News - GLO CPAs

05Oct

Entertainment Deductions: IRS’ Guidance

The IRS has issued Notice 2018-76 as its initial understanding of the deduction for entertainment under the Tax Cuts and Jobs Act (TCJA). The important part of an IRS Guidance is that taxpayers can rely on it. IRC Section 274 specifies the rules for deducting business meals and entertainment. Meals and entertainment are considered together

09Aug

Tax Reform 2.0 – Focus on Savings

Personal Savings For some time now, the US has lagged behind the many 1st world economies in terms of personal savings. The French, for example save more than 3 times as much as their US counterparts even with significantly higher income taxes. Oddly, when economic downturns hit, personal savings rates in that country go up read more

07Aug

3 Things You Can Do to Compete in an Exponential World

David Townsend, a professor of history, once told his class that history wasn’t just “one damn thing after another,” but is a set of linear, intermingled stories of those who came before us. He wanted his students to remember that history was about people and events that were shaped by other people and other events.

02Aug

Tech Watch – Your Next Phone will be 5G

Get ready, your next phone will be rolling out around the world in less than 2 years. The next generation of cell phone technology is just about the corner and it’s called 5G. 5G, or 5th Generation networks are the next generation of the mobile internet. These networks have much faster speeds, more reliable connectivity

27Jul

Universal Savings Accounts in Tax Reform 2.0

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 Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free.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

25Jul

Tax Reform 2.0

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

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

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

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

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