Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
Hurricanes Harvey and Irma have done their damage and more big storms may be on the way. Unfortunately, more than a few disasters occur almost every year in America. If you are unlucky enough to suffer a disaster-related loss, here’s what you need to know about the federal income tax implications.
Currently, businesses are required to use accrual accounting if their gross receipts exceed $5 million, but the House Tax Cuts and Jobs Act would expand that to any business with gross receipts under $25 million.