Tax Planning

In last month’s newsletter we presented some general facets of the Tax Cuts and Jobs Act (TCJA). In this article, we will explore some portions of the new bill in greater detail.

President Trump signed the "Tax Cuts and Jobs Act" into law on Dec. 22, as noted and summerized from a report by Investopedia. The Senate passed the bill on Dec. 20 by a party-line vote of 51 to 48.

On September 27, 2017, the Trump Administration and select Republican members of Congress released a “unified framework” for tax reform.

Trump administration officials and congressional Republican leaders are negotiating the terms of a tax reform bill.

Although the official tax filing date has passed us by, the subject matter of this blog is still relevant because many taxpayers have filed extensions and have a number of months before the extended filing date is final.

“And they’re off!” If you’ve ever been to a horse race, the phrase should sound familiar. Those words apply now: the rush to file a complete and accurate tax return on time has begun.

Since 2015, when the Fixing American’s Surface Transportation Act was passed by Congress, world travelers who owe the IRS money have found that it’s no fun to owe a tax debt. In fact, it can ground any and all international travel plans indefinitely.

It is crucial to understand your small business’s tax responsibilities, and there are real risks if you do not.

Many people use the term “tax planning,” but it is often misunderstood. It is the art of learning how to manage your affairs in ways that postpone or avoid taxes. Skilled tax planning means more money to save and invest, and it can make the tax season more of a financial boost instead of a financial burden.

The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the policy outlined in Revenue Ruling 2013-17 in 2013-38 IRB 201.