The Tax Cuts and Jobs Act (TCJA) was touted as tax reform that would shorten tax forms and increase tax savings for most Americans. Whether or not these promises will hold true is not yet known, but here is what we know so far:
The 2017 Tax Cuts and Jobs Act (TCJA) resulted in massive tax reform. The changes impact many areas of tax law, including how we save for college. The new tax law has directly impacted 529 education savings plans.
Recent tax reform led to major changes to the tax code. Summer months can provide an opportunity to review how these changes will impact your tax obligations. In addition, summertime also provides an opportunity to take advantage of some unique, season specific tax benefits.
Four states to sue the federal government over the $10,000 cap on state and local tax deductions (SALT) that was part of the recently passed Tax Cuts and Jobs Act (TCJA).
The Internal Revenue Service (IRS) recently published a reminder that tax debt can curb travel ambitions. A failure to pay off one’s bill with the IRS can result in problems with your passport.
Brick-and-mortar retail giant Target has publicly applauded the Supreme Court of the United States’ (SCOTUS) decision to allow states to apply a sales tax to online retail purchases. The lack of the state sales tax has hurt business for these corporations and led to lost revenue for states.
The estimated tax for the second quarter of 2018 is due today, June 15.
Minnesota is one of only 13 states that tax Social Security income. Minnesota, North Dakota, Vermont and West Virginia tax Social Security income using an income test. Colorado, Connecticut, Kansas, Missouri, Montana, Nebraska, New Mexico, Rhode Island and Utah each have their own rules to apply a state tax to this income. Those in favor of the tax claim it brings important revenue to the state. Critics argue that retirees leave the state because of this tax.
The Department of Justice (DOJ) recently charged a former produce vendor out of Wisconsin with three different tax crimes. The 63 year-old man was originally charged in June of 2017 with tax evasion, failure to file a corporate tax return and structuring currency transactions, according to documents from the DOJ.