IRS Warns Travelers: Passports Can Be Suspended
I have mentioned this topic in prior blogs, but the IRS issued a new reminder this week and I thought it couldn’t hurt to discuss the issue again. For seriously [...]
Home Ownership: Tax Cuts and Jobs Act, Part 3
Another big question coming from many clients regarding the new Act’s effect on their returns is about home ownership. Traditionally, tax law provides numerous incentives for home ownership by [...]
The Tax Cuts and Jobs Act, Part 2: Pass-through Income Deduction
There is an old saying that you cannot eat an elephant in one sitting, so over the next few blogs, I am going to take apart the new [...]
The Tax Cuts and Jobs Act: Tax Reform
The Tax Cuts and Jobs Act was signed by President Trump on December 22nd and is now law! The new law makes sweeping changes to the U.S. tax code [...]
Tax Reform Law Has Passed Congress
The new tax reform law has passed Congress and is awaiting the President’s signature! There are a lot of Christmas goodies in the new law, but a few lumps [...]
Tax Reform: The Conference Committee
The Conference Committee has reached a deal on tax reform! The bill will now go to the full House and Senate where it is expected to pass. I will have [...]
Tax Reform Update
The House of Representatives has passed a tax reform bill, which for the first time since the 1980’s, would enact fairly comprehensive changes to our Tax Code. The Senate is [...]
IRS Data Mining: Social Media
From the Desk of Lauran L. Stevenson IRS Data Mining: Social Media We are all aware that big companies collect our information to market better. There are other organizations, such [...]
The New Illinois Tax Hike
From the Desk of Michael T. McCormick The New Illinois Tax Hike Illinois budget legislation has been enacted over Gov. Bruce Rauner’s veto that increases corporate and personal income tax [...]
Taxpayer Advocate Service Mid-Year Report to Congress
From the Desk of Lauran L. Stevenson Taxpayer Advocate Service Mid-Year Report to Congress This week’s post will introduce the Fiscal Year Objectives Report to Congress. This report presents a [...]
Form 1099 – Not to be Ignored
From the Desk of Lauran L. Stevenson Form 1099 – Not to be Ignored The difference between a 1099 and a W2 employee is how the monies and information on [...]
President Trump’s New Tax Proposal
From the Desk of Michael T. McCormick President Trump’s New Tax Proposal President Trump outlined his new tax proposal on Wednesday that the Administration intends to submit to Congress. “Today [...]