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Recent Incidents Fuel Concerns over Breach Response
Examples abound. In September, Equifax reported a data breach that exposed the credit histories and other information of 145.5 million Americans. Shortly thereafter, the Securities and Exchange...
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IRS Statement on ACA Enforcement
ACA Enforcement Has Begun: Are You Ready? Even as the political rhetoric continues in relation to the Affordable Care Act, the IRS is stepping up enforcement of both the individual mandate, which...
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Catch-Up Contributions Can Add Up In Retirement
Are you age 50 or older? If so, you can currently make extra “catch-up” contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant...
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Sign Up for Tax-Smart Benefits Before Open Enrollment Ends
Have you signed up for employer-provided benefits for 2018? November is open enrollment season at most offices. Benefits enrollment is a little trickier this year, because it’s uncertain how tax...
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Important Changes for Individuals in the New Tax Law
For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are...
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Tax Reform: Topics of Special Interest for Individuals
As you’ve heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax...
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Let’s Take a Closer Look at New Business Tax Reforms
The Tax Cuts and Jobs Act (TCJA) provides businesses with more than just lower income tax rates and other provisions you may have heard about. Here’s an overview of some lesser-known,...
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Congratulations to the Newest PKS Supervisors
We are pleased to announce the promotion of: Maggie M. Vincent, CPA, MBA, and Kevin W. Dorman, CPA. Supervisors plan, oversee and complete accounting projects and manage Staff Accountants. The...
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3 Affordable Care Act Taxes Postponed by Congress
On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the...
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Congratulations to Our New Senior Accountant
We are pleased to announce the promotion of Timothy J. Mai to the level of Senior Accountant. PKS & Company, P.A., Certified Public Accountants and Advisors to Business, is pleased to announce the...
View ArticleIRS Clarification: Home Equity Loan Interest May Still Be Deductible
The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The tax agency issued the clarification because there were questions and concerns...
View ArticleLast-Minute Tax Planning Tips for 2017
This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income...
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Good Reasons to File Extensions for 2017 Returns
The countdown to Tax Day has begun! The deadline for filing your 2017 individual income tax return this year is Tuesday, April 17, 2018. Many taxpayers are currently scrambling to wrap things up. If...
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FAQs about Deducting Interest on Home Loans under the New Tax Law
The Tax Cuts and Jobs Act (TCJA) changes the rules for deducting interest on home loans. Most homeowners will be unaffected because favorable grandfather provisions will keep the prior-law rules for...
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Should Your Business Be a C Corporation or a Pass-Through Entity?
The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%....
View ArticleIRS Encourages Taxpayers to Check Withholding
Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a...
View ArticleEffect of the Tax Law Vary Based on Major Life Events
Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on...
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New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be...
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Estate Planning with 529 College Savings Accounts
Saving for college is one of the most daunting financial tasks a family can face, taking as much commitment and careful planning as arranging your estate. But there’s a powerful tool that lets you both...
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QBI Deduction Provides Tax Break to Pass-Through Entity Owners
The IRS recently issued proposed reliance regulations to help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. This guidance is...
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