SMEED CPA, Inc | 201 Sand Creek Road, Suite F | Brentwood, CA 94513 | Phone: 925-634-2344


       

 

 

Michael Uadiale, CPA, ACA, CGMA

SMEED CPA, Inc.

 

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Other Articles

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This Month's Feature Articles

 

- Six Tips for Last-Minute Tax Filers

- The Qualified Small Business Stock Exclusion

- Refundable vs. Non-Refundable Tax Credits

- Reporting Foreign Income

 

Tax Tips

 

- Scam Alert: Fake Calls from Taxpayer Advocate Service
 

- Don't Delay: Late Filing and Late Payment Penalties
 

- There's Still Time to Make a 2018 IRA Contribution
 

- Fringe Benefit Deductions Change; Affect Business
 

 


 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 

   

4 Fringe Benefit Deduction Changes Affect Business


 

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business's bottom line and its employees' deductions.

 

Here's a summary of what these are:

1) Transportation fringe benefits. The new law disallows deductions for expenses associated with qualified transportation fringe benefits or expenses incurred providing transportation for commuting, except as necessary for employee safety.

2) Bicycle commuting reimbursements. Under the new tax law, employers can deduct qualified bicycle commuting reimbursements as a business expense for 2018 through 2025.

The new tax law suspends the exclusion of qualified bicycle commuting reimbursements from an employee's income for 2018 through 2025.

Employers must now include these reimbursements in the employee's wages.

3) Moving expenses. Employers must now include moving expense reimbursements in employees' wages.

The new tax law suspends the former exclusion for qualified moving expense reimbursements. There is one exception for active duty members of the U.S. Armed Forces.

They can still exclude moving expenses from their income. There is additional guidance on reimbursements for employees' who moved in 2017, but were reimbursed for expenses in 2018. Generally, reimbursements in this situation are not taxed.

4) Achievement awards. Special rules allow an employee to exclude achievement awards from wages if the awards are tangible personal property.

An employer also may deduct awards that are tangible personal property, subject to certain deduction limits. The new law clarifies the definition of tangible personal property.

Don't hesitate to call if you have any questions about tax law changes affecting fringe benefits and your small business.

Summary
If you have any questions about these fringe benefit business tax changes, please contact the office for assistance with following these and other 2019 tax planning strategies that might be suitable for your particular situation at 925-634-2344

 


 

SMEED CPA Financial Services To Help Clients With Investments & Insurance Needs

So often we here at SMEED CPA are asked about financial issues that impact our clients investments and their portfolios. 

We always offered our opinion and suggestions but in order to help our clients actually execute the changes we suggest, SMEED has created a Financial Services division.

 

SMEED Financial Services, Inc. will be able to work with both individual and business clients on their investment portfolios and manage assets on their behalf.

 

SMEED Financial will include Michael Uadiale, ACA, CPA, CGMA with over 18 years of financial sales and advising experience with affluent investors.

Watch your inbox and mail boxes for more specific information on services SMEED Financial Services, Inc will make available to you.

 


 

Help Us Be Found on Yelp & Google!

 

Also as we expand our business, we find more and more people are using YELP and Google to look for us by searching Brentwood accountant or Brentwood CPA.

 

When they do this we want to be FOUND on GOOGLE.  One way you can help us is to give us an ONLINE REVIEW on our Google Maps/Places listing --->

or check us out at our YELP local listing below.

 

Just click here to go to our Google Listing for SMEED CPA and click on the YELP link to go there.  Scroll down to the Review area.

 

On either site it may say:  Been here? Rate and review

You will click on the Rate and review link and then log in, then give us a review!

 

You can choose between 1 and 5 STARS and write in what you think about the tax or accounting work we have done for you.

 

It's that simple.  Thank you in advance for your help and cooperation!

 


 

As always you can call our offices if you have any questions about these or any other accounting related issues, at
925-634-2344. 

 

Regards, Michael Uadiale, CPA, ACA, CGMA

Managing Partner, SMEED CPA, Inc.

 
 

 

SMEED CPA, Inc | 201 Sand Creek Road, Suite F | Brentwood, CA 94513
The Next Frontier CPA Firm | www.SmeedCPA.com | info@smeedcpa.com
Phone: 925-634-2344 | Fax: 925-634-2346