To Itemize, or Not to Itemize: That Is The Question

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.

How Pass-Through Income Will Be Taxed in 2018

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.

2021-05-06T15:49:51-04:00January 25, 2018|Categories: Tax: Business, Tax: Individual|Tags: |

Tax Reform’s Impact on Payroll

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.

2018-08-17T15:27:20-04:00January 25, 2018|Categories: Small Business, Tax: Business, Tax: Individual|Tags: , |

Proposed Tax Plan Includes New Excise Tax on Private Universities

At the organizational level, the proposed changes are pretty bare. The major change comes in the form of a new excise tax applied to private colleges and universities, especially those with very large endowment funds.

2020-10-05T10:45:34-04:00November 16, 2017|Categories: Not-for-Profit, Wealth Management|Tags: , |

Charitable Deduction Benefit Declines in Proposed Tax Plan

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.

2021-07-12T10:54:14-04:00November 6, 2017|Categories: Not-for-Profit, Tax: Business, Tax: Individual|Tags: , |

Congressional Tax Reform Bill Full of Changes

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 [...]

2018-09-11T19:11:32-04:00November 3, 2017|Categories: Construction and Real Estate, Small Business, Tax: Business, Tax: Individual|Tags: , |

Trump Tax Reform Plan: How It May Affect You and Your Company

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 [...]

President Trump’s Proposed Budget Could Impact Your Nonprofit

On Tuesday May 23, President Trump released his budget request for 2018 entitled “A New Foundation for American Greatness.”  His stated initiative with this budget request [...]

2021-02-04T11:00:38-05:00May 23, 2017|Categories: Not-for-Profit|Tags: , |
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