March 19, 2018
The Tax Blotter: March 20, 2018
IRAs have been around for more than half a century and an entire cottage industry has sprung up concerning the rules for contributions and distributions.
January 29, 2018
Feb. 8 Government Shutdown Could Cripple IRS in Middle of Tax Season
The shutdown of the federal government on January 20 only lasted two days. But another deadline is looming: Uncle Sam will close up shop again on February 8 if Congress doesn’t take further action.
January 24, 2018
Trump to Tap Beverly Hills Lawyer to Lead the IRS
If nominated and approved, Rettig faces an uphill battle in turning around the IRS, which has suffered in recent years from a dwindling budget and several black eyes, including the “Tea Party scandal” that unfolded under Koskinen’s watch.
January 16, 2018
Taxpayer Advocate Releases Annual Report to Congress, Unveils “The Purple Book”
In addition, as part of the report, the NTA has released “The Purple Book” presenting 50 legislative recommendations. Many of these proposals have been detailed in prior NTA, but others are presented in this inaugural publication for the first time.
January 8, 2018
2018 Tax Reform: Pass-Through Income Deduction More Complex Than Thought
The new law carves out a brand-new tax deduction for owners of pass-through entities, including partners in partnerships, shareholders in S corporations, members of limited liability companies (LLCs) and sole proprietors.
January 5, 2018
IRS to Start Accepting Tax Returns on Jan. 29, 2018
The IRS has announced that it will officially begin accepting returns for the 2017 tax year on January 29, 2018 (IR-2018-01, 1/4/18). This is a little later than usual to give the nation’s tax collection agency enough time to ensure security and ...
January 4, 2018
The Tax Blotter – Jan. 2018
Timing is everything in taxes and the new tax law —the Tax Cuts and Jobs Act -- is no exception. Generally, the provisions for individuals take effect in 2018, but there are several interesting wrinkles.
January 2, 2018
2018 Tax Reform Law has Benefits for Some Small Businesses
The TCJA also benefits many small businesses while presenting new obstacles. In general, the revised rules for businesses take effect in 2018 and are permanent, unlike most changes for individuals.
January 2, 2018
Effects of 2018 Tax Reform Law on Individuals, Deductions and Credits
Most of the key provisions likely to affect individual taxpayers take effect in 2018 (for taxes that will be reported by April 2019), but are scheduled to sunset after 2026. Keeping that in mind, here are the essentials you should know about.
December 28, 2017
New Tax Law Complicates Property Tax Deduction: How Pre-Paying Can Help
Before the new tax reform law – the Tax Cuts and Jobs Act (TCJA) -- was finalized, Congress made a slight concession to residents of high-tax states by including a limited deduction for state and local taxes (SALT), which includes state income, sales ...
December 7, 2017
Tax Reform Bills Full Of Errors and Confilcts
The new tax reform bills that passed the House and Senate were built on the “need for speed.” Both versions were rushed along in the hopes of a final measure arriving on the president’s desk before Christmas. But haste makes waste and, in this case, ...
December 3, 2017
New Tax Reform Law Restricts 401(k) Contributions
An amendment to the Senate version of the sweeping new tax reform bill hinders the ability of older Americans to build up their retirement funds on a pre-tax basis.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
