Archive for the News Category

GOOD NEWS FOR 2019 in retirement funding!

On November 1, IRS issued Notice 2018-83, providing the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. Highlights include the increased contributions limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s

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NOTICE to Taxpayers with high incomes and complex returns

Taxpayers with high incomes, complex returns:  Check withholding soon to avoid a year-end tax surprise WASHINGTON — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file

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IRS News Release – 20 Percent Deduction of Qualified Income

On August 8, 2018, the IRS issued proposed regulations related to the Qualified Business Deduction (Section 199A) which allows for pass-through businesses and sole proprietorships to deduct 20% of their “qualified business income”. Section 199A is complex with many varying facets and limitations to the deduction, including

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Tax Reform Bill: Changes to Expect

On December 28, 2017, we posted some information on the new tax reform bill,H.R.1, the Tax Cuts and Jobs Act, passed by Congress on December 20, 2017.  Many of you are concerned about how the new bill will affect you—especially if you normally use itemized deductions (greater than the

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Tax Reform Bill – Effective 2018

Now that the 2018 Tax Reform Bill has been signed into law and will be effective in the 2018 tax year, there is one question being asked from our clients more than anything else: Should I prepay 2018 property (or state income) taxes? Answer: From our professional

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