371 for each employee per calendar year. The maximum to withhold for each employee is $1,183.71. In 2018, the rate was […]

The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after December 31, 2017. If the taxpayer does not claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year; $16,000 for the second year; $9,600 for the third year; and $5,760 for each later taxable year […]

This article is reproduced with permission from Spidell Publishing, Inc. California has conformed to the federal centralized partnership audit regime (CPAR), allowing the California Franchise Tax Board (FTB) to conduct audits, make adjustments, and assess tax against the partnership rather than the partners. Like federal law, the new regime applies to returns filed for partnership […]

The IRS has released draft instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. Generally, the IRS does not release draft forms but has done it in this case as a “courtesy,” the instructions state. “Do not rely on draft forms, instructions, and publications for […]