The passage of the Tax Cuts & Jobs Act in late 2017 marked a turning point for family-related tax provisions. One of the more consequential adjustments was the elimination of the dependency exemption for children—effective beginning with the 2018 tax year. For divorced, separated, or unmarried parents, this removed a significant tax lever once used in support negotiations. To counterbalance … Read More
Tax Surprises
No one thinks writing a check to the IRS is fun. If you have been following the news lately, you have probably heard about people who have already filed their tax returns and got a big surprise – a smaller refund, no refund or ended up owing the IRS. No one thinks writing a check to the IRS is a … Read More
QBI Deduction – Tax Cuts & Jobs Act
QBI Deduction explained The 21st century has seen a great many changes on how we work, live and play. We pretty much have abandoned the idea of working at one company for our whole careers. In fact of the freelancer or a sole proprietor part of the economy has blossomed. The Brookings Institute calls this trend the “Gig” economy and … Read More
Melissa Wallace Promotion to COO
The partners at TYS LLP are proud to announce that Melissa Wallace has been promoted to Chief Operating Officer. Melissa has been with TYS for more than 8 years and a CPA for more than 20 years. Before coming to TYS, Melissa had her own firm and has deep operational expertise that she has employed at TYS throughout her tenure. … Read More
IRS Shutdown – How worried Should You Be?
IRS Shut Down: How Worried Should You Be? What does the government partial shutdown mean regarding your tax return? Well, the IRS issued a new contingency plan to deal with the shutdown, but that hasn’t really helped tax professionals and lawmakers relax. There are gaps in the 132-page plan, but this is what we know: Returns will be accepted. Refunds … Read More
Tax Season is Coming – Part 2: Changes Are Coming!
The Changes in the new tax law will benefit and confound you. It will take more time to prepare your taxes and it will likely cost more money. Be Ready!