The Tax Cuts and Jobs Act lowered the corporate income tax from a maximum rate of 35% to a flat rate of 21% beginning in 2018.
The Tax Cuts & Jobs Act (TCJA) incorporates four tax accounting changes that are noteworthy.
Starting 4/1/18, Medicare will start a yearlong project to replace all current Medicare cards for beneficiaries to convert to alphanumeric ID numbers.
They (Congress) wanted to repeal the “death tax.” They (Congress) told us they were going to repeal the “death tax.” So what happened?
The recent changes to the tax code resulting from the Tax Cuts and Jobs Act uniquely effects each individual filing an income tax return.
Posted by : Jordon Rosen, CPA, MST, AEP® The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%. This includes personal service corporations which were previously taxed at a flat rate of 35%. However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or … Continued
The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.
With the tax reform bill signed into law it is time to prepare for changes to the existing withholding tables and systems. Although the new tax bill has initially taken effect as of January 1, 2018, the IRS is still working on developing and issuing the withholding guidance.
As we prepare for the approaching tax filing season, we have some important information to share regarding the filing of certain Forms 1099-MISC.