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2018 Tax Law Changes in Brief
We are very excited about the opportunities coming in 2018! Everyone will have questions about how the new tax code will affect them and we are busy preparing to address those questions. Many of the changes are going to require technical guidance, which the IRS may not be able to address until after this tax…
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Alabama vs New York Under the New Tax Code
A tale of two states with two very different outcomes. After reading a CNN story where New York Governor Andrew Cuomo declared, “the GOP tax bill will pillage blue states“, I felt compelled to share some facts about our tax system. This coming tax season will be my 32nd. I’ve been studying and working with…
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Early Due Dates for W-2, W-3 and Form 1099-MISC
Employers face a January 31, 2018, due date for filing 2017 Forms W-2 and W-3 with the Social Security Administration. This date applies to both electronic and paper filers. Form 1099-MISC is due to the IRS and individuals by January 31 when reporting non-employee compensation payments in box 7. Penalties for failure to file correct…
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Standard Mileage Rates for 2018 Up from Rates for 2017
2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up…
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Final Tax Bill Looks Better for Individuals than Before
You’ve heard the expression, “too many fingers in the pie?” Well sometimes that can be a good thing and I think we just witnessed a very good case in point with this Trump Tax Bill. I’m just getting to read this, but here are a few highlights that I think are very important to individuals.…
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Merry Christmas and Happy New Year!
from all of us at Cook & Co. Tax Advisors Holiday Office Schedule We will be closed Thursday December 21 through Wednesday January 3. As we pause each year at this special time to allow employees and staff time to spend with their families just before our busy Tax Season, we give thanks for our…
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House-Senate Conference Committee for the Tax Cuts and Jobs Act
These are the conferees that will negotiate the aspects of the two bills that are different. It is important to know that what they agree on, may be something unlike either version on these individual topics. House Republicans House Committee on Ways and Means Chairman Kevin Brady of Texas, Conference Chair Devin Nunes of California…
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Differences between the House and Senate Tax Bills
There are many differences in the two bills that must be reconciled before sending it to the President for his signature. Tax Brackets The House version has four brackets which will be permanent. The Senate version has seven brackets which all expire after 2025 and in 2026 will revert to what we now have. Mortgage…
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Some of the Lessor Publicized Tax Changes
These are just a few of the “not so well publicized” impending tax law changes that I’ve had to read through. ALCOHOL TAX REDUCTION – Reduced Excise Tax on beer from $18 per barrel to $16 (on the first 6 million barrels (1 barrel = 31 gallons) brewed. So-called Micro-Breweries will see a reduction from…
