As many people may remember one of Donald Trump’s campaign promises during the 2024 election was that he would eliminate taxes on social security. That did not happen. Instead, the recently enacted One Big Beautiful Bill Act...more
The Tax Cuts and Jobs Act (“Act”) (P.L. 115-97) signed into law by President Trump on December 22, 2017 and effective for tax years starting January 1, 2018 reflects a compromise between the House and Senate Bills as...more
1/9/2018
/ Alternative Minimum Tax ,
Business Taxes ,
Charitable Donations ,
Child Tax Credit ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
Local Taxes ,
Mortgage Interest ,
Pass-Through Entities ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The new tax bill, The Tax Cuts and Jobs Act (“Bill”), is estimated to add $1.5 trillion to the national debt over the next 10 years. The House Ways and Means Committee begins reviewing the Bill on Monday, November 6, 2017....more
11/6/2017
/ 401k ,
Alternative Minimum Tax ,
Business Taxes ,
Child Tax Credit ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Local Taxes ,
Property Tax ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
In Grecian Magnesite Mining, Industrial & Shipping Co., SA, v. Commissioner of Internal Revenue (filed on July 13, 2017), the United States Tax Court overturned Revenue Ruling 91-32 (which had been relied on since 1991) and...more
On April 26, 2017, the White House distributed a one-page outline of its tax reform proposals entitled “2017 Tax Reform for Economic Growth and American Jobs” (Outline). The reforms in the Outline are set forth in general...more