As the proposed tax legislation is going through the reconciliation process, we are continuing to find various articles that delve deeper into certain provisions of the House and Senate bills. We again found two very comprehensive articles on the Forbes website. One of them focuses on the provisions of both bills that will effect landlords (click here to read) and the other analyzes who will benefit, and who will not, from the Senate tax bill (click here to read).
As proposed tax legislation winds through committees in the House and Senate, heading for votes during the holidays, we thought it would be a good time to take a closer look at the two different bills. We found two very comprehensive articles on the Forbes website. One of them compares the bills with existing law (click here to read) and the other compares and contrasts the bills with each other (click here to read).
Take a look and feel free to give us a call to discuss in further detail if you have any questions…and stay tuned for updates!
With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you. The 2017/2018 Tax Planning Guide is available here www.webtaxguide.net/Bregante.
Sweeping tax law changes that will impact individuals and businesses are outlined in the proposed Tax Plan released by the House Republicans on November 2, 2017 including:
- Proposed decreases to certain individual and most business income tax rates
- Repeal of a number of personal tax breaks including the deduction for state income taxes which can be significant for most California residents, reduction in the amount of new acquisition debt for principal residences that qualifies for the mortgage interest deduction, elimination of the mortgage interest deduction for […]
Our 2016/2017 Tax Planning Guide is now available. The election of a new President in addition to Republicans retaining control of Congress could result in significant changes in tax laws in the upcoming year. Our online Tax Planning Guide will give you access to updated tax and financial planning information throughout the year as legislative changes are made. Feel free to forward it to friends and family who you think might find it interesting or helpful. We hope this guide will prove to be a convenient resource for you throughout the year. Just a few of the topics covered in the guide are:
- Changes to some business and individual tax filing deadlines effective in 2017
- Tax planning for investments and net investment income tax
- How […]
Since compensation is subject to employment taxes (i.e., primarily Social Security and Medicare taxes) and distributions to shareholders are not, many S corporation owners reduce their compensation and increase their shareholder distributions in an attempt to avoid the employment taxes. In some cases this is justifiable, and in some it is not. The IRS is well aware of this issue; in fact, one of the IRS’s hottest audit triggers for S corporations is insufficient compensation paid to employee-shareholders.
The Journal of Accountancy recently published an article that provides nine steps to help S corporations reduce the likelihood of an IRS examination for unreasonable owner compensation. Read the article here.