By: Sharon Kreider

Specified Services and the QBI Deduction

An individual with “specified service” income cannot benefit from the new Qualified Business Income (QBI) deduction if the individual has taxable income in excess of a threshold. Therefore, those in a specified service trade or business who have taxable income above $157,500 ($315,000 MFJ) are subject to a phase-out of their QBI deduction and at taxable income of $207,500 ($415,000 MFJ), they cannot claim any QBI deduction.

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By: Sharon Kreider

IRS Releases Draft of 2019 Form W-4

IRS Releases Draft of 2019 Form W-4

The draft Form W-4 is only two pages (the 2018 Form W-4 is four pages.) The "Personal Allowances Worksheet," the "Deductions, Adjustments and Additional Income Worksheet," and the "Two-Earners/Multiple Jobs Worksheet" have all been eliminated.

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By: Sharon Kreider

2018 Tax Postcard

2018 Tax Postcard

The IRS is about to officially release a draft of a postcard Form 1040. The smaller size is meant to convey that taxes are simpler after the enactment of the Tax Cut and Jobs Act.

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By: Western CPE

Instructor Spotlight: Karen Brosi

Instructor Spotlight: Karen Brosi

“Practical” is a word often associated with Karen Brosi. As we sat down for an interview in our snowy Bozeman, Montana office, Karen talked about her background as a tax professional and the upcoming challenges for CPAs in the New Year.

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By: Vern Hoven

Tax Reform Highlights

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, an 1,101 page document into law. Here is a chart that briefly summarizes the major provisions affecting our business clients, including corporations, partnerships and sole proprietorships.

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By: Sharon Kreider

Tax Reform: The 2018 Tax Bill

Although some have criticized the process and the policy decisions in the formulation of this major tax system overhaul, we in the tax and accounting industry wanted action and less talk about "maybe this will change and maybe that will stay." We are about to get our wish for something—anything—in concrete so we can get tax plans in place before year end and have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill.

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By: Mark Mirsky

Proposed Tax Reform Provisions by the House and Senate

There are differences between the tax reform provisions proposed by the House and Senate. More changes are likely to occur as the Senate votes on its version in the next several days. Then, there must be a reconciliation of differences before we finally see the Tax Cuts and Jobs Act head to the President's desk for signature.

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By: Sharon Kreider

Tax Reform Bill Introduced Nov 9, 2017

There will be many changes before we see final tax reform legislation making its way to the President’s desk as donors, lobbyists, and constituents weigh in. Here is a comparison chart that briefly summarizes the major proposals affecting our individual client.

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