Final regulations have been issued to guide taxpayers on the treatment of charitable contributions that qualify for state credit programs. In June, the US Treasury and the IRS issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive for the donation. […]
Additional Virginia Refund
Don’t miss your opportunity to claim your Virginia Refund! During the 2019 General Assembly Session, Virginia passed legislation which provides a refund up to $110 for an individual and $220 for married persons filing a joint return. The refund is allowed up to the amount of the taxpayer’s liability after the application of any deductions, […]
IRS Waives the Estimated Tax Penalty for Some Taxpayers
The Internal Revenue Service announced on January 16, 2019 that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 […]
2018 Year End Tax Updates
The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize […]
2018 Year-End Tax Planning for Individuals
INTRODUCTION With year-end approaching, this is the time of year we “normally” suggest possible year-end tax strategies for our clients. However, from a tax-planning standpoint, 2018 is not a “normal” year. Late in 2017, Congress passed the “Tax Cuts and Jobs Act” (TCJA) which represents the most substantial tax reform legislation since 1986. Since the […]
2018 Year-End Tax Planning for Businesses
INTRODUCTION It’s that time of year when businesses should start developing year-end planning strategies. Late in 2017, Congress passed the “Tax Cuts and Jobs Act” (TCJA) which represents the most substantial tax reform legislation in over 30 years. Since the vast majority of its provisions are first effective in 2018, we have an array of […]
Tax Cuts & Jobs Act
INTRODUCTION The “Tax Cuts and Jobs Act” (TCJA) signed into law in late 2017 represents the most substantial tax reform legislation since 1986, and most of its provisions are first effective in 2018. For example, generally starting in 2018, TCJA: Reduces income tax rates for the vast majority of individual taxpayers; Reduces or eliminates altogether […]
Overview of Itemized Deduction Changes
Changes to Schedule A as a result of the Tax Cuts and Jobs Act are illustrated below. Check back for additional tax planning opportunities in these areas. Tax Planning Opportunity: Qualified Charitable Distributions
Planning Opportunity: Qualified Charitable Distributions
Age 70½ – Consider making charitable contributions directly from your IRA The Tax Cuts and Jobs Act (TCJA) increased the standard deductions and made significant changes to itemized deductions. The coordination of these changes will result in many taxpayers using the standard deduction and no longer itemizing deductions. We will be providing tax planning opportunities […]
Tax Talk: Changes to Meals and Entertainment Deductions
Prior to the Tax Cuts and Jobs Act of 2017, taxpayers could only deduct 50 percent of meals and entertainment and 100 percent of meals provided for the convenience of the employer. Under the new law, effective January 1, 2018, entertainment is no longer deductible and meals for the convenience of the employer are subject […]
