The Down Side of the New Tax Reform
The Tax Cuts and Jobs Act (TCJA) included many taxpayer-friendly changes, such as lower tax rates overall, and a much larger standard deduction for individuals. However, not all of the [...]
Charitable Giving under the New Tax Reform
Our clients are some of the most charitable people we know! With the new tax reform, we have heard many client questions on the ongoing ability to take a tax [...]
Tax Reform and Education Funding
The Tax Cuts and Jobs Act modifies qualified tuition programs and the exclusion of student loan discharges from gross income. There was much debate regarding changes to other educational benefits [...]
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 [...]
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 [...]
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 [...]
President Trump’s New Tax Proposal
From the Desk of Michael T. McCormick President Trump’s New Tax Proposal President Trump outlined his new tax proposal on Wednesday that the Administration intends to submit to Congress. “Today [...]
PATH Act “extenders” and More: Year End Tax Planning Series
PATH Act "extenders" and More: Year End Tax Planning Series Continued To continue our discussion on year-end planning considerations, keep in mind that what Congress giveth it occasionally taketh away! [...]
Tax Planning for the Donald Trump Presidency
From the Desk of Michael T. McCormick Tax Planning for the Donald Trump Presidency After a heated presidential election, the time is now to look forward and see what changes [...]