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Your Guide to Tax Planning in 2021
Posted by Joanna Powell on Thu, Dec 10, 2020 @ 12:13 PM

The IRS and the Social Security Administration have released 2021 inflation-adjusted figures for more than 50 tax provisions. In addition to a 1.3% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2021 adjustments generally are used on tax returns filed in 2022.

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Topics: individual tax, tax planning, tax deductions, business tax, Taxes, cost-of-living, tax credit, Tax Cuts and Jobs Act, TCJA, Joanna Powell, COLA, AMT

Take a Closer Look at the Final QBI Deduction Regulations
Posted by Jeremy Sherman on Thu, Jun 13, 2019 @ 02:38 PM

One of the most significant provisions of the tax reform law known as the Tax Cuts and Jobs Act (TCJA) has been Internal Revenue Code Section 199A. This new provision introduced the qualified business income (QBI) deduction, which allows pass-through entity owners to deduct up to 20 percent of their share of business income. The new law initially left pass-through entities and their tax preparers with many questions about how the QBI deduction would work. In August 2018, the IRS released proposed regulations that fleshed Section 199A and gave taxpayers substantial guidance about how it would impact their returns. The final version of these regulations was released on Jan. 18, 2019, which deviates only slightly from the proposed version – with a few key exceptions.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, Jeremy Sherman, Section 199A

Your Guide to the Qualified Small Business Stock Gain Exclusion
Posted by Joanna Powell on Wed, Mar 20, 2019 @ 10:33 AM

Qualifying C corporations have long offered tax benefits to their investors under Section 1202 of the Internal Revenue Code, but fluctuations in the benefit and the capital gains tax have limited its use. Tax reform under the law commonly known as the Tax Cuts and Jobs Act (TCJA) may make the Qualified Small Business Stock (QSBS) Exemption in Section 1202 benefit more widespread and appealing for small businesses. To take advantage of the QSBS Exemption, both businesses and their investors need to be aware of how it works, its potential limitations, and the planning opportunities available.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, C Corporation, Joanna Powell, Qualified Small Business Stock Exemption, Qualified Small Business Stock, QSBS

Preparing for Filing Season: 199A and What Pass-Through Owners Need To Know
Posted by Elizabeth Whitney on Tue, Mar 19, 2019 @ 06:27 PM

The dawn of the first filing season with the new Qualified Business Income (QBI) deduction has arrived. Business owners and their tax advisors now seek the payoff from extensive planning during the prior year to maximize this deduction. Amidst planning for the QBI deduction under Section 199A, some important questions lingered. Luckily for everyone, final regulations on the QBI deduction resolve some of these lingering issues. These answers are generally positive and may afford certain taxpayers a deduction where none was anticipated. All pass-through owners can benefit from a familiarity with QBI deduction information coming their way, but first we will explore some important changes made under the final regulations.

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Topics: tax planning, tax, tax forms, QBI, Qualified Business Income, Business owners

Preparing for Tax Season: Know Your Information Documents
Posted by Deb Malone on Mon, Mar 4, 2019 @ 10:51 AM

The tax filing season opened on Jan. 28, and the partial government shutdown is over, for now. As the IRS accepts tax returns it will be business as usual for individuals and entities who are required to provide tax information documents. Hence, you will still be receiving all of those “Important Tax Documents” letters in the mail or in electronic format. This includes W-2 forms, any number of types in the 1099 series, and K-1 schedules.

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Topics: tax planning, tax, tax forms, 1099, W-2

2019 Tax Rates and Inflation-Adjusted Figures Released
Posted by Joanna Powell on Fri, Dec 7, 2018 @ 04:15 PM

The IRS and the Social Security Administration have released 2019 inflation-adjusted figures for more than 50 tax provisions. In addition to a 2.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2019 adjustments generally are used on tax returns filed in 2020.

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Topics: tax planning, year-end tax planning, IRS, Inflation-Adjusted, Tax Cuts and Jobs Act, TCJA, Social Security, 2019 tax planning, Joanna Powell

Embrace Changes to Your Tax Strategy
Posted by David Bussius on Fri, Dec 7, 2018 @ 08:39 AM

The term “tax planning” holds more weight in 2018 thanks to the Tax Cuts and Jobs Act (TCJA). The tax reform bill was passed at the end of last year, and most of its modifications became effective in 2018. These changes present a unique opportunity for you to look at your taxes in a new light, explore new benefits, and with any luck, pay fewer taxes. Below highlights some key areas of impact that may require a change in your tax planning and strategies.

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Topics: David Bussius, tax planning, year-end tax planning, Tax Reform, Tax Cuts and Jobs Act, TCJA, 2019 tax planning

Trump Administration and Republican Leadership Release Tax Reform Plan
Posted by Chrissy Hammond on Thu, Sep 28, 2017 @ 12:16 PM

President Trump, working with a group of six administration officials and Republican leaders from Congress (the “Big Six”), announced a 9-page framework for tax cuts on September 27 (the “Framework”), marking the most significant development since the administration’s unveiling of its tax reform outline April 26. Accompanied by a speech in Indiana from President Trump, the Framework capitalizes on many ideas previously endorsed in the President’s Tax Outline and in the House Republican Blueprint. The Framework will still require tremendous work by the Congressional tax writing committees to flesh out the concepts, but it gives us the latest thinking on where tax reform may go.

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Topics: tax planning, Taxes, Corporate Taxes, Indivdual Taxes, Tax Reform, Tax Plan, Trump Tax Plan, tax updates, tax framework, international tax

5 Considerations for Year End Tax Planning
Posted by Michael Corrente on Fri, Dec 9, 2016 @ 08:32 AM

For the first time in several years, the fate of several federal tax provisions will not be a factor in making year-end tax planning more complicated. Numerous popular provisions that had previously been left to expire each year received a permanent extension in 2015 with the passage of the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). Others were renewed for several years.

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Topics: tax planning, Taxes, Year End Taxes

Tax Implications for U.S. Employees Working Offshore
Posted by Marc Lovell on Thu, Dec 8, 2016 @ 03:15 PM

With the strengthening U.S. economy, tax planning and reporting is on the rise for companies who have employees working outside the U.S. for an extended period of time. The typical scenario is a U.S. citizen-employee of a U.S. parent corporation who is transferred to work for a foreign subsidiary.

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Topics: tax planning, Taxes, U.S. Tax Laws, Offshore, Marc Lovell

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