On March 31, 2021, the White House released The American Jobs Plan, a blueprint of the administration’s intent to invest in rebuilding the country’s infrastructure and target job creation. The Made in America Tax Plan was released simultaneously as
In IRS Notice 2018-76, the IRS has provided guidance on the deductibility of expenses for business meals that are purchased in an entertainment context. The notice also announces the IRS intends to publish proposed regulations on the subject. Until
Treasury and the IRS released proposed regulations to help clarify the new Section 199A pass-through tax deduction. Below are some key items relating to the section 199A tax deduction. Section 199A deduction is based on Qualified Business Income (QBI)
On February 9th, Congress passed and President Trump signed into law the Bipartisan Budget Act of 2018. There are several tax extenders and other tax-related changes in the Act. Below is a brief summary of what Somerset believes are
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
Disaster Loss Deductions The Act provides relief in a number of ways to taxpayers that suffer a disaster loss in the following areas: In the Hurricane Harvey disaster on or after Aug. 23, 2017, and which are attributable to
On Wednesday, September 27th, 2017, President Trump announced some of the details of his tax plan. Below is a brief summary of the major tax proposals from his proposed Tax Reform package. Please don’t hesitate to contact your Somerset
The Indiana Department of Revenue released a notice of Indiana county tax rate changes, effective October 1, 2017. Counties with increases are the following: Allen (county tax rate now 0.0148) Clinton (county tax rate now 0.0225) Fountain (county tax rate
President Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month. Here
A plan by President Trump and congressional Republicans to slash taxes on pass-through businesses (Sole Proprietors, Partnerships and S-Corporations) is testing lawmakers’ ability to design rules to prevent wealthy people from paying a lower rate meant to help small
Below is a brief summary of President Trump’s Tax Proposal announced on April 26, 2017. The proposal was vague on details. As with any major tax legislation proposal, this process will take months to work through the House and
New policy on “silent returns.” In light of the recent executive order directing federal agencies to exercise authority and discretion available to them to reduce potential burden, IRS has decided to make changes that would continue to allow electronic
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