Individual and corporate tax returns will look significantly different come April of 2019. The Tax Cuts and Jobs Act passed in both the House and Senate last week and was officially signed into law on Friday by the President. Key changes to the tax code include a sharp reduction in the corporate tax rate, formation of new, lower tax brackets and elimination of certain deductions and credits.
Earlier this week the Trump Administration along with House Republicans published the Tax Cuts and Jobs Act. This legislation is based on the tax reform framework issued by the White House in September and focuses on delivering significant reform to the tax system.
The Affordable Care Act (ACA) appears to be sticking around, at least for the time being since repeal and replacement efforts have collapsed. With that in mind, it’s a good idea to make sure you understand the “individual mandate”, which … Continued
Most California businesses and individuals are familiar with the California Board of Equalization (BOE) as the taxing authority that administers state tax laws, collects taxes, conducts audits and hears appeals. Unlike other states that have a Department of Revenue, the BOE is an elected tax commission composed of five board members who serve concurrent four-year terms.
The Protecting Americans from Tax Hikes (PATH) Act made several significant changes to business tax planning strategies. While it’s still unclear what, if any, tax reform legislation will be signed into law this year, there are three main tactics businesses … Continued
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are … Continued
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by … Continued
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child … Continued
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.