American small business owners and entrepreneurs across the country received a financial present this holiday season when Congress passed the new tax reform package. The “Tax Cuts and Job Act of 2017” is the most significant and radical change in tax law since the...
The much anticipated tax bill is finalized and has significant changes to personal and business tax laws, both in terms of tax structure and rules. Below is a summary of the key provisions in their final form compared to current tax law. Income Tax Rates Overall, the...
Prepaid Real Property Taxes May Be Deductible in 2017 if ASSESSED and PAID in 2017 IRS Statements and Announcements - The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax...
As the year comes to an end and we begin reviewing the implications of the new tax reform bill, here are a few last suggestions for you and/or your business. Tax Reform Is Here - Four Moves to Make By the End of Year As always, please call one of our Tax Professionals...
Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much ado about nothing; however, with the solid majorities that Trump and the Republicans hold in both...
From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated with these hurricanes. Economic Impact AccuWeather...
Some people say that 50 is the new 30. Living longer and healthier lives might make you feel young if you are 50, but your retirement account begs to differ. Anyone who’s turning 50 or older on or before Dec. 31 is allowed to make retirement catch-up contributions...
by Eric Ernest The Internal Revenue Service (IRS) announced significant relief for the victims of Hurricane Harvey, which includes an extension for filing of Form 5500 series returns applicable to employee benefit plan reporting and compliance. Such returns that were...
The Internal Revenue Service (IRS) announced significant tax relief this week for victims of Hurricane Harvey. Those in Texas impacted by the storm now have until January 31, 2018 to file certain individual and business tax returns and make certain tax payments. This...
You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way – UP! You’ll never be able to get rid of your property taxes...