General News

Long-Term Gains and Dividends Tax

Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends Do you have long-term capital gains or qualified dividends? If so, there’s good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for…

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Recent Change in Reporting Lease Obligations

New accounting rules issued by the Financial Accounting Standards Board (FASB) will require companies that follow U.S. Generally Accepted Accounting Principles (GAAP) to report lease obligations on their balance sheets. This change is intended to improve transparency about current off-balance-sheet leasing activities. Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), will require companies that…

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Tax Reform and C-Corporations

How Tax Reform Affects Tax Planning for C Corporations One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under…

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Marriage Penalty vs. Marriage Incentive

When the Marriage Penalty Becomes the Marriage Incentive by Jeffrey A. Jackson, CPA/PFS, CFP For many taxpayers, Tax Reform turned the Marriage Penalty into the Marriage Incentive. For anyone who may wonder if it better to get married this year or next…or for that matter, to get unmarried this year or next, it’s time to…

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Personal Effects of the Tax Law

Effects of the New Tax Law Vary Based on Major Life Events Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes —…

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