Tax Cuts & Jobs Act

IRS guidance addresses limitations on business interest expense

In Notice 2018-28, the IRS answered a number of important questions about the new business interest limit in Sec. 163(j), as amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), and asked for general comments on regulations it plans to issue. Under amended Sec. 163(j), the deduction for business interest is limited to the sum of (1) …

Senate Finance Committee approves Tax Cuts and Jobs Act

The Senate Finance Committee recently approved its version of the Tax Cuts and Jobs Act. The bill is now on it’s way to the full Senate for debate and a vote. The Finance committee spent over a week amending the bill, and the final version includes some changes beyond those included in the chairman’s mark released early in November The …

Tax Cuts and Jobs Act Passes House Ways and Means Committee

Originally released early in November, the Tax Cuts and Jobs Act ( H.R. 1) has now passed the House Ways and Means Committee 24 to 16, and with that vote will be sent to the full House. The bill as marked up by the committee contains many of the changes from the first iteration. Reportedly, some of these changes were …

House Republicans released long-awaited tax plan

On November 2nd House Republicans released their long awaited tax plan. The framework extends to many different areas of the tax code: two critical areas are tax deductions and credits. These reduce how much taxpayers owe, but they affect various income groups differently. Here’s How could the proposed changes to these policies affect your taxes. How Exemptions Worked in the …

Tax Moves to Make for Next April

Big changes are coming to the tax code. While how exactly those changes will take form is still shaping up in Washington, you can take precautionary steps now to get your tax situation ready for the upcoming filing year. The first thing you should do is get all of your records from the previous few years out in front of …

Plans for Tax Reform to Face Key Senate Vote

The Republican push for a broad tax overhaul faces a big hurdle this week as senators must approve a budget bill which would clear the way for tax reform to pass the Senate with just GOP support. If at least 50 of the 52 Senate Republicans vote for the budget bill later this week, it will be an early victory …

Republicans Unveil Sweeping Changes to America’s Tax Code

Big changes are coming to our tax code. Yesterday, Wednesday September 27th, Republicans revealed their proposed changes which include changes to tax brackets, corporate tax rates, and pass-through business tax rates. According to Senate Majority Leader Mitch McConnell “This framework is focused on supporting American jobs, on making taxes fairer and on growing families’ paychecks.” Personal Tax Brackets The proposed …

Louisiana Department of Revenue Grants Filing Extensions to Those Affected by Hurricane Harvey

The Louisiana Department of Revenue has released Revenue Information Bulletin No. 17-015 which grants filing extensions to taxpayers whose homes, principal places of business, or critical tax records are located in any of the disaster areas declared by the president as a result of Hurricane Harvey. Affected Parishes For Louisiana Declared disaster areas include the following parishes: Beauregard, Calcasieu, Cameron, …