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12.20.17
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.
12.08.17
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.
12.04.17
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. The U.S. House of Representatives passed its own version of the tax bill on November 16, and a conference committee of representatives from both houses of Congress is scheduled to begin work on a reconciled final bill this week.
11.30.17
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.
07.27.17
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.
07.07.17
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.
06.28.17
New Illinois Employee Sick Leave Laws
The Chicago Paid Sick Leave Ordinance and the Cook County Earned Paid Sick Leave Ordinance both take effect on July 1, 2017. All employers in and around the Chicago-area, regardless of number of employees, are required to provide up to 40 hours of paid sick leave for every 12-month period of employment for covered employees. […]
01.04.17
Standard Mileage Rates Will Change Slightly in 2017
Optional standard mileage rates for use of a vehicle will change slightly for 2017, the IRS announced, with business use and medical and moving rates decreasing (Notice 2016-79).
11.30.16
Suspension of the Department of Labor’s Overtime Rule
If you weren’t quite ready for the new Fair Labor Standards Act (FLSA) rule regarding overtime pay, then Christmas may have come early! On November 22, a federal judge issued a nationwide injunction on the Department of Labor’s (DOL) new Overtime Regulation set to take effect on December 1, 2016 stating that the new rule […]
11.22.16
2016 Post-Election Tax Update
Any change in presidential administration brings the possibility — indeed the likelihood — of tax law changes, and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. Keep in mind that a candidate’s proposals can, and often do, change over the course of a campaign and also after taking office.