In our continuing series on major provisions of the new tax law, today we focus on the deductibility of moving expenses. It's pretty simple really. Under the prior law, all moving expenses were deductible if the move was job-related and a distance test was met. Under the new law, moving expenses are no longer [...]
The tax reform bill that takes effect in 2018 contains significant provisions that impact nearly all of our clients. One such provision is that affecting the deductibility of unreimbursed employee business expenses such as business mileage, tools, equipment, and uniforms. In the past, these expenses have been treated as "miscellaneous itemized deductions" and deductible [...]
The tax reform bill that takes effect in 2018 contains significant provisions that impact nearly all of our clients. One such provision is that affecting the deductibility of home equity loan interest (second mortgages). In the past, interest paid on home equity loans has been fully deductible up to the first $100,000 of debt. [...]
We're starting to receive some calls about the Trump tax plan and what it means for our clients. The short answer is, we don't know. It is highly unlikley that the bullet-point plan that President Trump released will be enacted in anything like its current form, so we do not recommend that clients make [...]
2017 is likely to see significant tax reform. What can we expect? It's too early to say for sure, but Congress and President-elect Trump have given some hints. Here are the top candidates: Elimination of the estate tax. This is nearly guaranteed. What is in question is whether the "step-up in basis" rule will [...]
