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 [...]
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 Law Has Passed Congress
The new tax reform law has passed Congress and is awaiting the President’s signature! There are a lot of Christmas goodies in the new law, but a few lumps [...]
Tax Reform Update
The House of Representatives has passed a tax reform bill, which for the first time since the 1980’s, would enact fairly comprehensive changes to our Tax Code. The Senate is [...]
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 [...]
Time to Renew Expiring ITINS
Time to Renew Expiring ITINS For taxpayers who require an ITIN (Individual Taxpayer Identification Number), now is the time to renew it before the end of the year. Click here [...]
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 [...]
Tax Relief for Victims of Hurricane Irma
From the Desk of Lauran L Stevenson Tax Relief for Victims of Hurricane Irma Hurricane Irma left record breaking damage in its wake, leaving many taxpayers in uncertainty for the [...]
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 [...]
The New Illinois Tax Hike
Illinois budget legislation has been enacted over Gov. Bruce Rauner’s veto that increases corporate and personal income tax rates, creates an income and personal property replacement tax addback for the [...]