Tag Archives: TaxReform2017

IRS To New York, New Jersey, and California: We Weren’t Kidding

Posted on June 11, 2019 by Russ

Today the IRS issued rules and guidance on charitable contributions as a workaround to the new limits on state and local taxes. Unsurprisingly, the IRS said exactly what I thought they would: both substance over form and quid pro quo … Continue reading →

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We’re Not Gonna Take It…

Posted on July 21, 2018 by Russ

You may have heard that earlier this week four states sued to stop parts of the new tax law from going into effect. The states–New York, New Jersey, Connecticut, and Maryland–don’t like the new $10,000 cap on deducting state and … Continue reading →

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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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IRS Releases New 2018 Withholding Tables

Posted on January 11, 2018 by Russ

The IRS announced today the release of new withholding tables reflecting the new tax law. These will be used for W-2s, and should be used no later than February 15th. The IRS is working on a new W-4 form that … Continue reading →

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Why California’s Attempt to Make State Taxes a Charitable Deduction is Doomed

Posted on January 8, 2018 by Russ

When your budget is out of balance there are two ways of getting it in balance: cutting spending or increasing revenue. For California’s Democratic politicians, the only way they want to balance the budget is to increase the revenue. The … 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 →

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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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