Category Archives: Legislation

Back to the Old Drawing Board

Posted on May 23, 2018 by Russ

I’ve written before about certain states’ efforts to get around the new $10,000 cap on state and local taxes that can be deducted on federal tax returns. The IRS announced today they will be proposing regulations later this year on … Continue reading →

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Taxes Matter (2018 Version), Part 1

Posted on May 3, 2018 by Russ

Those on the left constantly chirp that taxes don’t matter. Those of us who prepare tax returns can state as fact you’re wrong. I moved my business because of taxes and regulations. Here are two other examples from today that … Continue reading →

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The Good, Bad, and Ugly of the Tax Extenders

Posted on February 22, 2018 by Russ

As write this it’s February 21st. About ten days ago Congress, in its unending wisdom, decided to extend certain “Tax Extenders” that they had let expire at the end of 2017. Yes, the undead have risen again! As soon as … Continue reading →

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Tax Law Signed; New Year Likely to Bring Lots of New S-Corporations

Posted on December 22, 2017 by Russ

President Trump signed the tax reform legislation into law. While there are many changes for 2018, one of the biggest is the new Section 199a deduction. This allows a 20% writeoff of net income for sole proprietors, owners of S-Corporations, … Continue reading →

Posted in Entity Formation, Legislation | Tagged | 5 Comments

Conference Committee Agrees on Details of Tax Legislation; Measure Likely to Pass Next Week

Posted on December 16, 2017 by Russ

The House and Senate conferees did indeed agree on tax ‘reform’ legislation. The bill will make great bedtime reading as it’s only 1,097 pages. The Tax Foundation has a great summary of the legislation. Here are some highlights; note that … Continue reading →

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GOP Tax Proposal Targets Professional Gamblers’ Losing Years

Posted on November 2, 2017 by Russ

The Joint Committee on Taxation released its new tax proposal, H.R. 1, today. Buried within it is Section 1305: SEC. 1305. LIMITATION ON WAGERING LOSSES. (a) IN GENERAL.—Section 165(d) is amended by adding at the end the following: ‘‘For purposes … Continue reading →

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Trump’s Tax Plan

Posted on April 30, 2017 by Russ

President Trump released his tax “plan.” That’s an overstatement; the plan is really an outline. Gone would be the Alternative Minimum Tax, the Estate Tax, and most itemized deductions; there would be three tax brackets with the top tax bracket … Continue reading →

Posted in Legislation | Tagged | 1 Comment

What Will President Trump Do To Our Taxes?

Posted on November 9, 2016 by Russ

When I woke up this morning I discovered yet another impossible item just happened (the Cubs really did win the World Series, right?). The media was saying that Hillary Clinton was going to be President. Oops. So what will President-Elect … Continue reading →

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A Bipartisan Tax Bill? I’ll Drink to That!

Posted on February 11, 2015 by Russ

There hasn’t been much bipartisanship on Capitol Hill recently. But there is a piece of legislation that is being proposed by both Democrats and Republicans. It’s to end age discrimination against bourbon and whiskey. You didn’t know that there was … Continue reading →

Posted in Kentucky, Legislation, Tennessee | 2 Comments

Speaking of Efficiency

Posted on December 5, 2014 by Russ

I do know how we can improve the Tax Code: Force Congresscritters to do their own taxes. I have an instructive vignette on why this is the case. A friend of mine was hired by a major tax software company … Continue reading →

Posted in Legislation | 1 Comment