New Budget Agreement Brings Additional Tax Changes
The Tax Cuts and Jobs Act (TCJA) swept in a tidal wave of changes to federal tax rules just seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), signed into law on February 9, 2018, contains several tax-related provisions that extend or create tax benefits for the 2017 tax year.
2018 Tax Calendar
To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the 2018 tax calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
Meals and Entertainment Expenses Under the New Tax Law
The Tax Cuts and Jobs Act (TCJA) enacted extensive changes to the deductibility of meals and entertainment (M&E) expenses for companies.
IRS Issues Updated 2018 Withholding Tables
In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers should hold back from their employees’ […]
1099-MISC Reporting Guidelines
As we tend to receive the most questions related to Form 1099-MISC, we would like to provide you with some general guidelines and resources in order to assist you with the accurate and timely filing of Form 1099-MISC.
New Tax Law Provides Benefits for Businesses
The new law contains a treasure trove for businesses that qualify for tax breaks. Most companies and business owners will see lower tax bills under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for the new provisions. Here are the most important changes […]
How Will the New Tax Legislation Affect Your Estate Plan?
The new tax legislation makes many changes to individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the new law doesn’t do is repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the […]
Big Changes for Individual Taxpayers Under New Law
The recently passed tax bill, commonly called the Tax Cuts and Jobs Act (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here are […]
Congress Passes Biggest Tax Bill Since 1986
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It is the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most […]
Senate Proposal Accelerates Gains on Investment Account Assets
Under the Senate’s version of the pending tax legislation, owners of stocks and bonds will no longer be able to specifically identify which portion of the securities are being sold or transferred. Instead, securities will be deemed sold on a first-in, first-out (FIFO) basis. Under current law, when owners of a particular stock disposes of […]