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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.
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 […]
House and Senate Tax Bills Head to Reconciliation
Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49.
Amended 2018 Employee Benefits Plans and Transportation Limits
The Internal Revenue Service (IRS) has announced the amended 2018 cost-of-living adjustments for transportation programs and retirement and health and welfare plans. Once again, the cost-of-living index did not change significantly this year. This means there were few changes to the IRS 2018 limitations as compared to 2017. The one significant change is to the FICA taxable wage […]
New Federal Procurement Standards: Are You Prepared?
Beginning in 2018, new procurement standards under the Office of Management and Budget (OMB) Uniform Guidance will go into effect for not-for-profit entities that receive federal grant funds. These requirements are effective as of January 1, 2018 for calendar year entities and July 1, 2018 for June 30 fiscal year-end entities. Who is Impacted? These […]
How the New Illinois Budget Will Impact Taxpayers
On July 6, 2017, the Illinois House followed the Senate and voted to override Gov. Bruce Rauner’s veto of the budget and tax increase bills. Senate Bill 9 raises $5 billion of revenue through a permanent income tax increase. The main two revenue raisers are the increases to the individual and corporate income tax rates. […]