INTRODUCTION The “Tax Cuts and Jobs Act” (TCJA) signed into law in late 2017 represented the most substantial tax reform legislation since 1986. This legislation contained the following two brand new provisions that are attracting tremendous attention: The New 20% Deduction Under Section 199A (“20% 199A Deduction”). This 20% 199A Deduction is one of the […]

INTRODUCTION With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. 2018 was the first year individuals filed tax returns reflecting major tax changes under the “Tax Cuts and Jobs Act” (TCJA). Now that we have 2018 under our belt, some of the yearend tax strategies for […]

INTRODUCTIONIt’s that time of year when businesses should start developing year-end planning strategies. 2018 was the first year businesses and their owners filed tax returns reflecting major tax changes under the “Tax Cuts and Jobs Act” (TCJA). Having experienced the impact of TCJA on 2018 returns, the possible impact of the TCJA provisions on year-end […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]