Pass-through and self-employed business owners stand to gain from a key provision in the recently enacted Tax Cuts and Jobs Act. The Act creates a new deduction of Qualified Business Income (or “QBI”), under IRC Section 199A, effective for tax years beginning after December 31, 2017 and before January 1, 2026.
Soon after passage of the new tax reform law, the IRS announced that it is developing salary and wage tax withholding guidance to be issued sometime in January, 2018. The IRS said that use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February 2018. Until then, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.
Today, President Trump signed the Tax Cuts and Jobs Act into law. While the House and the Senate originally had measurable differences in their respective [...]
On Friday afternoon, the combined House and Senate Conference Committee unveiled a reconciled tax bill (The Tax Cuts and Jobs Act) that would significantly overhaul [...]
The House Ways and Means Committee have released its first bill of the "Tax Cuts and Jobs Act." While we still may be a ways out of a final bill, PBMares will keep everyone in the non-for-profit world on any changes that will affect them every step of the process.
Tax Cuts and Jobs Act Impacts Businesses and Individuals Congressional Republicans have been working on a bill to simplify the tax code and reduce the [...]
From a regional perspective, the Shenandoah Valley has a diverse economy made up of numerous industries and no one dominant company. As a result, the [...]
Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike. Over [...]
One of the topics talked about all year is how our tax system needs to be greatly improved and just this week, President Trump and [...]
The federal government is, by law, exempt from paying state and local taxes. However, this exemption does not apply to organizations with federal or state government contracts, [...]
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