On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act. The legislation will be voted on by the Senate this week. This act has bi-partisan support and is expected to pass quickly. Once enacted, this bill has implications for many of our clients.
Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes. Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software.
With a threshold of $11 million per person, the estate tax has become a concern mostly for the very wealthy. While most of us don’t need to think about an estate tax when we die, there is still plenty of estate planning to be done, whether it is more financial, practical, or logistical in nature.
Every year, passing tax conformity legislation in the General Assembly is an important issue for Virginia taxpayers, and failure to pass conformity early in the legislative session can cause severe disruption and delay in filing returns and receiving timely refunds.
With the passage of the Tax Cuts and Jobs Act, the benefits of 529 savings plans have changed for the better! The IRS code 529 was modified to specifically include “enrollment or attendance at an elementary or secondary public, private, or religious school” so now parents who have 529 plans, and whose kids are still young, don’t have to pay for the education expenses directly.
Adults caring for aging parents while raising children or supporting a grown child are often referred to as the sandwich generation. The Tax Cuts and Jobs Act changed the options available to those in the middle of the sandwich, but the good news is that there are still tax benefits available to those caring for young children, elderly parents, or other dependents.
The largest change to individual tax compliance resulting from the Tax Cuts and Jobs Act affects the calculation of various itemized deductions. Clients and friends have expressed confusion and even repeated some common misconceptions about the changes.
Changes to tax law typically impact future returns, but the most recent one issued by the Virginia Department of Taxation will have some Virginians amending their 2017 state tax returns, too.
The 2017 Tax Cuts and Jobs Act (the Act) passed by Congress on December 22, 2017 marks the most significant tax law changes in over 30 years. Most taxpayers will see their tax liability decrease. The Congressional Budget Office estimates the Act will reduce tax revenues by $1.455 trillion over the next 10 years. But all is not good for non-profit organizations as there are changes in the Act that may negatively impact charitable contributions.
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.
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