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About Derrick Teal

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So far Derrick Teal has created 139 blog entries.

March 2018

Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations

The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted Read more [...]

IRS Posts Best Practices For Individual Mandate

The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual Read more [...]

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes

The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, Read more [...]

IRS Releases Second Quarter Guidance Update; Focus On New Law

The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Read more [...]

February 2018

How do I? Calculate bonus depreciation under the new tax law?

The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and Read more [...]

FAQ: Did the new law change capital gains taxation?

The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at Read more [...]

President signs bill delaying three ACA taxes

President Trump signed legislation on January 22 to delay the medical device excise tax, the health insurance Read more [...]

IRS instructs employers to use new withholding tables

Much-anticipated withholding tables for 2018 have been posted by the IRS. While the new withholding Read more [...]

IRS launches 2018 filing season

The 2018 filing season for 2017 tax-year returns officially launched on January 27. On the other end Read more [...]

February 2018 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting Read more [...]

January 2018

FAQ: Can I still convert regular IRAs into Roth IRAs?

Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth Read more [...]

How Do I? Use Section 529 plans for elementary and secondary school tuition

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute Read more [...]

Top 10 tax developments with impact on 2018

The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone Read more [...]

Standard mileage rates increase, while higher depreciation limits kick in

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible Read more [...]

New year brings new tax code

January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts Read more [...]

January 2018 tax compliance calendar

January 4 Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29.   January Read more [...]

December 2017

FAQ: What is a change-of-accounting for IRS purposes?

The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, Read more [...]

Tax debate touches every individual, business

Small business taxation, corporate tax rates, and changes to popular deductions are just some of the Read more [...]

Information reporting deadlines coming up fast

Information reporting has become a growing part of IRS’s enforcement and compliance strategy. Data Read more [...]

Year-end planning for capital gains and losses

As an economic incentive for individuals to save and invest, gains from the sale of capital assets held Read more [...]

December 2017 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting Read more [...]

November 2017

FAQ: How does a business handle holiday gift-giving?

Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses Read more [...]

How do I? Compute the Nanny Tax

Nanny tax. For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid Read more [...]

Tax reform takes on new momentum as year-end approaches

Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP Read more [...]

IRS reminds taxpayers of ACA requirements; White House seeks administrative changes

As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains Read more [...]
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