2018 Third Quarter Tax Deadlines

Don’t Miss These Tax Deadlines The following 2018 third quarter key tax-related deadlines may affect your business and your employees. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact Nick Leacoma, CPA, Ciuni & Panichi, Inc. Tax Department Senior Manager at 216-831-7171 or by email here…

Tax and Restricted Stock Awards

Receiving restricted stock awards? Consider the Sec. 83(b) election. Many employers provide stock awards as part of the compensation and benefit package for their employees. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a…

Tax Consequences of Home Sales

Selling your home? Be aware of the tax consequences. Summer is the peak time for home sales. But if you are thinking of putting your home on the market, in addition to considering the best purchase price and making plans for your next residence, consider the tax consequences. Home sale gain exclusion remains intact The…

Are You Withholding Enough?

Check your withholding now to avoid a large tax bill in 2019 The Tax Cuts and Jobs Act (TCJA) could have an impact on the amount you withhold throughout the year, even if you received a large refund this year. In fact, the changes are so significant that the IRS has updated the withholding tables…

Start 2018 tax planning now

Tax Planning Already? You just finished filing your taxes or your extension so you breathe a sigh of relief. But don’t relax too long. To get the maximum savings next year, you need to start planning right now. The impact of the Tax Cuts and Jobs Act has greatly changed tax law. So position yourself…

Tax Document Retention for Your Business

Tax document retention guidelines for businesses   Your taxes are filed. But the office and computer files are bulging with all the records you’ve accumulated throughout the year and the years before too. You’ve saved receipts, cancelled checks, pervious tax return filings, financial and employee records and more. You are faced with the hard reality…

Sec. 179 Business Tax Savings

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your…

Bonus Depreciation and the TCJA

The TCJA temporarily expands bonus depreciation The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus…