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President Trump has signed the Tax Cuts and Job Act into law on Friday, December 22, 2017. The bill is the most significant overhaul of America's tax system in decades and is a legislative victory for Congressional Republicans. He also signed a spending bill that keeps the government open until January 19, 2018.  The House and Senate voted and approved the bill earlier this week which reduces the corporate tax rate to 21 percent, the lowest rate since 1939 and cuts the tax rates for most American families...

Thursday, 21 December 2017

Congress approves GOP tax plan

The House and Senate have voted and approved The Tax Cuts and Jobs Act and President Trump is expected to sign it into law when it reaches the White House. Congressional Republicans are celebrating their most significant legislative victory as the $1.5 trillion tax bill will have broad effects on the economy and taxpayers.It is uncertain whether President Trump will sign the bill into law in 2017 or 2018 due to the PAYGO provisions...

On December 15, the House and Senate joint conference committee reached an agreement that reconciles the differences between the two versions of the tax reform bill passed by each respective House of Congress. Republicans have released the conference committee report that details the specifics of the final bill, which is scheduled to be voted on in the coming week. Here are the policy highlights from the report: Individuals: Individual tax rates are broken into seven brackets – 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. The highest bracket will apply to individual incomes above $500,000; married filing joint incomes above $600,000...

The IRS issued Revenue Procedure 2018-08, which provides safe harbor methods that individual taxpayers may use in determining the amount of casualty and theft losses under section 165 for personal residences and belongings. The IRS also released Revenue Procedure 2018-09, which provides individuals cost indexes that can be used under a safe harbor method to determine the amount of loss due to Hurricanes Harvey, Irma and Maria. Affected taxpayers who were not reimbursed under an insurance policy can deduct the loss under Code Sec. 165...

The Internal Revenue Service (IRS) has released the 2018 optional standard mileage rates used to calculate the deductible costs of operating automobiles for business, medical, moving and charitable purposes. Beginning January 1, 2018, the standard mileage rate has increased to 54.5 cents per mile for business travel and to 18 cents per mile for medical and moving uses. It will remain 14 cents per mile for charitable uses...

Effective January 1, 2018, the state sales tax rate on commercial rents will decrease from 6 .0 percent to 5.8 percent. While the rate reduction is a small one, it is viewed as a first step in hopefully eliminating a tax that has long been an added cost of doing business in the sunshine state since 1969...

It has been a tumultuous time since June for dental labs and dentists in regard to Michigan’s sales and use tax treatment of dental prostheses, but certainty appears to be on the horizon. As you likely recall, in mid-June, the Michigan Department of Treasury unexpectedly, and informally, announced that effective July 1, 2017, dental labs were to charge sales tax to dentists on sales of dental prostheses (bridges, crowns, dentures, etc.), but the labs would then be able to buy their materials and equipment tax-exempt for industrial processing. This was a change from Treasury’s long-standing interpretation of the law as saying that labs were providing a service to dentists and thus should not charge sales tax, but instead should pay sales/use tax on their purchase of materials and equipment...

Monday, 04 December 2017

Senate passes tax reform bill

Early Saturday morning, Republicans passed – by a thin margin – the Senate’s version of tax reform. Although this is a significant step forward towards actual legislation, the House and Senate still must reconcile their differences before a bill can be sent to President Trump for signature into law. With all that in mind, below are a few ideas to consider during year-end tax planning: Lower Individual Tax Rates Depending on an individual’s annual income and which rates the House and Senate agree on, there is a good chance many taxpayers may end up paying a lower tax rate in 2018. Consider, when possible, deferring bonuses and other items of income...

The Social Security Administration (SSA) has announced a correction to the wage base for 2018. The maximum amount of earnings subject to Social Security tax for 2018 has been reduced to $128,400, down from the previous $128,700 announced on Oct. 13, 2017. The Medicare tax rate for 2018 will remain at 1...

With services like Airbnb on the rise, property owners often rent their space when they’re away. But there’s more to renting than making extra cash – there are guidelines to consider. On Nov. 28, 2017, the Michigan Court of Appeals published a case (Rentschler v...

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