For the first time in over 30 years, Congress has approved and the President has signed into law a massive tax reform package not seen since 1986. The enactment of the law officially known as “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (which we will simply call the new Tax Act), has far-reaching consequences to almost every taxpaying individual and business entity.
Our goal here at Abbott Stringham and Lynch is to provide our clients and friends with the tools and information you need to successfully navigate the “simplified” tax laws so that you can operate your business and organize your personal affairs in order to pay the least amount of tax required by law. To that end, we have organized a series of tax webinars to discuss tax reform legislation and provide observations on key provisions of the Act as they relate to individuals, estates, corporations and pass-through entities (S corporations and partnerships). (more…)
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…)
By Michael McAndrews, Principal
ASL Technology Group
With all that has been happening, both within the US and internationally, Tax Reform legislation seems to have faded somewhat into the background. While it is still alive and well, the prospects for passage of major tax reform in 2017 have dimmed a bit. Most analysts are predicting passage of a modest tax reform measure in 2017, without the dramatic changes the Trump administration has proposed. (more…)
With Donald Trump firmly in office as the U.S. president and a Republican majority in Congress, it’s widely expected that 2017 will bring significant tax reform.
The Congressional Research Service (CRS) recently published a report highlighting several considerations that lawmakers may take into account in tax reform discussions.
Although tax reform often seems like a moving target, congressional Republicans and President Trump have each set out a number of ideas about how to modify the U.S. international corporate system.
Reports indicate that the President and congressional Republicans have begun tax reform discussions. However, what will ultimately be introduced as proposed laws remains to be seen. (more…)
By Tony Dai, Senior Tax Manager
ASL Technology Group
The combination of a Republican president and Republican majorities in both the House and Senate significantly increases the prospects for enactment of comprehensive tax reform, including legislation to repeal the Affordable Care Act (commonly known as ObamaCare). Below is a chart comparing the current law to the various proposals.
Overview of various proposals: (more…)
On June 24th, Ways and Committee Chairman Brady released a blueprint for tax reform labeled as “A Better Way for Tax Reform.” The agenda is a result of a committee formed to study and develop policy recommendations under Speaker Ryan’s direction to create new jobs, grow the economy, raise wages by reducing tax rates, and to make the code simpler and fairer.
The result is a blueprint of the current House’s view of tax reform. The intent of the blueprint is to be ready for legislative action in 2017. Key provisions of the reform blueprint include: (more…)
It is my pleasure to introduce guest blogger Annette Nellen, CPA, Esq. to you. She is a professor at San Jose State University and Director of their MS Taxation Program, where I earned my MS in Taxation. I hope you enjoy her post on Tax Reform: For the past two years, there has been much talk and discussion in Washington about tax reform. The talk tends to be general, such as calling for elimination of “loopholes” without mentioning any in particular. Discussions, such as hearings in the House Ways and Means and Senate Finance Committees, tend to focus more on trying to uncover the problems with our current tax system, rather than crafting proposals to improve the system. At some point, likely after the November election…