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President Trump: Tax Reform 2.0 May Include Corporate Tax Cut

Tax reform 2.0 may include lowering the corporate tax rate, according to President Donald Trump. Republicans are “thinking about bringing the 21% down to 20,” Trump said on July 1. “Then, for the most part, the rest of it would go right to the middle class.” Corporate Tax Cuts The Tax Cuts and Jobs Act

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Tax Cuts 2.0 Moves Forward

House Ways and Means Committee Chairman Kevin Brady, R-Tex., said that a tax reform phase 2.0 outline will likely be unveiled to members this month.  The “2.0” draft for tax cuts will likely be unveiled by House Republicans in July and a draft of the tax reform legislative outline is expected to be released in

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IRS Unveils New Draft Form 1040

Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29. Draft Form 1040 The new Form 1040 will be finalized this summer as IRS works with the tax professionals to finalize the form. The

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Tax Reform Changes Affecting Partnerships and LLCs and Their Owners

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 Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as

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IRS Auditor Doesn’t Know the 90-Day Mileage Log Rule

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, you are in what former presidential candidate Ross Perot called deep doo-doo. Think about it. If you don’t have a log for mileage, what is the IRS going

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Technique That Increases Deductions on Your Vacation or Other Home

If your property qualifies as a “residence,” you face the strictest limits of the vacation home rules. Your property is a “residence” if you use the rental property for personal use for more than the greater of 14 days in the year or 10 percent of the days during the year in which you rent

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Does Non-Home Use of Your Home Damage Your $250,000 Exclusion?

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone. Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and non-qualified use: Qualified use means the time

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Be Alert to the New Tax Reform Attack on Roth IRA Recharacterizations

When you convert your existing traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to traditional IRA status, the reversal is called a recharacterization in IRS-speak. If you had a sizable accumulation in your traditional IRA, the ability to convert that traditional IRA to a Roth IRA and

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What Did the New Tax Plan Do to Your Tax-Free Supper Money?

Here’s how the Tax Cuts and Jobs Act (TCJA) applied its tax reform to your supper money meal allowance and the four rules that give you the tax deduction. Before tax reform, you deducted 100 percent of the supper money cost. Now, because of tax reform, your tax deduction for supper money is subject to

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Tax Reform Planning – Let Us Help

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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