General News

New Law Revamps the Kiddie Tax

Congress enacted the so-called “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA). What changed? The TCJA only revises the kiddie tax rate structure. The rest of…

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Tax Reform Topics for Individuals

Tax Reform: Topics of Special Interest for Individuals As you’ve heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit on deducting state and…

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IRS Releases New Withholding Tables

IRS Releases New Withholding Tables: Employees Could See Changes Soon On January 11, the IRS released updated 2018 income tax withholding tables, which reflect changes made by the new Tax Cuts and Jobs Act. This is the first in a series of steps that the IRS will take to help improve the accuracy of withholding…

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Tax Reform and International Taxation

Tax Reform’s Impact on International Taxation By Rose Moore, CPA and Richard Gimbert, CPA On December 22, 2017, President Trump signed the most comprehensive tax overhaul in the last 30 years, the “Tax Cuts and Jobs Act.”  Much attention has been focused on the reduced corporate tax rate and changes to the individual deductions and…

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Transition Tax on Untaxed Foreign Earnings

IRS Provides Guidance on Transition Tax Applicable to Certain Untaxed Foreign Earnings On December 29, 2017, IRS released Notice 2018-07 providing preliminary guidance on the “transition tax” that was enacted as part of tax reform legislation, the Tax Cuts and Jobs Act. Newly enacted Internal Revenue Code Section §965 imposes a tax on untaxed accumulated…

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