The Thanksgiving leftovers are dwindling, the air is getting colder and the holiday season is now officially in full force. That also means that the tax year is quickly coming to an end. Let’s take a quick look back at this November to review newsworthy events and tax updates over the past month.

MBS Accountancy: November Review

First off, let’s look back at some of the news that MBS Accountancy brought to you over the course of November, including some highlights about the new TCJA and our monthly client spotlight.

Nov 7 4 Ways Quickbooks Can Help Your Business Thrive We looked at how Quickbooks can be an invaluable tool for businesses everywhere. It not only helps track expenses and other parameters in an easy-to-use, powerful way, but also helps ensure tax compliance and transparency through clear tracking and extensive records.

Nov 14Client Spotlight: Sky hotels
We highlighted one of our wonderful clients, Sky Hotels, a trusted name in the hospitality industry that partners with investors and contractors to ensure maximum profitability and straightforward asset management. We discussed how we’ve seamlessly collaborated with the accounting staff and ownership at Sky Hotels to great success with shared platforms to foster better communication within the company and between partners.

Nov 21 How the TCJA Affects Tax Accounting Methods
The Tax Cuts and Jobs Act 0f 2017 has been Trump’s signature tax reform thus far in his administration. It’s had far-reaching effects on businesses, including a new 20% qualified business income deduction and a corporate tax rate lowered from 35% to 21%, plus changes to how global profits for US-based companies are taxed.

California Tax Board – November’ Highlights

Next up, let’s see what newsworthy updates the California Tax Board provided for accountancy firms and businesses across the state in November.

Dissolution & Cancellation of Domestic Corporations and LLCs

Starting on the January 1st, 2019, some domestic corporations and LLCs that are no longer active and hold no assets will have the ability to take advantage of administrative dissolution or cancellation by the CTB.

Modifications to State Leadership Accountability Act

All identified inadequacies and weaknesses in state agencies must now be included in biennial reports to the Franchise Tax Board. This is part of new legislation that will modify the existing SLAA, or State Leadership Accountability Act.

New Online Resource for Gig Economy Taxpayers

Also known as the peer-to-peer sharing economy, the gig economy has reached massive new levels in 2018 and is not expected to slow down. The California Tax Board just launched a new webpage designed to provide those who engage in the gig economy with helpful resources that can help them stay compliant in this burgeoning industry.

November Updates From The IRS

Finally, a quick review of November updates from the IRS—including new regulations, filing deadline reminders, and information about how tax practices are changing with the ever-changing laws and regulations that affect both individuals and businesses.

New Proposed Regulations for Business Expense Deduction Limits

The IRS introduced new regulations this month as an amendment to the Tax Cuts and Jobs Act that would limit how much business interest expenses certain taxpayers will be able to deduct.

Reminder of Jan. 31 Filing Deadline for Wage Statements and Independent Contractor Forms

The IRS also released an official reminder that employers and other businesses must file wage statements and independent contractor forms by Jan. 31stto avoid penalties and non-compliance.

Number of Taxpayers Who Itemize Deductions Likely to Drop

With the TCJA doubling the size of the standard taxpayer deduction, the IRS cautioned that the number of filers who chose to itemize deductions would likely experience a significant drop as more opt for the standard deduction.

New Tax Law Expands Bonus Depreciation and Allows for More Expenses

Eligible businesses can now expense more of their costs and account for bonus depreciation when filing, according to a November IRS announcement that’s likely to please many business owners.

Trust the Experts to Keep You In-the-Know

Our tax experts and accountants will keep you constantly informed on the most current changes to tax law and accounting best practices to make your business more profitable, less stressful, and better than ever.