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Alert: The interest on your home equity loan may still be deductible

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 28, 2018 / No comments

Despite new restrictions under the Tax Cuts and Jobs Act (TCJA), the IRS announced that taxpayers can often still deduct interest on a home equity loan, home equity line of credit, or second mortgage, regardless of how the loan is labeled. On Feb. 21, the IRS clarified that the TCJA does suspend the deduction for

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TCJA will Change Tax Rules of the Road for Alimony

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 23, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) will be changing the tax rules of the road for alimony. Under current rules, individuals who pay alimony or maintenance can deduct an amount equal to the payments made during the year as an “above-the-line” deduction. And, under current rules, alimony and maintenance payments are taxable to recipients.

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Be on Alert for New Tax Scams

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 22, 2018 / No comments

The IRS is warning about new ways thieves are stealing from taxpayers. In one scam, criminals pose as debt collection agency officials acting on behalf of the IRS. They contact taxpayers to say refunds were deposited in their accounts in error. They ask the taxpayers to send the money back. In another scam, taxpayers receive

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FBAR Filers Get an Automatic 6-month Extension

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 21, 2018 / No comments

The Financial Crimes Enforcement Network (FinCEN) has clarified the due date of 2017 Reports of Foreign Bank and Financial Accounts (FBARs). While 2017 FBARs are now due on Apr. 17, filers who miss this deadline are given an automatic extension until Oct. 15, 2018. Certain taxpayers with foreign accounts must file an FBAR, although it’s

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New budget agreement brings additional tax changes

Robert Tighe

By: Robert Tighe

Posted February 14, 2018 / No comments

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9,

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The Bipartisan Budget Act of 2018

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 13, 2018 / No comments

The Bipartisan Budget Act of 2018, which contains some tax provisions, was signed into law on Feb. 9. It will fund the government through March 23, averting another government shutdown for now. It also extends for one year a set of tax provisions, known as “extenders,” which expired at the end of 2016. Other tax-related provisions include

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HCTC Questions?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted February 6, 2018 / No comments

Do you have questions about health coverage tax credits (HCTCs)? The IRS recently posted common questions and answers (Q&As) on its website to inform interested parties about advance payments of HCTCs for 2018. The HCTC is a refundable income tax credit for eligible individuals to help reduce the cost of certain coverage. The credit is

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Government Shutdown Tax Changes

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 24, 2018 / No comments

The government shutdown ends. Late on Jan. 22, President Trump signed a continuing resolution (CR) to fund the federal government until Feb. 8. The measure also contains some tax-related changes. It will delay for 2 years the 2.3% medical device excise tax (It took effect on Jan. 1, 2018); delay for 2 years (until 2022)

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The Tax Cuts and Jobs Act: Expenses

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 23, 2018 / No comments

The Tax Cuts and Jobs Act made two changes to business meals and entertainment expenses, effective for amounts incurred or paid after Dec. 31, 2017. The first change disallows deductions for business-related entertainment expenses. (Under prior law, a taxpayer could deduct 50% of such expenses.) In addition, the 50% limit on the deductibility of business

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How will the Tax Cuts and Jobs Act affect your estate plan?

Robert Tighe

By: Robert Tighe

Posted January 19, 2018 / No comments

Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of

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