The reality of tax reform and its effects on current year income and deductions will soon be evident as we move into the 2018 tax filing season. Though questions remain, there are steps which can be taken prior to year-end to take full advantage of the new provisions and avoid some of the pitfalls. We've compiled some of those steps for both individuals and business owners. You can download those below.
The 2017 Tax Cuts and Jobs Act made significant changes with respect to the deductibility of business meal and entertainment expenses. One of the biggest changes is the deductibility of entertainment expenses.
The Internal Revenue Bulletin 2018-10 was released March 5, and the Internal Revenue Service (IRS) described changes to the limit on health savings accounts (HSAs) as prescribed by the Tax Cuts and Jobs Act of 2017.
Our team has prepared a summary of key provisions from the Tax Cuts and Jobs Act (“Act”) which became law December 22, 2017.
Please click HERE to view those provisions.
Even though the specter of tax reform is looming large and it appears that a bill will be passed before year-end, most of the new provisions will not be effective until 2018.
On Thursday, November 2nd, the House GOP leaders took a big step in their attempt to overhaul the US tax code by releasing legislation that proposes several changes to the current system.
President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015, which extends or makes permanent many expired provisions retroactive to January 1, 2015. Permanently extended: Section 179 deduction up to $500,000 and R&D tax credit; 5 year extension: 50% bonus depreciation and WOTC. See article for full details of all provisions.
Topics: Tax Planning
Ohio Amended Substitute House Bill 64 ("HB 64") was signed into law June 30, 2015. The bill will cause significant changes to the Ohio Job Creation Tax Credit ("JCTC") and the Ohio Job Retention Tax Credit ("JRTC"). The bill becomes effective September 29, 2015.
HB 64 will significantly change JCTC and JRTC calculations for agreements approved by the Ohio Tax Credit Authority (“TCA”) before and after January 1, 2014. Calculations in agreements approved post-December 31, 2013, will now be focused on annual Ohio employee payroll rather than Ohio income taxes withheld. Impacted taxpayers are able to amend agreements to reflect the new payroll based computation method. The tax credit percentage awarded will be revised to account for the change from income tax withholding to employee payroll. Calculations in JCTC agreements approved pre-January 1, 2014, will be adjusted per a withholding factor discussed below. There will be changes to the annual report filed with Ohio Development Services Agency for the 2015 reporting period.
Topics: Tax Planning