It’s Not Too Late! Retirement Account Contributions for Tax Year 2017
For those of you who have been paying close attention to the Tax Cuts and Jobs Act, a direct change was made to Roth IRAs. The change removes [...]
IRS Warns Travelers: Passports Can Be Suspended
I have mentioned this topic in prior blogs, but the IRS issued a new reminder this week and I thought it couldn’t hurt to discuss the issue again. For seriously [...]
Home Ownership: Tax Cuts and Jobs Act, Part 3
Another big question coming from many clients regarding the new Act’s effect on their returns is about home ownership. Traditionally, tax law provides numerous incentives for home ownership by [...]
The Tax Cuts and Jobs Act, Part 2: Pass-through Income Deduction
There is an old saying that you cannot eat an elephant in one sitting, so over the next few blogs, I am going to take apart the new Tax [...]
The Tax Cuts and Jobs Act: Tax Reform
The Tax Cuts and Jobs Act was signed by President Trump on December 22nd and is now law! The new law makes sweeping changes to the U.S. tax code [...]
Tax Reform: The Conference Committee
The Conference Committee has reached a deal on tax reform! The bill will now go to the full House and Senate where it is expected to pass. I will [...]
Time to be Thankful: Thanksgiving 2017
It’s Thanksgiving week, and you are probably looking forward to spending the holiday feasting with family and friends! But before we get to the holiday, we wanted to thank all [...]
IRSAC Issued Annual Report for 2017
IRSAC Issued Annual Report for 2017 The IRSAC (Internal Revenue Service Advisory Council) is a federal advisory committee that reports to the IRS Commissioner. Check out the full post on [...]
The Hobby Loss Rule: What is the Hobby Loss Rule? Part I
From the Desk of Lauran L Stevenson The Hobby Loss Rule: What is the Hobby Loss Rule? Part I IRS Code Section 183, entitled Activities Not Engaged in for Profit, [...]
Tax Reform
From the Desk of Michael T. McCormick Tax Reform Looks like a coalition of Administration, Senate and House leaders have reached a tentative tax plan. The below is a rough [...]
IRS Tax Relief in the wake of Hurricane Harvey
From the Desk of Lauran L Stevenson IRS Tax Relief in the wake of Hurricane Harvey On Tuesday, the IRS made an announcement outlining several relief provisions for victims of [...]
Divorce or Separation May Affect Taxes
From the Desk of Michael T. McCormick Divorce or Separation May Affect Taxes Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have [...]