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Tuesday, 16 January

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2018 Tax Filing Season Will Begin Soon!

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 9, 2018 / No comments

The 2018 tax filing season will begin on Jan. 29, the IRS announced. That’s the date the IRS will begin accepting electronic and paper returns (though many tax professionals and software companies will accept returns earlier). Processing returns will begin in mid-Feb. The earliest that refunds claiming the earned income credit or additional child tax credit

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Businesses: Backup withholding is decreasing in 2018

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 4, 2018 / No comments

Taxpayers are required to deduct backup withholding on certain non-wage payments made to those who filed information returns but they had missing or incorrect taxpayer identification numbers. The backup withholding rate is 28% through Dec. 31, 2017. But under the Tax Cuts and Jobs Act, it will be reduced to 24% on Jan. 1, 2018.

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The IRS Means Business: Trust Fund Recovery Penalty

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 2, 2018 / No comments

The IRS means business. If employers withhold tax from employee paychecks but fail to pay that amount over to the IRS, the penalty (called the Trust Fund Recovery Penalty) is 100% of the unpaid tax, and can be assessed personally against responsible persons. When one law firm’s three equal shareholders failed to pay the tax,

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Tax Cuts and Jobs Act offers favorable tax breaks for businesses

Robert Tighe

By: Robert Tighe

Posted December 27, 2017 / No comments

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room

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New Tax Law Brings Big Changes for Individual Taxpayers

Robert Tighe

By: Robert Tighe

Posted December 22, 2017 / No comments

The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here

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Tax Law Signed into Law – How Pass-Through Limitations Work

Robert Tighe

By: Robert Tighe

Posted December 21, 2017 / No comments

The sweeping tax reform bill has finally passed both houses of Congress and will soon make its way to the President for his expected signature. At the last minute, a number of provisions were removed from the bill, including a provision allowing Section 529 account funds to be used for home schooling expenses. Meanwhile, another

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Congress passes biggest tax bill since 1986

Robert Tighe

By: Robert Tighe

Posted December 21, 2017 / No comments

On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual

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Proposed changes to the Federal Income Tax

Robert Tighe

By: Robert Tighe

Posted December 19, 2017 / No comments

As you know, both houses of the US Congress are considering proposed changes to the Federal Income Tax.  While nothing is final, one change under consideration would limit the deduction for local property taxes to $10,000 per year.  We bring this to your attention so that you (and your colleagues) can discuss it with your

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New Tax Law Process

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 12, 2017 / No comments

You may wonder why it’s taking so long for Congress to pass a new tax law. Right now, there are two versions of a bill, one in the House and one in the Senate. Both chambers need to agree on a single bill. The compromise version will then be voted on by the House and

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What Happens Next with Tax Reform?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted December 6, 2017 / No comments

On Dec. 2, the U.S. Senate passed the Tax Cuts and Jobs Act in a 51-49 vote. Many changes were made to the bill in order to win over the Senators who opposed parts of it, including a provision to keep the current individual alternative minimum tax (AMT), but with a higher exemption threshold. (The

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