Recently passed tax bill denies (effective for amounts incurred after 12/31/17)
Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.). The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as…
Tax summary 2017
Click here to download tax summary 2017 report
Calendar year tax returns reporting 2017 information that are due in 2018
For calendar year tax returns reporting 2017 information that are due in 2018, the following due dates will apply. Form 2018 Filing Due Date (Tax Year 2017) Form W-2 (electronic or mail) Form 1065 – Partnerships Form 1120S – S…
Tax Reform Legislation Signed into Law in 2017
President Trump recently signed the tax reform bill into law, and it makes major changes to the U.S. tax code for both individuals and corporations.
1) New individual tax rates and brackets
For 2018 through 2025, the new law keeps seven tax brackets, but six are at lower rates. In 2026, the current-law rates and brackets would return. The temporary rate brackets under the new law are as follows.