Categories for In the Now

Jan
25
2018

Tax Cuts and Jobs Act of 2017: Summary and Analysis

To download a PDF version of the below post, please click here:
2017 TCJA Summary and Analysis

**With the recent changes in tax law, we are posting the below as a summary and analysis that we hope will aid in understanding some of the changes in the new tax law that was passed on December 22, 2017. Please note that while efforts were made to assure the accuracy of the below article,

Jan
18
2018

Dates to remember for the 2018 Tax Filing Season

The 2018 tax filing season will begin on Jan. 29, the IRS announced. That’s the date the IRS will begin accepting electronic and paper returns (though many tax professionals and software companies will accept returns earlier). Processing returns will begin in mid-Feb. The earliest that refunds claiming the earned income credit or additional child tax credit will be available will be Feb. 27. The IRS expects over 90% of refunds to be issued within 21 days.

Jan
16
2018

Tax Court upheld an IRS decision regarding Lump Sum Social Security Benefits

A couple must pay tax on a lump sum Social Security benefit. The U.S. Tax Court upheld an IRS decision that a married couple should have included in their gross income a lump sum, which the husband had received in the year at issue. It included past-due benefits that had accrued during years while the husband was awaiting a decision on his disability claim. The taxpayers argued that if they’d received the payments over a three-year period as they accrued,

Nov
08
2017

Property Tax Deduction reform bill.

The property tax deduction will remain in the U.S. House tax reform bill. Ways and Means Committee Chairman Kevin Brady (R-TX) said a deduction for some local taxes will remain in the soon-to-be-released tax bill. “We are restoring an itemized property tax deduction to help taxpayers with local tax burdens,” he stated. Republicans had proposed eliminating the federal deduction for state and local taxes (SALT). Analysts say that doing away with the SALT deduction would hit upper-middle-class families in high-income-tax states.

Nov
01
2017

Access My Social Security On The Go


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Aug
14
2017

Is one of your nonprofit’s board members behaving badly?

 

Your not-for-profit has probably spent a lot of time and effort attracting board members who have the knowledge, enthusiasm and commitment to make a difference to your organization. Unfortunately, what begins as a good relationship can sour over time, and you may find yourself in the tough position of having to “fire” a board member.

8 deadly sins

Several behaviors can interfere with your board’s efficacy. Pay particular attention to members who:

1.

Aug
11
2017

Will Congress revive expired tax breaks?

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on.

Back in December of 2015, Congress passed the PATH Act, which made a multitude of tax breaks permanent. However, there were a few valuable breaks for individuals that it extended only through 2016.

Aug
04
2017

A refresher on the ACA’s tax penalty on individuals without health insurance

 

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.”

Penalty exemptions

Before we review how the penalty is calculated,

Jul
07
2017

Summer is a good time to start your 2017 tax planning and organize your tax records

You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips:

Take action when life changes occur.