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Tax Cuts and Jobs Act
Today, the U.S. House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) by a 227-205 partisan vote. The bill now advances to the U.S. Senate and will serve as a vehicle for the Senate to pass their own version of the tax reform overhaul legislation. When and if the Senate passes its…
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Trump Tax Plan – Officially, the Tax Cuts and Jobs Act
The House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act today. We downloaded a copy of the 429 page document here. The announcement declared that it is “bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of…
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401(k) Contribution Limit Increases to $18,500 for 2018
Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim…
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Reconstruct Records After a Disaster
Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 things taxpayers can do to help reconstruct their records after a disaster: We can obtain tax return transcripts from the IRS. We have…
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We will be Open on Columbus Day
Although Monday October 9, 2017 is a federal holiday, our office will be open. We generally close for federal holidays after April 15th each year. However, due to the income tax filing deadline the following Monday October 16th, we will be open and available for appointments. Each year we have approximately 300 tax returns to…
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A Quick Look at Trump’s Tax Plan for a Median Income Family
The median U.S. household income in 2016 was $59,039 according to the Census. The median level number above represents the number where half of households have income above that level and half below, adjusted for inflation. Another common measurement of personal income is the mean household income. Unlike the median household income, which divides all households…
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Trump’s Tax Plan – A Few Brief Insights
How will Trump’s Tax Plan affect me if it is passed? This is the question I’m starting to hear from clients all over the country. If passed, this will be the most complex and comprehensive tax act we have seen since 1986, the year I started in this business. With a massive overhaul like this,…
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IRS Provides Penalty Relief for Partnerships that Filed Late Returns in 2017
The Internal Revenue Service has issued guidance providing penalty relief for certain partnerships that did not file the required returns by the new due date for tax years beginning in 2016. Partnerships file Form 1065 or Form 1065-B or request an automatic extension by filing Form 7004. The Surface Transportation and Veterans Health Care Choice…
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Interest Rates Remain the Same for the Fourth Quarter of 2017
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) percent…
