By: Sharon Kreider

2018 Tax Postcard

2018 Tax Postcard

The IRS is about to officially release a draft of a postcard Form 1040. The smaller size is meant to convey that taxes are simpler after the enactment of the Tax Cut and Jobs Act.

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By: Sharon Kreider

Tax Reform: The 2018 Tax Bill

Although some have criticized the process and the policy decisions in the formulation of this major tax system overhaul, we in the tax and accounting industry wanted action and less talk about "maybe this will change and maybe that will stay." We are about to get our wish for something—anything—in concrete so we can get tax plans in place before year end and have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill.

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By: Sharon Kreider

Tax Reform Bill Introduced Nov 9, 2017

There will be many changes before we see final tax reform legislation making its way to the President’s desk as donors, lobbyists, and constituents weigh in. Here is a comparison chart that briefly summarizes the major proposals affecting our individual client.

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By: Sharon Kreider

House Ways and Means Committee Releases Its TCJA in First Effort Toward Tax Reform

On Thursday, the House Ways and Means Committee released a 429-page bill aimed at tax reform. The Tax Cuts and Jobs Act has winners and losers. The losers are already lining up to lobby for changes to reinstate and protect their precious “sacred cows” Thus, as you would expect, this legislation has a long way to go before it is on the President’s desk. Here is a brief summary of this first try at tax reform1.

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By: Sharon Kreider

A Framework for Corporate Tax Reform

Most agree that corporate tax reform is needed to put US corporations on a more equal footing with foreign businesses. Although short on details, leadership from the House, Senate and administration have proposed a Tax Reform Framework to the House Ways and Means Committee, charged with writing the tax reform legislation.

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By: Vern Hoven

eTax Alert: Tax Ramifications of Divorce

In a divorce, if the division of the marital assets is a non- taxable event. The problem is when it says it's a not-taxable event, it's treated like a gift. Most certainly it isn't a gift. They like each other and so when we're talking about a divisional marital asset is treated like a gift that means that the basis goes with whoever gets the property. It's not a sale. It's a gift. Why could we have a problem with this? What happens if we have two assets?

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By: Sharon Kreider

eTax Alert: Employment Tax

eTax Alert: Employment Tax

In a recent decision, the Tax Court provided relief to an employer who misclassified workers as independent contractors. If your client is facing a big employment tax bill, this case may provide help in minimizing the taxes due.

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