By Nick Spoltore On November 9, 2017, the Senate released its Description of the Chairman’s Mark of the “Tax Cuts & Jobs Act,” detailing many proposed changes to the Code. The following highlights are major points of the proposed legislation. The changes apply to tax years beginning in 2018 unless noted. 2017 Tax Rates – […]
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Tax Cuts and Jobs Act Talking Points: The Top 5 Topics Your Clients Will Ask You About
By Nick Spoltore On November 2, 2017, the House released The Tax Cuts and Jobs Act. It is the most comprehensive tax legislation since 1986. Its intended tax reform may very well affect each American taxpayer. The Senate just announced it will release its own tax reform legislation by the end of this week, so […]
Policy Highlights of the Tax Cuts & Jobs Act
By Nick Spoltore Early on November 2nd, a press release from the U.S. House of Representatives Committee on Ways & Means provided policy highlights of the Tax Cuts & Jobs Act. The following are the hot-off-the presses details you and your clients need to know. The tax rates will be 12%, 25%, 35%, and 39.6% – retaining the current […]
Recharacterizing Conversions with Market Losses (Deadline Approaching!)
By: Denise Appleby, CISP, CRC, CRPS, CRSP, APA As the deadline for recharacterizing a 2016 Roth IRA conversion approaches, practitioners will likely be consulted about whether individuals should recharacterize their 2016 Roth conversions. In cases where the Roth conversion amount has lost market value, a recharacterization might make good tax sense. In this article, we […]
Where Are We On the Trump Tax Reform Plan?
By Nick Spoltore On September 27, 2017, the Trump Tax Reform Plan (the framework of the “Big Six” group of Congressional and White House tax-reform precepts) was released. In the document, titled “Unified Framework For Fixing Our Broken Tax Code,” President Trump lays out four principles for tax reform at the core of this unified framework: 1. […]
Updated Better Care Reconciliation Act (BCRA) Retains Obamacare Taxes On Wealthy
The latest version of the Better Care Reconciliation Act (BCRA) was unveiled on July 13, 2017. Among other items, it retains Obamacare taxes on the wealthy. Read more on this and how other elements of the bill could impact your clients.
As Rare As The Unassisted Triple Play
Treasury recently identified eight regs to be rescinded or modified. The undertaking is quite an anomaly, akin to the scarcity of the unassisted triple play. Read more on the eight regulations in question.
(Video) American Institute of Certified Tax Planners President Dominique Molina: Even Tax Geeks Get Creative
Surgent CPE instructor Dominique Molina, CPA, CTC says her love of numbers began at age 8, when she started balancing her parents' checkbook. Watch this video for why the co-founder and president of the American Institute of Certified Tax Planners is proud to be labeled a "tax geek," and says that even tax geeks can get creative!
Trump Administration’s Plan to Raise Standard Deduction Could Reduce Schedule A Filers by 80 Percent
If the Trump Administration's plan to raise the standard deduction becomes law, Surgent CPE estimates the number of Schedule A Filers will be reduced by 80 percent.
“A Better Way,” The Mnuchin Rule, and Anticipation of Trump’s April 26 Announcement
In anticipation of President’s Trump’s proclaimed “big tax reform and tax reduction” announcement on April 26, we take a closer look at the proposals of each of the key players in the Republican tax reform effort.