The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017. (more…)
President Trump’s campaign promise of major tax reform was fulfilled on Dec 22nd when he signed H.R. 1 that had been quickly pushed through Congress. This legislation is the most widespread change to our tax system since 1986. It will have a significant impact on individuals, business entities, choice of corporate structures and multi-national businesses. The implementation of some of the changes is subject to varying interpretations so we are anxiously awaiting further guidance from the IRS. (more…)
The Republican promise of tax reform in 2017 took a huge step forward yesterday when Republican lawmakers released a framework for tax reform, announcing that their goals are to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The framework generally reiterates proposals made by President Donald Trump in April. (more…)
ASL Principal Carol Wagner began serving in the role of Secretary for the California Society of CPAs (CalCPA) in May 2011. She will serve as Secretary until April 2012, and most recently served on the CalCPA board as Treasurer. Carol has been a member of CalCPA since 2001, and is also the Chair of the Silicon Valley/San Jose Chapter’s Accounting Principles and Auditing Standards committee since 2006. Carol is also in charge of ASL’s Audit and Accounting department, and has more than 20 years of experience.