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TCJA Changes to Employee Benefits Tax Breaks April 24, 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 Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]

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New Limit on Business Interest Expense Deductions April 22, 2018

The Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other aspects of the law, has raised some questions for taxpayers. In response, the IRS has issued temporary guidance in Notice 2018-28 that taxpayers can rely on until it releases regulations. […]

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Individual Tax Deadlines for the Rest of 2018 April 18, 2018

While April 15 (April 17 this year) was 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, […]

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What Tax Reform Means If You Have a Net Operating Loss April 14, 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 […]

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How South Dakota vs. Wayfair Could Change Your Sales Tax Process April 10, 2018

On Friday, January 12, 2018, the U.S. Supreme Court agreed to hear a case that will revisit states’ tax authority over out-of-state retailers. The outcome of this case could affect not only how major retailers such as Wayfair, Overstock.com, and Amazon, collect sales tax from customers for online sales, but also how all businesses will […]

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Home-Related Tax Breaks in 2017 vs. 2018 April 4, 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]

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Property Eligible for Like Kind Exchanges Reduced April 2, 2018

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What Is a Like-Kind Exchange? […]

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Securities Laws for Estates, Family Entities, and Trusts March 28, 2018

For a variety of estate planning and asset management purposes, many affluent families hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner include interests in hedge funds, private equity funds or other “unregistered” securities, it’s important to ensure that the entity is qualified to hold such investments. […]

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IRS Issues Cost-of-Living Adjustments; Gift Tax Exclusion Rises to $15,000 March 24, 2018

The IRS recently issued its 2018 cost-of-living adjustments. In a nutshell, to account for inflation, many amounts increased, but some stayed at 2017 levels. As you implement 2017 year-end tax planning strategies, be sure to take these 2018 adjustments into account in your planning. (However, keep in mind that, if Congress passes a new tax […]

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Size of Your Charitable Deduction May Vary March 20, 2018

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of Gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% […]

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Casualty Losses Can Provide a 2017 Tax Deduction March 18, 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

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Small Business Property Taxes After the TCJA March 16, 2018

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 property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances […]

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Additional Tax Changes from New Budget Agreement March 14, 2018

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, […]

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Tax Credit for Hiring from “Target Groups” March 12, 2018

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your […]

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Last Chance to Take the Manufacturers’ Deduction March 11, 2018

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.” When it’s available, this potentially valuable tax break can be claimed by […]

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Good News About Borrowing Home Equity March 9, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and […]

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New Rules for Charitable Deductions March 8, 2018

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS […]

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Tax Breaks for Families with College Students March 7, 2018

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. […]

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TCJA Changes to Tax Deductions for Moving Costs March 6, 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in […]

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Are Home Office Expenses Deductable? March 5, 2018

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes Under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this […]

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  • News
  • 13 hours ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    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.
    TCJA Changes to Employee Benefits Tax Breaks - MCG
  • 3 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    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.
    What Tax Reform Means If You Have a Net Operating Loss - MCG
  • 4 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The explosion of ecommerce in the last sixteen years combined with the states’ strong desire to tap into those sales to increase revenue have caused states to challenge the requirement of physical presence – a nexus requirement that is unique to sales tax. Currently, all but five states impose a sales tax, meaning the magnitude of this case reaches much of the nation.
    How South Dakota vs. Wayfair Could Change Your Sales Tax Process - MCG
  • 4 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congrats to our Coaches and Associates of Q1!
    Timeline Photos
  • 5 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.
    Size of Your Charitable Deduction May Vary - MCG
  • 6 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.”
    Last Chance to Take the Manufacturers' Deduction - MCG
  • 6 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year.
    Home-Related Tax Breaks in 2017 vs. 2018 - MCG
  • 7 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The enacting of the Tax Cuts and Jobs Act (TCJA) on December 22, 2017 has had an immediate effect on companies’ accounting practices. For an overview of changes, further guidance, and considerations you should keep in mind as the tax deadline approaches, please keep reading.
    Accounting Implications for Tax Reform - MCG
  • 12 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Tax season is fully upon us. Questions about filing dates? We have you covered.
    2018 Tax Calendar - MCG
  • 13 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG has promoted two new partners: KC Onwuneme (Audit) and Ed Mahon (Strategy and Management Consulting).
    Montgomery Coscia Greilich LLP Promotes Ed Mahon and KC Onwuneme to Partner - MCG
  • 15 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congrats to our coaches and associates of the quarter!
    Timeline Photos
  • 16 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Great firm meeting at Union Station! Thanks Principle Auto for speaking to us!
    Timeline Photos
  • 16 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG IT team cheering on the Dallas Mavericks
    MCG IT team cheering on the Dallas Mavericks
  • 16 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congratulations to our 2017 Core Value winners! Learn more about our core values here: https://www.mcggroup.com/culture/
    Timeline Photos
  • 22 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    If you're unsure how your INDIVIDUAL taxes will be affected by the tax reform, here's a good overview. Stay tuned for more resources from us.
    What the tax reform bill means for individuals
  • 22 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    If you're unsure how your business will be affected by the tax reform, here's a good overview. If you have specific questions, please don't hesitate to reach out. Stay tuned for more resources.
    How tax overhaul would change business taxes
  • 22 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Congrats to our first place Ugly Christmas Sweater contest winner Ryan Manoogian (center)! You can see just some of the other great sweaters seen around MCG last week below as well.
    Timeline Photos
  • 23 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    #TeamMCG spreading the holiday spirit at our annual volunteer trip to the North Texas Food Bank this past weekend:
    Timeline Photos
  • 25 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    It was so great to see so many of our wonderful clients at our first client conference ("Elevate") yesterday!
    Timeline Photos
  • 27 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    #TeamMCG went out to Children's Health yesterday and made a lot of kids happy at their holiday party. Thanks volunteers!
    Timeline Photos
  • 28 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    The MCG Admin team was proud to attend the #AdminAwards - congrats to all nominees and winners!
    Timeline Photos
  • 29 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Our audit team hard at work at MCGU training - for more info on MCGU check out the link: https://www.mcggroup.com/benefits/
    Timeline Photos
  • 29 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    We're continuing to spread the word about the new revenue recognition standard. Any questions, please ask! Thanks to our friends in Fort Worth who came out for our latest event.
    Timeline Photos
  • 29 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Happy Halloween from MCG!
    Timeline Photos
  • 29 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    Thanks so much to everyone who came out to our Open House last Wednesday!
    Timeline Photos
  • 30 weeks ago by Montgomery Coscia Greilich LLP

    Montgomery Coscia Greilich LLP
    MCG'ers hard at work getting their Ethics CPE:
    Timeline Photos