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IRS wheels out additional guidance on company cars

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 3, 2019 / No comments

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role

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Tighe, Kress & Orr, PC Promotes Mohamed Nurmohamed, CPA to Tax Manager

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Mohamed Nurmohamed from Tax Senior to Tax Manager within the firm. Mo provides advisory and planning services for a wide variety of business and individual clients. Additionally, he works extensively with

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Tighe, Kress & Orr, PC Promotes Wade Arthur, CPA to Audit Manager

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Wade Arthur from Audit Senior to Audit Manager within the firm. Wade provides attest, advisory and planning services for a wide variety of businesses, governmental agencies and non-for-profits.  He also assists

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IRS updates rules for personal use of employer-provided vehicles

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs

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Make health care decisions while you’re healthy

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 9, 2019 / No comments

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is

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What type of expenses can’t be written off by your business?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 6, 2019 / No comments

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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Does your estate plan include a formula funding clause?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 2, 2019 / No comments

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples). If you’re married and

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Plug in tax savings for electric vehicles

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 30, 2019 / No comments

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where

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Casualty loss deductions: You can claim one only for a federally declared disaster

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 23, 2019 / No comments

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for

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