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Tuesday, 17 July

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How Will the Tax Cuts and Jobs Act (TCJA) Affect State Income Taxes?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted July 10, 2018 / No comments

State legislatures have been busy formulating responses to changes brought by the TCJA. Many have already passed conformity statutes. Others have issued preliminary reports to clarify for the public how the TCJA impacts their state income taxes, including changes to standard and itemized deductions, personal exemptions and more. Still, other states have enacted laws to

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The House GOP Budget May Open the Door for More Tax Cuts

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 27, 2018 / No comments

House Republicans’ newly unveiled budget plan would allow lawmakers to use the reconciliation process to implement a second tax cut (or “Phase 2”) of the Tax Cuts and Jobs Act (TCJA). Under reconciliation, the bill would require only a simple Senate majority for passage instead of the usual 60-vote threshold. The House Ways and Means

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Supreme Court opens door to taxation of online sales

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 26, 2018 / No comments

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the

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IRS: Multi-Income Withholdings Amount

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 19, 2018 / No comments

If you and your spouse are both employed or you’re single and work more than one job, the IRS is urging you to check your withholding amounts. Due to changes made by the Tax Cuts and Jobs Act that affect 2018 taxes, the IRS is advising two-income families and taxpayers who work multiple jobs to

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The Social Security Wage Base Increase

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 13, 2018 / No comments

The Social Security “wage base” could increase to $132,300 for 2019. The Social Security Administration’s Office of the Chief Actuary (OCA) is projecting that the wage base will increase from $128,400 for 2018 to $132,300 for 2019. The wage base is the maximum amount of earnings subject to Social Security tax. Although the OCA has

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IRS Clarification Relevant Date

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 7, 2018 / No comments

Is the date an IRS notice is mailed the relevant date? The IRS can’t seize property unless it gives a person notice in writing of a right to, and the opportunity for, a hearing. Notice can be made by certified/registered mail or hand delivery at least 30 days before the first levy. In one case, the

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Don’t Forget About These Tax Breaks

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 22, 2018 / No comments

Business owners: Don’t forget about these tax breaks. The IRS is encouraging small business owners and self-employed individuals who work from a home office to explore the guidelines surrounding home office deductions. See IRS Publication 587 at https://bit.ly/2r5JfH8 The agency also is reminding employers that they can take advantage of the Work Opportunity Tax Credit

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Inflation-Adjusted HSA for 2019

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 16, 2018 / No comments

The IRS issues inflation-adjusted Health Savings Account (HSA) figures for 2019. For calendar year 2019, the annual contribution limit for an HSA for an individual with self-only coverage under a high deductible health plan (HDHP) will be $3,500 (up from $3,450 for 2018). For family coverage, the contribution limit will be $7,000 (up from $6,900

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Personal Income Tax: Lower Rates

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 8, 2018 / No comments

As you know, the Tax Cuts and Jobs Act (TCJA) made many changes to the federal income tax law. Personal income tax rates are now lower. Personal exemptions have been eliminated. The standard deduction has nearly doubled. The law also affected state payroll taxes in several ways. Many states are currently addressing TCJA changes in their

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What is the Research Payroll Tax Credit?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 1, 2018 / No comments

What’s the research payroll tax credit and how does it work? On its website, the IRS answers this question for employers seeking to claim the research expense credit against their payroll tax liabilities. Employers report wages, income tax withholding and FICA taxes quarterly or annually. Qualified small businesses with eligible research expenses may claim up

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