Archives for Newsletter and Updates
Individual Tax Law Changes
Newsletter and Updates.
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How to Co-ordinate Cost Segregation with Like-kind Exchange
The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Industry News and Newsletter and Updates.
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Tax Law Changes Business Chart and Highlights
Newsletter and Updates.
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accountants, accounting, business, changes, cpa, deduction, depreciation, individual, inocme, law, passthrough, qualify, tax, taxation, wage, wfy, and wright ford young.
Pass-Through Entities and the 20 Percent Tax Break
Small-business owners and partners are scratching their heads over the Tax Cuts and Jobs Act and how the new 20 percent tax deduction for pass-through entities will work. Here’s a little background A pass-through entity can be a partnership, S corporation, limited liability company or partnership, or sole proprietorship — basically, most of the country’s small businesses. Owners and shareholders of these entities are taxed on earnings based on individual, not corporate, tax rates. Effectively, company earnings, losses and deductions pass through to the individual’s personal tax rates, which, in the past, were typically lower than corporate rates. The pass-through
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Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act
You may recall that President Trump promised to repeal the Estate and Gift Tax and their cousin, the Generation Skipping Tax. However, the enacted version of the Tax Cuts and Jobs Act signed just before Christmas 2017, left these three taxes intact. The outcome is surprising, given that the Republican Party has often condemned these taxes, and given that the House, Senate, and White House are all on the same side of the party divide. Yet, complete repeal was not accomplished. Thus, these taxes remain a huge liability for high net worth individuals and families. What the Act does accomplish
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Newsletter and Updates.
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Bracket Changes and More From the IRS
You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Industry News and Newsletter and Updates.
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Is This Your Situation: Wondering If An Audit Can Benefit You
Your privately owned business may not need a financial statement audit according to law, but that doesn’t mean you should skip it. Read through to learn why an audit can be a smart move. With the vicissitudes of change combined with technological advances, we’re living in an age of transparency where businesses are required to disclose more information about their taxes, financial records, operations and executive salaries. While private companies are spared the intense scrutiny of professional auditors and not required to provide an external review of their financial statements, there are advantages to having an external audit many business heads
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Newsletter and Updates.
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Big Changes in Social Security and Retirement Plans for 2018
From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Industry News and Newsletter and Updates.
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401k, cpa, plan, retirement, social security, tax, wfy, and wright ford young.
Senate Tax Plan Outline Released
The Senate Republican’s tax reform plan was released last week. Several proposals changed from the House Tax bill. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Seven brackets at 10%, 12%, 22.5%, 25%, 32.5%, 35% and 38.5%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase child tax credit from $1,000 to $1,650 and add a $500 credit for nonchild dependents. Eliminate
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Industry News and Newsletter and Updates.
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