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…
Tax Cuts and Jobs Act Summaries On December 22, 2017 President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” (TCJA) a sweeping tax reform law that promises to entirely change the tax landscape. This article provides…
In December, 2017 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…
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…
Provisions of the 2017 Tax Cuts and Jobs Act, H.R. 1, (TCJA), are expected to have significant impacts on charitable giving, among other changes that will affect not-for-profit organizations. The main provisions of the TCJA affecting nonprofits are discussed below.…
Congress passes biggest tax bill since 1986 On December 22, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” a sweeping tax reform law that promises to entirely change the tax landscape. The bill makes small…
The filing season is the most active time of the year for tax scams. These scams take every shape and form, ranging from telephone calls to individuals to sophisticated schemes targeting employers and businesses. The goal of all these scams…
With the inauguration of President Trump, the next era of U.S. healthcare reform has begun and Congress has taken initial steps to repeal the Affordable Care Act (ACA). One of Trump’s first acts as President was to sign an executive…
The 21st Century Cures Act (“Act”), passed in late December, 2016, contains provisions for “Qualified Small Business Health Reimbursement Arrangements” (“HRA”). This new HRA would allow eligible small employers who do not offer a group health plan to ANY of…
Proposed regulations under section 2704 of the Internal Revenue Code were released earlier this month in regard to valuation of interests in many family-controlled entities for estate, gift, and generation-skipping transfer tax purposes. The primary focus of the proposed regulations…
As Illinois lawmakers face a growing state deficit and a budget deadline, talk of tax hikes loom in Springfield. An income tax increase and an expansion of the sales tax onto more purchases are under consideration. In the meantime, effective…
The Obama administration has announced that it is making millions more employees eligible for overtime pay. The Department of Labor (DOL) estimates that this new ruling will affect 194,000 workers in Illinois alone. If you are a not-for-profit organization, the…
Governor Quinn recently signed into law the Illinois Secure Choice Savings Program Act. The stated purpose of this Act is to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The Act requires employers, with…
President Obama on December 18th signed The Protecting Americans from Tax Hikes Act of 2015, or “PATH” – a package of tax extenders costing $622 billion over the next decade. This tax bill contains some nice presents: permanent extensions of…
Tax season is well underway. There are some very good reasons to get your taxes done now versus later. Here are a few to consider: 1. Get Your Money Back If you are due a refund, people who file their…
