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The Senate Tax Bill – Looking Under the Rock

Nov 13, 2017

While the house bill contained several landmines for the unwary, the senate bill has both hidden gems and camouflaged pitfalls in its differences.  Many of the provisions of both bills are effectively the same, but there are several notable discrepancies.  These are significant changes in tax law masquerading as simplifications in the code.  Many don’t […]

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Senate tax reform bill differs from House version in many ways

Nov 10, 2017

Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts and Jobs Act, and the House Ways and Means Committee issued a revised version of H.R. 1, the bill it first introduced last week. The Senate bill contains many of the same […]

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Land Mines: Tax Cuts & Jobs Act Bill

Nov 8, 2017

The Tax Cuts and Jobs Act introduced by the house on November 2nd have been receiving a great deal of coverage because of the extensive changes proposed.  Gone would be many of the provisions individuals rely on (credits, personal exemptions, deduction of state taxes, et cetera).  Other changes would drastically lower the tax burden of […]

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Bringing Your Accountant Into Your Lawsuit

Nov 7, 2017

The tax treatment of a legal settlement can vary widely depending on the nature of the suit and the structure of the settlement.  One recent personal injury case was settled for over $100K, and, after taxes and attorney fees, the recipient was able to retain less than 10% due to the structure of the settlement. […]

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Details of tax reform legislation revealed

Nov 7, 2017

Details were revealed yesterday on the new tax reform legislation. The bill features new tax rates, a lower limit on the deductibility of home mortgage interest, the repeal of most deductions for individuals, and full expensing of depreciable assets by businesses. Learn more here about the impact on both individuals & businesses.

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Myrna Stacey
QuickBooks® Consultant