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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 – 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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Minimize Inventory, Services To Make Your Financials Shine

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Your business financials — where they stand currently and where they might be going next year — are incredibly important. Obviously, sales and expenses play enormous roles in the strength of your position. But a fundamental and often-overlooked way of making your cash flow statement shine is to minimize inventory or services so you have

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Employer Training Grants

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On August 14, 2017, Governor Eric Holcomb rolled out Indiana’s Next Level Jobs initiative and announced two new grants designed to help Indiana job seekers and employers to seek and grow high-demand, high-wage jobs quickly in the future. The Workforce Ready Grant will assist with training adults to fill jobs in high-demand industries. The Employer

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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

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Increases For 2018 Estate And Gift Tax

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Increases for the estate and gift tax area for 2018 are as follows: Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2018, the exclusion amount will be $5,600,000 (up from $5,490,000 for gifts made and estates of decedents dying in 2017). Generation-skipping transfer (GST) tax exemption. The

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Boston Bruins Win Big Against IRS

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Earlier this month, the Boston Bruins scored a victory over the Internal Revenue Service when they won the argument teams should be able to deduct 100% of the cost of certain meals provided to players and staff. Under current law, only 50% of the cost of many business meals is tax-deductible. To learn more about this

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Impressive News For Accounting Professionals In The State Of Indiana

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The Indiana Board of Accountancy approved a rule change in July 2016 that allowed competency-based ethics education to count as an option toward CPA license renewal. Last month, Indiana broadened that original rule change by becoming the first state in the nation to adopt legislation to permanently approve competency-based learning as an option for CPA

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Can You Deduct The Cost Of Your MBA?

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The Masters of Business Administration or MBA degree is the most popular graduate degree in the U.S. The growth of distance education programs and the increased accessibility of postsecondary education coupled with the appeal of the degree amongst working professionals promise to keep a steady flow of taxpayers who want to deduct the cost of

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IRS Provides Relief for Missed Portability Elections for Certain Estates

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The IRS issued Rev. Proc. 2017-34 effective on June 9, 2017 to provide a simplified method to certain estates to make the portability election. This simplified method is available to estates who would otherwise not be required to file a Form 706. Based on the Rev. Proc. 2017-34, estates for decedents passing after December 31,

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