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.
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.
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 [...]
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 [...]
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 [...]
Virginia Announces Amnesty Period to Start September 13. Virginia taxpayers have an opportunity to “come clean with the tax man” as the Virginia Department of [...]
Question: Our payroll person remitted our employee retirement plan “safe harbor” money into the profit sharing accounts of participants. Does it really matter or can we [...]
Each year the Virginia Legislature passes changes to the Virginia Tax Code that impacts residents and those doing business in Virginia. While many of the [...]
Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk [...]
Question: My retirement plan allows me to choose between pre-tax 401(k) contributions or after-tax Roth contributions. Which is better? Answer: Your pre-tax 401(k) withholding is saved in [...]