Six Last-Chance Tax Breaks

Do you qualify for these last-chance tax breaks? The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As…

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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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New Tax Law Changes for Individuals

New Tax Law Brings Big Changes for Individual Taxpayers The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act”(TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take…

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New Tax Breaks For Businesses

Tax Cuts And Jobs Act Offers Favorable Tax Breaks For Businesses The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number…

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