News


Statement of Information: What You Need To Know

16

Jan 2019

Statement of Information: What You Need To Know

One often time overseen, but extremely important document is the Statement of Information. If this statement is not filed correctly and on time, then you run the risk of everything from penalty to forfeiture of your business in the state that it is based. It is also important to find out what the parameters are for the state that you are in are because each…

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BEWARE: The Government Won’t Call You

19

Dec 2018

BEWARE: The Government Won’t Call You

Unfortunately, it is a dangerous world that we live in. It seems as though there is a new hazard waiting around every corner that we turn. One such danger that is widespread around the country are the constant IRS and Social Security Administration scams that affect hundreds of thousands, if not millions, of people every year. In 2017 alone, nearly 1 in 5 people who…

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Itemized Deduction Changes: SALT

03

Dec 2018

Itemized Deduction Changes: SALT

One of the most lucrative deductions for many years has been the deduction for state and local taxes (SALT). This is especially true if you live in California, New York, or New Jersey, all of which have high taxes and high property values. Previously, the SALT deduction allowed a nonlimited deduction for state and local property taxes and either state and local income taxes or…

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Online Sales Tax… 26 Years In The Making

29

Nov 2018

Online Sales Tax… 26 Years In The Making

Online retailers are not small businesses scraping their way to a measly profit anymore. They have grown exponentially and have come to include some of the largest businesses in the world. Obviously, this has created a disadvantage for brick and mortar shops, which is one of the main reasons this change was brought about. What It Is Evers since 1992, only two years after the…

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Why You Should Hire Your Kids

20

Nov 2018

Why You Should Hire Your Kids

There are plenty of reasons for parents to want their children to get a job at a young age. It can help develop a strong work ethic during important developmental years, enable them to learn about the value of money, and teach them about business and entrepreneurship. Thanks to the Tax Cuts and Jobs Act there is now one more reason to push your kids…

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Alimony and The Tax Cuts and Jobs Act

07

Nov 2018

Alimony and The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as important, is alimony. For those in the process of finalizing their divorce, the new tax rules may compel you to either close it out before 2019 or wait to sign on the dotted…

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Net Operating Losses And The TCJA

26

Oct 2018

Net Operating Losses And The TCJA

Whether you are a company that’s just starting out or are within an industry subject to seasonal long-term trends, having a net operating loss (NOL) in one year and net income in another is not uncommon. But shouldn’t businesses with steady income year to year have similar tax consequences as businesses with big highs and lows? Fortunately, the IRS agrees and allows you to apply…

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Paragon Accountants’ Year End Checklist

18

Oct 2018

Paragon Accountants’ Year End Checklist

When it comes to getting everything squared away in your business before year end, things can get stressful. This checklist can help you collect all the items that you need before the year ends. That way when it comes to filing your individual and business tax returns, things will all go smoothly. 1099 Independent Contractors When paying contractors, one of the items that we like…

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Business Advantages in Puerto Rico

11

Oct 2018

Business Advantages in Puerto Rico

It’s been said that nothing is certain, except death and taxes. While we can’t do much to lessen the certainty of the former, we may have a solution to the latter through an unlikely source: Puerto Rico. Today, an increasing number of Americans are heading off with their businesses to Puerto Rico to take advantage of the many tax benefits, all while still maintaining their…

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Tax Reform Changes To Depreciation

04

Oct 2018

Tax Reform Changes To Depreciation

By now, you’ve heard of the tax rate changes, qualified business deduction, and the doubling of the standard deduction – but did you know the Tax Cuts and Jobs Act also changed some depreciation provisions? The new provisions following bonus depreciation and section 179 depreciation are what most business owners find beneficial come tax time. Read on to see how these changes impact you! Bonus…

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