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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Tax reform made changes to the tax law that significantly impact the alternative minimum tax AMT. The changes could mean more money in your pocket and less going to the government. If you own a C corporation, then you are the big AMT winner: Tax reform completely eliminated AMT for C corporations. C corporations are
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S Corporation Fringe Benefits after the Recent Tax Reform Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee
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What travelers need to know about cybersecurity Cultivating a relationship with the IT department is the best first step for executives concerned about cybersecurity while on the road. Technology and analyticsIn addition to the usual travel hassles, today’s executives on the go have an additional layer of worry: keeping their electronics and information safe. Mobile
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Destroy your hotel room keys and your boarding passes. Both contain routes to tons of your personal information, a treasure trove for hackers
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March 22, 2018The American Institute of CPAs (AICPA) requested immediate guidance from the Internal Revenue Service (IRS) and U.S. Department of the Treasury on various issues regarding section 199A of the new Internal Revenue Code, the deduction for qualified business income (QBI) of pass-through entities. “Taxpayers and practitioners need clarity regarding QBI in order to
A bipartisan proposal to redesign the IRS for the first time since 1998 was released on March 26. House Ways and Means Oversight Subcommittee Chairman Lynn Jenkins, R-Kan., and ranking member John Lewis, D-Ga., released the Taxpayer First Bill, a discussion draft of proposed legislation to improve IRS operations.“I am proud of the work this
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Federal Tax Day – Weekly Report from Washington, D.C.,(Mar. 19, 2018) The Trump administration and House Republicans are working on a “phase-two” of tax reform. Additionally, an IRS reform bill is expected to be released from the House Ways and Means Committee in the coming weeks. A Ways and Means spokesperson told Wolters Kluwer that
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Federal Tax Day – Current, C.1,Lawmakers, White House Continue to Talk Tax Reform Although tax reform was enacted last December under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97), the discussion of tax cuts and reform continues to be a priority among lawmakers on Capitol Hill. Additional tax bills are expected to move through
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Yes, Tax Reform Did Kill Prospect and Client Meal Deductions You likely have heard conflicting information on the deductibility of business meals with clients and prospects. I have spent time researching this issue, and my conclusion is that tax reform eliminated tax deductions for business meals with clients and prospects. Before enactment of the Tax
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