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State and Local Tax Update – January

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State Effects and Reactions to Provisions of the New 2017 Tax Act 100% Expensing – Most states that currently follow federal depreciation rules will likely decouple from this provision creating large state depreciation addbacks for businesses with significant purchases of machinery and equipment. For states that have already decoupled, these businesses will see larger than

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2017 Tax Reform – International – Final Law To Be Signed By President Trump

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Establishment of Participation Exemption System for Taxation of Foreign Income and Transition Tax Under current law, a U.S. person generally is not subject to U.S. tax on foreign income earned by a foreign corporation in which it owns shares until that income was distributed to the U.S. person as a dividend. The Tax Cuts and

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2017 Tax Reform – Business – Final Law To Be Signed By President Trump

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Business Tax Changes Starting in 2018 Changes to Corporate Tax Rates Under the Tax Cuts and Jobs Act, the corporate tax rate will generally be a flat 21% rate beginning in 2018, eliminating the current graduated rates of 15% (for taxable income of $0-$50,000), 25% (for taxable income of $50,001-$75,000), 34% (for taxable income of

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2017 Tax Reform – Individual – Final Law To Be Signed By President Trump

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Individual Taxpayer Changes Starting in 2018 Changes to Tax Rates & Brackets – This has been modified The Act would have seven tax brackets (ranging from 10% to 37%): 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The 37% bracket would begin at: $600,000 for joint returns/surviving spouses (39.6% rate starts at $470,700 for 2017)

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Tax Reform: Senate Bill Passes

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  The Senate has passed its version of the tax bill. The House and Senate Bills will now be going to joint committee. Below is a list of changes that were made in the Senate Bill compared to the initial Senate Markup.  Please refer to the  Initial Senate Markup that was sent out on November

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Tax Reform Update for Businesses – Senate Initial Markup

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The Senate has come out with its version of the 2017 Tax Reform Act. This version has some similar provisions to the House bill and some are very different. As we mentioned upon issuing the House summary last week, if a provision is in both the House bill and the Senate bill, the likelihood of passage

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Tax Reform Update for Individuals – Senate Initial Markup

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The Senate has come out with its version of the 2017 Tax Reform Act. This version has some similar provisions to the House bill and some are very different. As we mentioned upon issuing the House summary last week, if a provision is in both the House bill and the Senate bill, the likelihood of passage

Read more »

Tax Reform Update – International

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The first step in Tax Reform was announced late last week. This is just a starting point in the process. There are some significant changes ahead but the initial changes announced are far from being finalized. The House Ways and Means committee is currently marking up the initial bill that is summarized below. The Senate

Read more »

Tax Reform Update for Individuals

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The first step in Tax Reform was announced late last week. This is just a starting point in the process. There are some significant changes ahead but the initial changes announced are far from being finalized. The House Ways and Means committee is currently marking up the initial bill that is summarized below. The Senate

Read more »

Tax Reform Update for Businesses

Print Friendly, PDF & Email

The first step in Tax Reform was announced late last week. This is just a starting point in the process. There are some significant changes ahead but the initial changes announced are far from being finalized. The House Ways and Means committee is currently marking up the initial bill that is summarized below. The Senate

Read more »