Nathan Isabelle

Nathan Isabelle
Nate has a strong background in preparing individual and small business tax returns as well as large corporate and partnership tax returns. He is a multi-state and consolidated tax filings specialist at the firm.
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Recent Posts

Section 199A - How the Qualified Business Income Deduction Might Impact Your Taxes This Year

Have you heard the terms “Section 199A” or “QBI Deduction” this tax season and wondered what they meant, or whether they will impact your taxes? You’re not alone.

The Tax Cuts and Jobs Act (TCJA) created a new tax deduction for business owners and others, called the Section 199A Qualified Business Income (QBI) Deduction. Since its release, there has been much confusion about the rules of this deduction, even in the tax world. In August, the IRS and the Department of the Treasury released some additional guidance, and in October, held a public hearing to field comments and questions.

On January 18, 2019, The IRS and the Treasury issued final regulations to clarify and update the proposed rules. Here’s a high-level overview:

Does Your Business Need an Accountable Expense Plan?

Almost all businesses have employees who incur expenses while on the job—everything from office supplies, to travel and business dinners. But not all business owners are sure how to best handle the reimbursement of these expenses. We frequently get questions from our clients on this subject—should reimbursements be included in the employee's income? Are they tax deductible?

In order for an expense to be tax deductible to the business, and received tax-free by the employee, it must be reimbursed under an "accountable plan".

5 Ways to Minimize Your IRS Penalties

Many people fear the wrath of the IRS, especially during tax season. Penalties for late-filing, late-payment, accuracy related penalties, or estimated tax penalties can make filing your taxes seem like a daunting task.