On December 20, 2019, President Trump signed into law, two appropriations bills that extended government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. The most broadly applicable tax law changes in the bills are in connection to the tax extenders provisions. The bills reinstate many of the Read More…
With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions. One great place is with retirement savings. The TCJA did not change the rules for retirement savings tax deductions. In fact, many retirement savings deductions continue Read More…
Many tax rates are inflation adjusted each year. The IRS recently announced 2019 inflation adjusted amounts. Here are some of the key changes from 2018 to 2019: Cents per mile for business mileage- 54.5 cents to 58 cents Cents per mile for medical mileage- 18 cents to 20 cents Annual IRA contribution limit – $5,500 Read More…
Effective October 1, 2018, New Jersey sales and use tax will be imposed on “transient accommodations”. Transient accommodations include a room, a group of rooms, or other living /sleeping space for the lodging of occupants, which can include residential buildings. The following situations do not constitute a transient accommodation: • Places of assembly • Health 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…
The 2017 Tax Cut and Jobs Act was enacted on December 22, 2017. This Act was the most comprehensive Federal tax change since 1986, affecting individuals and all types of business entities, both large and small. With limited exceptions, the Act’s provisions start with the 2018 tax year. Some highlights of the Act include: Lowering 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…
Update: 12/22/17 President Trump, on Friday, signed his first major legislative victory, a $1.5 trillion tax overhaul expected to trigger tax cuts for most Americans. Trump signed the bill before heading to his Mar-a-Lago resort in Palm Beach, Fla., for the winter holidays. The Tax Cuts & Jobs Act: Congress Passes Tax Reform On December 20, 2017, 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 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…
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