With the final Tax Cuts and Jobs Act now signed by President Trump—and many clients already asking their accountants what they should do this year in light of the bill’s provisions—Surgent’s internal team of tax experts has prepared an all-new professional education course, Critical Tax Reform Update for CPAs: The Tax Cuts and Jobs Act (TACT). This […]
Displaying: tax reform
Highlights of the Compromise Tax Reform Package
Republican lawmakers released their conference committee report for The Tax Cuts and Jobs Act on December 15, 2017. This compromise tax reform package passed in both the House and Senate the week of December 18th. President Trump’s signature has heralded in the most substantive changes to the tax code in over 30 years. The basic […]
Tips for 2017 Year-End Planning Amid Our Uncertain Environment
With the House and Senate bills being reconciled in an effort to pass a tax reform law, it is incredibly difficult for a professional to competently advise an individual on year-end planning. To illustrate this point, the IRS itself has punted on usually already issued withholding guidance as it awaits the finalized legislation. Here, however, […]
Senate Passes Own Version of Tax Cuts and Jobs Act
The Senate passed its version of the Tax Cuts and Jobs Act at approximately 2 a.m. on the morning of December 2, 2017, almost entirely along party lines. The final vote was 51-49 with only Senator Bob Corker (Republican, Tenn.) defecting. The House is scheduled to vote December 4, 2017 regarding conferencing with the Senate […]
How Tax Reform Could Impact Financial Statements
As Tax Reform legislation works its way through Congress, we’ve mostly heard about its potential impact on personal or corporate income tax bills (i.e. “how will the GOP tax plan affect me?”) However, those involved in the financial reporting process should also be considering how potential tax reform could impact financial statements. Per ASC Topic 740, […]
Senate Tax Reform Highlights and Key Differences from the House Bill
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 – […]
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 […]
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. […]
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.