IRS Issues Notice of 2018 Required Amendments for Individually Designed Retirement Plans

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In Notice 2018-91, the Internal Revenue Service has announced there are no changes in qualification requirements on the 2018 Required Amendments List (RA List) for individually designed qualified retirement plans. Generally, the RA List includes statutory and administrative changes in qualification requirements that are first effective during the plan year in which the list is […]

Tax Reform’s Business Interest Limitation Expected Soon

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One important change in the tax law mandated by the Tax Cuts and Jobs Act P.L. 115-97, was a new limitation on the deductibility of business interest.  Historically, bona fide interest paid on business loans was a deductible expense against any revenue generated by the borrower business.  The new limitation presents a striking change from […]

House Ways and Means Chair Brady Notes New Middle-Income Tax Cut Conditionally Expected in 2019

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A new ten percent middle-income tax cut is conditionally expected to be proposed in 2019, according to the House’s top tax writer, House Ways and Means Committee Chairman Kevin Brady, R-Tex.,  This timeline, although largely already expected on Capitol Hill, departs sharply from President Donald Trump’s original prediction that the measure would surface by November […]

Tips for Taxpayers Affected by Disasters

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The Internal Revenue Service has issued a Tax Tip for taxpayers who have experienced a loss of critical operational and financial records in a disaster.  Though most of our clients and contacts do not need to be concerned about an earthquake or hurricane, there is often an incident of regional flooding due to storms throughout […]

Social Security Wage Base Increases for 2019

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The Social Security Administration (SSA) issued a Release that the maximum earnings subject to the Social Security component of the FICA tax will increase from $128,400 to $132,900 for 2019. This change means that for tax year 2019, the maximum Social Security tax that employers and employees will each pay is $8,239.80 ($132,900 x 6.2%). […]

Tax Reform 2.0 on the Way?

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As reported in a previous post, the House Ways and Means Committee released three tax bills, referred to as “Tax Reform 2.0,” in late August. All three bills were approved by the House at the end of September. The passage of these bills is the next step toward making additional substantial changes to the already […]

Deductibility of Business Meals after the Tax Cuts and Jobs Act

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As we have posted previously, the Tax Cuts and Jobs Act (TCJA) made changes to the business expense deduction for meals and entertainment. The TCJA disallowed the deduction for expenses related to activities generally considered to be entertainment, amusement or recreation, that were incurred in years beginning after December 31, 2017. However, in most cases, taxpayers […]