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Americans don't do a great job of saving for a rainy day, but Tax Reform 2.0 might help with something called the Universal Savings Account.  Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free. Want know more?  Come hear US Rep Kevin Brady, the Read More

Tax Reform 2.0 has been released. It focuses on 3 areas: making permanent tax cuts in Tax Reform 1.0, spurring savings, and encouraging business startups. Questions? Come hear Tax Reform Driver, US Rep Kevin Brady at GLO’s August Luncheon http://glocpas.com/event #TCJA #TaxReform2.0 #GLOCPAS

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The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as

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The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of individuals and businesses. The changes are extensive and this letter provides a high-level overview of some of the highlights to keep you informed. Due to the sweeping nature of the changes and the need for continued guidance,

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IRS Rules for Deducting Your Business Gym If you have been thinking about the fitness of your employees and the possibility of a gym or other athletic facility, then you need to know the tax rules. To be tax deductible, your gym or other athletic facility must be primarily for the benefit of your employees—other Read More

In times of yore, children were warned that television would rot their brains. Today, though, there’s an impressive selection of edutainment, programming that both teaches and tantalizes. These shows have given many children an entrepreneurial edge that will serve them well the rest of their lives. This AICPA Insights article shares a shortlist of shows

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The Internal Revenue Service released a new five-year Strategic Plan outlining goals to improve taxpayer service and tax administration. The Fiscal Year 2018-2022 IRS Strategic Plan will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community.

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“Phase Two” of Tax Reform – May, 2018 President Donald Trump and the House’s top tax writer think Congress and the president should work to make the tax code better every year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview this week that he and the president share this goal and

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Proving Travel Expenses after Tax Reform As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is the ability

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House Approved Bipartisan IRS Reform Package, (Apr. 19, 2018) The House on April 18 approved the two largest bills of a bipartisan IRS reform package. The bills aim to restructure the IRS for the first time in 20 years. The 21st Century IRS Bill (HR 5445) was approved 414-to-0 and the Taxpayer First Bill (HR 5444)

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