In response to the federal tax bill signed into law on Dec. 22, 2017, New York state governor, Andrew M. Cuomo, signed an emergency executive order allowing individuals the ability to prepay next year's New York property taxes. The order is intended to protect taxpayers from the impact of the GOP tax bill, which caps the deductibility of state and local taxes at $10,000. By allowing individuals to pay a portion or all of their 2018 property taxes in 2017, the executive order aims to provide individuals with options as a result of the tax bill's negative financial impact.
With the impending decrease of the corporate tax rate to 21 percent, is it time to change your entity structure to a C corporation? There is no quick answer to this question. Each taxpayer is in a unique situation that would have to be evaluated in order to make the determination of which taxing structure is proper for that taxpayer.
UHY Advisors and UHY LLP are proud to welcome members from UHY International, one of the largest global accounting and consultancy networks in the world, to the Motor City for the 2018 International Members Meeting to be held in downtown Detroit. The 2018 meeting will be the largest gathering of UHY International partners ever with representatives from over 90 countries coming together to conduct business, gain education and experience the great comeback in Detroit.
With the tax bill almost complete, the estate and gift tax exemption will double to approximately $11,000,000 in 2018 for an individual or $22,000,000 if you are married.
The Tax Cuts and Jobs Act passed by the House and Senate this week widens current tax brackets and almost doubles the standard deduction, but also limits or repeals some itemized deductions. Beginning in 2018, the Act increases the standard deduction to $24,000 for married-filing joint filers, $18,000 for head-of-household filers and $12,000 for all others.
The Tax Cuts and Jobs Act significantly limits the amount an individual can deduct as an itemized deduction for state and local taxes. The maximum amount a taxpayer may claim as an itemized deduction is $10,000 ($5,000 for a married taxpayer filing a separate return) for the aggregate of (i) state and local property taxes and (ii) state and local income taxes (or sales taxes in lieu of income taxes).
The Tax Cuts and Jobs Act, which is expected to be signed into law this week offers some generous write offs for the purchase of qualified property. For qualified purchases placed in service after Sept. 27, 2017; 100% of the purchase price can be expensed. This total expense provision will continue until the year 2023 when it will be phased down as follows: 2023- 80%; 2024- 60%; 2025-40%; 2026- 20% and 2027 -0%. The new law would follow the phase down of bonus depreciation of 50% for assets purchased prior to Sept. 27, 2017 but placed in service after that date.
The House and Senate conferees released their conference report after finalizing negotiations on the differences between the House and Senate versions of the Tax Cuts and Jobs Act. The conference report now goes to the House and Senate, which are expected to pass the legislation and present to President Trump for signature this week.
There are many intricacies involved in administering retirement plans. The implementation of sound internal controls is necessitated by the many rules retirement plans are subject to, and by the fact that some of those rules tend to change quite frequently. Because of the complexity of those rules, mistakes (generally human errors) can occur in almost all retirement plans, even plans run by experts.
Often times what attracts a person to a nonprofit board is a shared interest or passion for the mission of an organization. Of course this is important, as a board position requires an ample amount of volunteer time. However, it is important for board members to not lose sight that they are ultimately tasked with the governance of the organization. A point that should not be taken lightly. The importance of this responsibility is demonstrated by the IRS annual Return of Organization Exempt from Income Tax (Form 990) which dedicates an entire section to governance, management and disclosure, and includes a list of all board members.
Tuesday November 13 2018 | 7:30AM—1:30PM | Hosted at the Detroit Athletic Club
Wednesday September 26 2018 | 4:30PM—6:30PM |
Scarab Club | 217 Farnsworth Street | Detroit, MI 48202