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New Tax Law a Game-Changer for Corporations

January 26, 2018

Reducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and... Read More

What the New Tax Law Means for Your 1040

January 18, 2018

The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected... Read More

Complex New Rules for Passthrough Taxes Explained

January 12, 2018

Just before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business... Read More

Large Employers Should Watch for IRS Letters about their Company Health Plans

January 8, 2018

While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance plans. Employers with 50 or... Read More

A New Tax Era Begins – Actions to Take by Year End

December 22, 2017

The Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial... Read More

Biggest Tax Changes in 30 Years Passed by Congress

December 20, 2017

Last night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into... Read More

Partnership Loses Millions for Faulty Conservation Easement on Famous Building Façade

November 20, 2017

The Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then housed retail, offices... Read More

Million Dollar FBAR Fine not Excessive, Court Rules

November 20, 2017

Letantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes by opening... Read More

Congress in Its Own Christmas Rush to Pass Tax Reform

November 15, 2017

Side-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee... Read More

Movement Afoot to Lessen IRS Power over Your Money

October 24, 2017

Everyone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories to stop. Their solution? A proposed a... Read More

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