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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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US House Budget Committee Passes Legislative Tool for the Next Phase of Tax Reform

The US House Budget Committee has approved a legislative tool Republicans might use for the next phase of federal tax reform. On June 21, a fiscal year (FY) 2019 budget resolution passed the budget committee by a 21-to-13 party line vote. If approved by both chambers, the budget resolution would allow congressional Republicans to approve

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2018 What’s New in the Tax Cuts and Jobs Act

Our friends at Wolters Kluwer created this infographic that provides a great comparison between the previous tax law and the current one. Have any questions?  Drop us a line or give us a call!  We’d be happy to work with you! Images © 2017 CCH Incorporated and its affiliates.  All rights reserved.

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16Jun

June Tax-Saving Tips

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

11Jun

5 TV shows to teach your kids about business

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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05Jun

IRS issues new Strategic Plan; five-year plan’s goal to help taxpayers

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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08May

Memories and Miracles in May

All, please see the great events in May related to the College of Engineering. Much to be thankful for!! As I was recollecting some of my recent HBU memories this morning, I came to observe a pattern of Memories and Miracles in May as seen below: • May 28, 2015 Dr. Sloan began a small

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07May

“Phase Two” of Tax Reform – May, 2018

“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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