You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt…
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In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v.…
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The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and…
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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…
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The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, was barely dry before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of…
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Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or…
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With the signing into law of the Tax Cuts and Jobs Act (the Act), Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the taxation of businesses. Most of the business…
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The Republican tax plan has been passed by the House and Senate and is heading to the President for signature. For taxpayers who itemize their deductions, that could mean an increased tax bill in 2018. Also, due to the increase…
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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…
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With tax reform proposals winding their way through Congress, year-end tax planning has become infinitely more complex. There’s a great deal of uncertainty over whether and when tax reform will be implemented and which proposals from the bills will make…
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On November 16, the U.S. House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227 to 205. What are tax reform’s next few steps? On November 17, the Senate Finance Committee approved its own tax…
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Washington lawmakers are continuing their race to hammer out a tax reform package. The House Ways and Means Committee made amendments to, and approved, the Tax Cuts and Jobs Act. And the Senate Finance Committee released “policy highlights” for its…
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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.…
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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…
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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.…
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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…
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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:…
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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…
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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,…
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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…
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