Accounting news | Accounting Solutions for Business, Inc.

The IRS has Released the 1040 Draft for 2019

Jul 15, 2019, 09:26am

Just six (or so) months after the Internal Revenue Service (IRS) released the much talked about - and maligned - form 1040 for the 2018 tax year, there’s a new draft in town. Here’s a quick peek at the latest version, intended for the 2019 tax year.


Pending Retirement Rule Could Make the IRS your Biggest IRA Beneficiary

Published July 12, 2019

A retirement reform bill is advancing through Congress, which includes some positive provisions for workers – but at least one big downside that could hurt wealthier retirees.


When is it Time to have Financial Talk with Aging Parents

Published June 28, 2019

From the day they are born, parents constantly talk to their children and help guide them through life.  These conversations change as they grow but we are constant mentors to ensure they grow up to be responsible adults.  As adults with aging parents, the roles reverse and it is important for children to sit down with their parents and have the “talk” so they understand how prepared mom and dad are financially and what their wishes are should any health issues arise. 


How Millennials Can Cut the Financial Cord from their Parents

Published June 12, 2019

Graduating from the Bank of Mom & Dad is not so easy for some millennials.


IRS to release new W4: What to Expect

Published May 30, 2019

Many Americans have finished filing their taxes for 2018, but some more changes are coming in the near-term that will affect taxpayers next year.

The IRS is expected to release a new W-4 form for use in 2020. According to an IRS source, the agency held a payroll call on May 2 where it reiterated plans to have that draft available for comment by Friday.

The purpose of the new form is to make withholding more accurate, in coordination with the Tax Cuts and Jobs Act reforms. The ultimate goal of proper withholding is to pay so much each month that you neither owe, nor are owed, come April.


8 Things you Need to know about the Death Tax before you Die

May 20, 2019, 09:00am

The federal estate tax (sometimes called the death tax) is a one-time tax that is imposed at death. If you die with a certain dollar amount of assets – currently, estates under $11.4 million are exempt, but this reverts back to $5 million in 2026 – a federal estate tax return is required and a tax will be due. If a return is required, it is due nine months after the date of death.