Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
In Notice 2018-28, the IRS answered important questions about the new business interest limit in Sec. 163(j), as amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), and asked for general comments on regulations it plans to issue. Under amended Sec. 163(j), the deduction for business interest is limited to the …
Continue reading IRS issues first guidance on new business interest limitation
The IRS provided information to taxpayers about changes in the use of standard mileage rates and increased depreciation limits for passenger automobiles as a result of P.L. 115-97, known as the Tax Cuts and Jobs Act, which made amendments to Secs. 67 and 217. In Notice 2018-42, the IRS modified Notice 2018-03, which provided the …
Continue reading Standard mileage rates, depreciation amounts updated
If you are starting a business, it is essential that you familiarize yourself with all of the necessary tax forms that you will need to file with the IRS and the various taxes you will be required to pay. Every business is required to file a federal tax or information return. The type of business …
You’ve hired your first employee. Now you need to make sure he or she gets paid. If you’re new to payroll, you might find yourself in some uncharted waters, navigating a sea of new terminology — pay periods, unemployment tax, something called Form 941. If you’re feeling overwhelmed, we’ve got you covered. Here’s a quick …
Continue reading The Five Payroll Basics Every Employer Should Know
Velisa Bookkeeping Services LLC 