After months of stalled progress in the Senate, Congress passed the Setting Every Community Up for Retirement Enhancement Act (“SECURE” Act). This bill was attached to H.R. 1865, the “Further Consolidated Appropriations Act, 2020,” a $1.4 trillion year-end spending bill that funds the Federal Government through September 30, 2020. President Trump signed the bill into […]
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SALT-y High-Tax States File Appeal
The Tax Cuts and Jobs Act of 2017 (“TCJA”) was the most comprehensive overhaul of the Tax Code in over 30 years, but one of the most controversial changes was the limitation of the State and Local Tax (“SALT”) deduction. Prior to tax reform, taxpayers who itemized their deductions were eligible to deduct 100% of […]
Do Yourself and Your Clients a Favor – Attend Surgent’s Virtual Tax Conference 2019
It’s that time of year again. No, we’re not talking candy canes, presents under the tree, and the subsequent cherub in a top hat, sash, and diaper as Baby New Year in January, 2020. We are talking about our annual Virtual Tax Conference. This year’s offering should not be missed by any CPA or tax […]
401(k) Contribution and Catch-up Limits Rise for 2020
On November 6, 2019, the IRS announced in Notice 2019-59 the following cost-of-living adjustments for 2020: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500; The catch-up contribution limit for employees aged 50 and over who participate in […]
Random Musings on the Wealth Tax
By Nick Spoltore What image comes to your mind when you think about Robin Hood? Is it the incredibly charismatic Errol Flynn in The Adventures of Robin Hood from 1938? Perhaps you envision the 12th century English folk tale adventurer as depicted by Kevin Costner or Russell Crowe. My favorite would undoubtedly be Robin Hood […]
The 2019 Elimination of the Federal Individual Mandate: What You Need to Know for Tax Season
The Tax Cuts and Jobs Act brought about quite a few changes that went into effect in 2018, but several tax law updates weren’t slated to go into effect until the 2019 tax year. One of the biggest changes in 2019 is the federal level elimination of the individual mandate penalty, also called the Shared […]
Filing Relief for 2018 Partnership Returns
On July 25, 2019, the announcement of Rev. Proc. 2019-32 provided welcomed relief for Form 1065 filers. Under Section 6031(b), partnerships under the centralized audit regime are prohibited from amending, after the return’s due date, K-1 information required to be provided to partners. For 2018 returns, the K-1s show for the first time Line 20 […]
President Signs Taxpayer First Act of 2019
The Taxpayer First Act of 2019 was signed into law on July 1, 2019. The Act contains numerous provisions largely dealing with customer service to taxpayers and IRS organization. As such, there is little for professionals to digest in terms of substantive planning or practice. Two points, though, are noteworthy. The Act established the IRS […]
Safe Harbor for SALT Credit
IRS issued final regs (T.D. 9864) reiterating if a taxpayer receives or expects to receive a state or local tax deduction exceeding the amount of the payment or fair market value of the property, the federal charitable contribution deduction faces mandatory reduction. The final regs largely mirror the proposed regs of August 2018 with little […]
Tax and the Kentucky Derby
A Horse Named Tax Of the three Triple Crown races, the Kentucky Derby is the most well-known, highest attended, and highest grossing. It’s the most exciting two minutes in sports. And if you’re an accountant this year’s race will leave you beside yourself with excitement. Why you ask? Because there is a horse racing in […]