After months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here’s a brief rundown of some of the individual and business provisions in the 429-page Tax Cuts and Jobs Act.…
Read More »
Posted in Tax Legislation | Leave a comment
In late September, 2017, U.S. Senate Republicans declined to vote on the Graham-Cassidy health care bill because there weren’t enough votes to pass it. On September 27, 2017, President Trump and Republican congressional leaders turned their attention to tax reform…
Read More »
Posted in Tax Legislation | Leave a comment
If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies.…
Read More »
Posted in General | Leave a comment
For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes aren’t merely procedural; they…
Read More »
Posted in Tax | Leave a comment
In a dramatic session that went into the early hours of the morning of July 28, a bill to repeal parts of the Affordable Care Act (ACA) — but retain others — failed to capture enough votes in the U.S.…
Read More »
Posted in Tax Legislation | Leave a comment
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed…
Read More »
Posted in Tax, Business Management | Leave a comment
Since taking office in January, President Trump has called for comprehensive tax reform. The President’s fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details…
Read More »
Posted in Tax Legislation | Leave a comment
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so…
Read More »
Posted in Tax | Leave a comment
What do charitable donors want? The classic answer is: Go ask each one individually. However, research provides some insight into donor motivation that can help your not-for-profit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High…
Read More »
Posted in Not-for-Profit | Leave a comment
Picking someone to lead your company after you step down is probably among the hardest aspects of retiring (or otherwise moving on). Sure, there are some business owners who have a ready-made successor waiting in the wings at a moment’s…
Read More »
Posted in Business Management | Leave a comment
At the end of April, just before his “100 days” in office, President Trump unveiled his highly-anticipated tax reform outline – the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification:…
Read More »
Posted in Tax Legislation | Leave a comment
Employers with 50 or more full-time employees (including full-time equivalent employees) that are required to offer health insurance coverage and report enrollment information for their employees under the Affordable Care Act (ACA), file Internal Revenue Service (IRS) Forms 1094 and…
Read More »
Posted in Tax | Leave a comment
As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways…
Read More »
Posted in Tax Legislation | Leave a comment
Last year’s Bipartisan Budget Act introduced new partnership audit rules that will take effect in 2018. Partnerships — including LLCs taxed as partnerships — should pay close attention to these rules. You might assume that audit rules are merely procedural,…
Read More »
Posted in Tax Legislation | Leave a comment
It’s tax time: prepare early to avoid procrastination, reduce identity theft, and get your refund sooner.…
Read More »
Posted in Tax | Leave a comment
As tax season 2017 approaches, the Internal Revenue Service, the states and the tax industry are reminding taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season,…
Read More »
Posted in Tax Scams | Leave a comment
Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the…
Read More »
Posted in Tax Legislation | Leave a comment
FLSA Changes No Longer Effective December 1, 2016 On November 22 a federal judge issued a nationwide injunction blocking the U.S. Department of Labor (“DOL”) from implementing its new overtime rule scheduled to take effect December 1, 2016. The court’s…
Read More »
Posted in General | Leave a comment
In May, the U.S. Department of Labor (DOL) issued a final rule updating white collar overtime regulations, increasing the exemption thresholds and extending overtime pay protections to over four million workers within the first year. How will the new rules…
Read More »
Posted in Not-for-Profit | Leave a comment
We like to notify our clients when we become aware of new IRS scams. Unfortunately, this is happening with increasing frequency. As a result, we are adding a new category to our Blog “Tax Scams.” Check here for information to…
Read More »
Posted in Tax Scams, Tax | Leave a comment
