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 [...]
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: Senate Bill vs House Bill
In the early hours of Saturday morning the Senate passed its version of tax reform. The House bill and the Senate bill will now go to conference committee to iron [...]
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 [...]
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 [...]
Getting Your Tax Refund
From the Desk of Lauran L. Stevenson Getting Your Tax Refund Most taxpayers this year have faced longer wait times for refunds than in previous years. This could be due [...]
The Often-Overlooked Home Office Business Deduction
From the Desk of Lauran L. Stevenson The Often-Overlooked Home Office Business Deduction As part of National Small Business Week (April 30-May 6), the IRS highlighted a series of tips [...]
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 [...]
Tax Planning for the Donald Trump Presidency
From the Desk of Michael T. McCormick Tax Planning for the Donald Trump Presidency After a heated presidential election, the time is now to look forward and see what changes [...]