Tax Reform

We’re answering your questions on how the Tax Cuts and Jobs Act are affecting you; as individuals, businesses and C-Corporations.

tax cuts jobs act, corporate and individual tax rates, itemized deductions, mortgage interest and state and local taxes

The House of Representatives and Senate have both passed the “Tax Cuts and Jobs Act.” The compromise bill includes agreements on corporate and individual tax rates, the treatment of pass-through income, the estate tax, and itemized deductions such as those for mortgage interest and state and local taxes, among other areas. President Trump is expected to sign this legislation into law this week.

Read more…

tax reform bill tips

President Trump signed the TCJA into law on Friday, December 22, 2017.Cautionary notes:
The specific applications and appropriateness of these general comments will vary, based on individual circumstances. You should consult your tax adviser before undertaking any of the tactics discussed below.

Read more…

tax reform withholding guidance

On December 26, the IRS issued guidance on withholding, in light of changes to withholding tables and systems needed to conform with the Tax Cuts and Jobs Act, effective January 1, 2018. Please see the language from the IRS Statement below.

Read more…

tax reform hot topic the section 199a pass through deduction

The part of the new Tax Cuts and Jobs Act (“TCJA”) about which we at HM&M have received the most inquiries is the new “pass-through” deduction provided by Section 199A of the Internal Revenue Code. Section 199A is in effect for years from 2018 through 2025.

Read more…

Tax Reform Hot Topic Meals and Entertainment

Question:Are Business-Related Meals and Entertainment Still Deductible?
Answer: Fifty percent of all costs of reasonable business-related meals are deductible. Some exceptions exist. Except for limited situations and categories of expenses, entertainment costs are not deductible.

Read more…

How Tax Cuts and Jobs Act are affecting individuals, businesses, C-Corporations

Here are the presentation slides we have put together on the major changes from the Tax Cuts and Jobs Act and how these changes are affecting individuals, businesses, C-Corporations, and a variety of other topics.

Read more…

 

Tax Cuts and Jobs Act – Overview

§199A Pass-through Deduction


March 16, 2018

Vance Maultsby, CPA, discusses the new Entertainment & Meals expense rules under the Tax Cuts and Jobs Act.

February 19, 2018

Carrie Reese, CPA discusses Changes in Itemized Deductions due to the Tax Cuts and Jobs Act

January 18, 2018

Daryl L. Leick, CPA, discusses Excess Business Losses, a new provision from the Tax Cuts and Jobs Act of 2017.