More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Additional guidance and regulations have been issued nearly every month—indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. Read on for Read More…
BKC experts will be presenting in a six part business education series through the Hunterdon County Chamber Foundation Unity Bank Center for Business & Entrepreneurship starting January 23, 2019. The series includes assorted topics such as tax, fraud and business strategy from the top professionals at BKC each with . Registration is open for individual sessions at $60 or at Read More…
Summary On Friday, December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to partnerships and their partners. This alert addresses the Section 199A deduction for qualified business income of pass-through Read More…
In the early morning hours of Saturday, December 2nd, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51-49. It was passed with no Democratic support and one opposing Republican vote. While the bill still differs from the House bill on several key issues, amendments to the Read More…
On Thursday, November 16, the US House of Representatives passed the Republican crafted tax reform bill by a 227 – 205 vote. That same day, the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected Read More…
On an annual basis, certain individuals should review their income tax situation at the end of each year, so as to minimize their income tax liability for the year. Common planning techniques include deferring income and/or accelerating deductions to the following year. With the current climate of dramatic tax reform in Congress, there is even Read More…
On November 2, House Republicans unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and Read More…
On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes. Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced Read More…
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