by Kernutt Stokes | Mar 1, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
By Benton Collins, CPA Taxpayers will be hard pressed to find any of the often promised simplification when looking through the business provisions of the Tax Cuts and Jobs Act. There are, however, a few bright spots in the bill that afford taxpayers the ability to...
by Kernutt Stokes | Mar 1, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused about how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats virtual currencies that are convertible to...
by Kernutt Stokes | Mar 1, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
By Brent Laird, CPA and John Mlynczyk, CPA Qualified Business Income (QBI) is a new tax concept introduced with 2018 tax reform. Many taxpayers are eagerly asking questions about QBI because of the related tax deduction (up to 20%). This provision allows taxpayers...
by Kernutt Stokes | Mar 1, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
Before considering what might be ahead in 2018, perhaps it’s worth looking back to acknowledge that 2017 was a banner year—both a great year for U.S. stocks, as well as the year when international markets turned a corner. In the United States, earnings for 2017 have...
by Kernutt Stokes | Mar 1, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
By Jennifer Cranford, CPA The 2017 Tax Reform Act, which was signed in to law December 22, 2017, includes a number of changes in deductibility of meals, entertainment costs, club dues, and employee transportation benefits as of January 1, 2018. Business meals should...
by Kernutt Stokes | Feb 14, 2018 | The Kernutt Stokes Advisor, Volume 3 Issue 1
Within the logistics sector, trucking and transportation service providers can be overlooked as being “part of the process” rather than having their own set of needs. However, these companies have a number of considerations that are unique to the very service they...
