Tax Cuts and Jobs Act of 2017
Tax reform has been a major focus of the Trump Administration. In a determined effort from Republicans to pass new tax legislation before year-end, the Senate and the House reconciled their respective tax bill drafts into one bill. The bill, called the “Tax Cuts and...
IRS Issues 2018 Work Plan for Tax-Exempt Organizations
by Laura Kalick, JD, LLM in Taxation The Tax Exempt and Government Entities (TE/GE) division of the IRS recently issued its FY 2018 Work Plan, which builds upon the agency’s ongoing mission to refine, realign and improve its education and examination methods. In 2017,...
Senate Passes Tax Reform Bill
An enormous step in the tax reform process was taken over the weekend when the Senate passed their version of the Tax Reform Bill in the wee morning hours of Saturday, December 2, 2017. The bill passed by the slimmest of margins: a 51-49 vote with only one Republican...
COMING SOON! ELECTRONIC TAX RETURN DELIVERY SYSTEM
We are excited to introduce a new electronic tax return delivery system this tax season. The new software that we have carefully selected will have numerous benefits including electronic return delivery, online return access, electronic signing, email reminders for...
Affordable Care Act
Applicable Large Employers (ALES) that had a full-time employee receive a Premium Tax Credit (PTC) may begin receiving a recently-issued IRS sample letter outlining penalties. Penalties may be enforced if the employee receiving the PTC was not offered affordable and...
Reviewing Retirement Plans
Many business owners do not realize the importance of reviewing their employee retirement plan annually to reduce any risk of errors, misunderstandings, or breach of fiduciary duty. Below are a few items to consider when performing a review of your business’s employee...
Year-End Moves for Tax Reform Legislation
Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you cope with the...
Deductions for Heavy Trucks and Vans
As you know, unfavorable depreciation rules apply to most passenger autos and light trucks used in business. For a vehicle acquired in 2017, depreciation deductions are generally limited to the following amounts: If the business use percentage is less than 100% (which...
2017 Tax Cuts and Jobs Act
President Trump and his administration have been adamant about reforming the current income tax code in the United States. A major step in this process was taken by the administration when the “Tax Cuts and Jobs Act” was released on Thursday, November 2. The...
2017 ACA Filing Services
The Affordable Care Act (ACA) filing requirements continue to be in place for the 2017 calendar year. These filing requirements are applicable to large employers (over 50 FTEs) and self-insured employers. To meet these requirements, these companies must file two forms...