A Grain of SALT in New IRS Notice

Taxpayers who itemize deductions on Schedule A of their tax return have in the past been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax Cuts and Jobs Act of 2017 provides that no more than $10,000 of these state and local tax (SALT) expenses can be deducted on single or joint tax returns ($5,000 for married individuals filing separately).

Read more about A Grain of SALT in New IRS Notice

Now the G.I. Bill is Forever

You probably know the G.I. Bill as a program designed to help military veterans receive college educations after they left the armed forces following World War II. What you may not know is that the G.I. Bill has endured, in various forms, until present times.

In fact, just last year the Harry W. Colmery Veterans Education Assistance Act of 2017 became law and modified the G.I. Bill. This latest version is sometimes called the “Forever G.I. Bill” because it removes time limits on receiving benefits for military personnel. It also authorizes the transfer of education benefits to spouses and children.

Read more about Now the G.I. Bill is Forever

US Tax Reform – The New GILTI Tax Regime

In the last several months much has been written about the implications of the Tax Cuts and Jobs Act (TCJA). For owners of flowthrough entities (including sole proprietorships, partnerships, and S corporations) and indivduals, most of the commentary has focused on the new 20% deduction available for qualified business income (Sec. 199A). Of course, theRead more about US Tax Reform – The New GILTI Tax Regime[…]