Posted By  |  August 24, 2018

The Tax Cuts and Jobs Act (TCJA) loosened the restrictions on the eligibility rules for using the cash method of accounting.  This made this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change […]

Posted By  |  January 18, 2018

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of […]

Posted By  |  January 2, 2018

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your […]

Posted By  |  December 27, 2017

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are […]

Posted By  |  December 20, 2017

This information will help you prepare for the year ahead, which will likely include squeezing in last-minute tax planning moves in 2017 to take advantage of provisions still on the books that won’t be available next year. For example, a taxpayer who will itemize in 2017 but will likely be taking the larger standard deduction […]

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Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a […]

Posted By  |  November 29, 2017

On November 28, the Senate Budget Committee, voting 12 to 11, advanced the Senate Republicans’ version of the “Tax Cuts and Jobs Act” setting the scene for a floor vote. The vote to take up the Senate tax reform bill could occur as early as tomorrow, which would start 20 hours of debate and the […]

Posted By  |  November 6, 2017

Recently, an updated tax reform proposal was released by the House Ways and Means that would make major changes to taxation of corporations and other businesses, foreign income tax payers, and exempt organizations. The below provisions are proposed (but not finalized). If you have any questions or concerns how this might effect your tax planning, […]

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Recently, an updated tax reform proposal was released by the House Ways and Means that would make major changes to taxation of individuals. The below provisions are proposed (but not finalized) to go into effect for tax years beginning after Dec. 31, 2017. If you have any questions or concerns how this might effect your […]

Posted By  |  September 28, 2017

A “unified framework” for tax reform has been released from the Trump Administration and select members of Congress. Although the document provides much detailed information it still leaves many specifics to be worked out by the House Ways and Means Committee and the Senate Finance Committee. The table below shows a summary of the tax […]