Paramount Tax Blog

Latest news from Paramount

Featured Articles December 2018

Posted on Dec 1st 2018

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season, brought to you by our expert tax advisors.

read more

Featured Articles November 2018

Posted on Nov 1st 2018

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look, brought to you by our tax services.

read more

Featured Articles October 2018

Posted on Oct 1st 2018

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation. Let's take a look at which taxpayers would benefit from a "paycheck checkup" right now to avoid an unexpected tax bill next year, brought to you by our small business bookkeeping experts.

read more

Featured Articles September 2018

Posted on Sep 1st 2018

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses--including the cost of buying health insurance. Here's what you need to know about QSEHRAs, brought to you by CPA accounting firm.

read more

Featured Articles August 2018

Posted on Aug 1st 2018

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster. Here are some tips from our CPA firm.

read more

Featured Articles July 2018

Posted on Jul 10th 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are Five Tax Deductions that Disappeared in 2018, brought to you by our accounting firms.

read more

Featured Articles June 2018

Posted on Jun 10th 2018

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school. Here are some tips on saving for education, brought to you by our tax accountants.

read more

Featured Articles May 2018

Posted on May 24th 2018

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill--money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Here is some info on reporting virtual currency transactions, brought to you by our tax accountants.

read more

Featured Articles April 2018

Posted on May 14th 2018

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let's take a look at five of them, brought to you by our accounting firms.

read more

Featured Articles March 2018

Posted on Mar 12th 2018

The health care law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Here is some info on employer responsibilities under the ACA, brought to you by our accounting firms.

read more

Featured Articles February 2018

Posted on Feb 7th 2018

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). Here's what to do if you're missing important tax forms, brought to you by our tax accountants.

read more

Featured Articles for January 2018

Posted on Jan 22nd 2018

Summary of all posts for January 2018 from Paramount, brought to you by our accounting firms.

read more

5 QuickBooks Reports You Need to Run in January

Posted on Jan 10th 2018

Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, "Let's-wrap-it-up-by-December-31" projects. Contact us at Paramount to learn more about our small business accounting services.

read more

Late-Filing Penalty Relief for Partnerships

Posted on Jan 10th 2018

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Surface Transportation Act) changed the date by which a partnership, real estate mortgage investment conduits (REMICs), or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from April 15 (April 18 in 2017) to March 15. Contact Paramount's CPA firm to learn more.

read more

Safe Harbors Help Taxpayers Suffering Property Losses

Posted on Jan 10th 2018

Safe harbor methods are used by individual taxpayers when determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a Federally declared disaster. Contact Paramount's tax services to learn more.

read more

Standard Mileage Rates for 2018

Posted on Jan 10th 2018

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are: Contact Paramount to learn more about our certified public accountants.

read more

Extended Due Dates for Health Coverage Forms

Posted on Jan 10th 2018

The due date for certain entities to provide 2017 health coverage information forms to individuals in 2018 has been extended. Contact Paramount to learn more about our tax services.

read more

Early Retirement Distributions and Your Taxes

Posted on Jan 10th 2018

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Contact Paramount to learn more about our tax services.

read more

The Basics of Starting a Home-Based Business

Posted on Jan 10th 2018

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs--home-based business people. Contact Paramount to learn more about our small business accounting services.

read more

Choosing a Business Entity

Posted on Jan 10th 2018

When you decide to start a business, one of the most important decisions you'll need to make is choosing a business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it's more important than ever to choose the business entity that benefits your business. Contact Paramount to learn more about our CPA firm.

read more

Got Debt? How to Improve your Financial Situation

Posted on Jan 10th 2018

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then here are some steps to take to avoid financial ruin in the future. Contact Paramount to learn more about our accounting firms.

read more

Small Business: Be Alert to Identity Theft

Posted on Jan 10th 2018

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity theft against employers. Contact Paramount to learn more about our small business accounting services.

read more

Important Tax Changes for 2018

Posted on Jan 10th 2018

Welcome, 2018! Each new year brings changes to current tax law and 2018 is no different. From tax rate schedules to health savings accounts, here's a checklist of tax changes to help you plan the year ahead, brought to you by Paramount's tax accountants.

read more