2020 Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

Congress has reached an agreement on a massive spending package titled the Further Consolidated Appropriations Act, 2020. The agreement also includes the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Together, the two laws could have substantial impact for tax, retirement and estate planning.

Gift Tax Case Reopens Tax-Affecting Debate

Most U.S. businesses operate as so-called "pass-through" entities, including partnerships, limited liability companies (LLCs) and S corporations. Electing pass-through status allows these businesses to avoid entity-level taxes. Instead, taxes are paid at the level of the individual owners.

Making Smart Mergers and Acquisitions Under Today’s Tax Law

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act (TCJA). And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it's important to understand how your transaction will be taxed under current tax law.

Employers: Take Note of New Penalties and Visa Requirements

The payroll obligations of employers are much more extensive than withholding taxes from paychecks. There are myriad complex rules to navigate — and failing to comply with requirements may result in significant penalties. Recent action in three areas highlights the range of employer responsibilities.

Home Equity Borrowers Get Good News from the IRS

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible under the TCJA — regardless of how the loan is labeled.

New Law Revamps the Kiddie Tax

Congress enacted the so-called "kiddie tax" rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA).

Untangling the Pass-Through Provisions of the TCJA

Crunching numbers is what accountants live for. Lucky for us, the Tax Cuts and Jobs Act (TCJA) contains some valuable goodies for businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but determining just how much they will benefit can be complicated.

Tax Reform: IRS Issues 2018 Withholding Tables

The revised IRS withholding tables reflect the TCJA’s increase in the standard deduction, suspension of personal exemptions and changes in tax rates and brackets. Employers must move to incorporate the new tables into their payroll systems as soon as possible — and no later than February 15, 2018. Read more on the changes, and actions required, for businesses.

Tax Reform: New Deduction for Pass-Through Business Income

For tax years beginning in 2018, the TCJA establishes a new deduction based on a noncorporate owner’s qualified business income (QBI). This new tax break is available to individuals, estates and trusts that own interests in pass-through business entities. This article includes an analysis of how the new law may impact business owners.

Tax Reform: Meals and Entertainment Changes for Businesses in 2018

Businesses and employers need to take note of the new rules as they plan their 2018 meals and entertainment budgets. The Tax Cut and Jobs Act of 2017 (TCJA) places stricter limits on what businesses can deduct meals and entertainment expenses for clients, or its employees.

Tax Cuts and Jobs Act Contains Favorable Tax Breaks for Businesses

The Tax Cuts and Jobs Act (TCJA) offers many tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced. Here are the most important changes in the new law that will affect businesses and their owners.

TCJA Provides More Generous Depreciation-Related Tax Breaks

If your business is buying new assets in 2018 or undertaking a qualified remodeling project for the interior of a nonresidential building, you may be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). You even may be able to take advantage of some of the enhancements on your 2017 tax return.

Estate Plans: What Changed with the Tax Cuts and Jobs Act?

Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of Representative’s version … Continued

Tax Reform Passed: Last-Minute Year-End Tax Planning Tips

Congress is enacting the biggest tax reform law in thirty years. Since most of the changes will go into effect next year, there’s still a narrow window of time before year-end to act. Here’s a quick rundown of last-minute moves you should think about making.

Tax Reform Likely in 2017? Strategies You Should Consider for Year-end Tax Planning

Tax reform will likely be a priority for President-elect Donald Trump and the Republican-controlled Congress in 2017 by consolidating the individual tax rates into three brackets, eliminating the 3.8% surtax on upper-earners, and potentially reducing the tax-savings impact of current deductions. With all this in mind, here are some important strategies for taxpayers to consider this year.