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!
Tax Season is Coming – Vital things to know Part 1
Tax Cut and Jobs Act (TCJA) that was passed in late 2017, has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More
Last Year of the Tax Penalty
When the Tax Cuts and Jobs Act was signed into effect in 2017, one of the least talked about changes is the repeal of the Affordable Care Act’s penalty by zeroing out fines. The individual shared responsibility provision also known as the “individual mandate” is the penalty that goes to people who do not have health insurance. The penalties didn’t … Read More