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: Vern Hoven

Tax Reform Highlights

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, an 1,101 page document into law. Here is a chart that briefly summarizes the major provisions affecting our business clients, including corporations, partnerships and sole proprietorships.

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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: Stephen M. Yoss, Jr.

Protecting Yourself and Your Clients Against Ransomware

Protecting Yourself and Your Clients Against Ransomware

Ransomware attacks are an increasing threat to the public. These attacks indiscriminately affect countless computers and can cause permanent loss of personal, organizational and client data every year. These attacks are responsible for billions of dollars in lost productivity, damaged reputation, and direct financial loss. Even the IRS has warned tax professionals that ransomware attacks are on the rise worldwide, and has launched a security awareness campaign called “Don’t take the Bait” to help tax professionals navigate these threats. You may be asking yourself, “what is a ransomware attack”? Or more importantly, “how do I protect myself, my organization, and my clients from them?

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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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