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Please Click HerePosted on June 1, 2018 by Mary Ellen Schill
If it seems like the IRS just announced the 2018 limits, you are not mistaken. Just over a month ago the IRS declared a do over for the 2018 limits, see The IRS Says Never Mind – You Can Have Your Higher HSA Limit! With the arrival of 90 degree temperatures in Wisconsin, it is […]
Posted on May 30, 2018 by Amy E. Ebeling
White House Director of Legislative Affairs Marc Short told reporters last week that the Trump Administration has been working with the House Ways and Means Committee Chairman Kevin Brady and the Senate Finance Committee on a second tax cuts proposal that would make permanent the tax cuts for individuals passed in the Tax Cuts and […]
Posted on May 24, 2018 by Amy E. Ebeling
Yesterday, the IRS issued Notice 2018-54 and an accompanying news release stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax proposes. As many of you know, the Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes an individual can […]
Posted on March 7, 2018 by Mary Ellen Schill
It is unusual for the IRS to implement a retroactive change to a previously announced limit (whether it be qualified plan limits or HSA limits). Especially when the change is a reduction in the amount that taxpayers can save/contribute. But who would disagree that 2018 has been a bit unusual. On March 5, 2018 the […]
Posted on February 5, 2018 by Mark J. Bradley
As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially, Public Law 115-97) is the most sweeping tax legislation to be enacted in decades. It is broad in scope, […]
Posted on January 22, 2018 by Shanna N. Fink
Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10 million, adjusted for inflation. The inflation-adjusted exemption amount for 2018 has not yet been released by the IRS, but commentators […]
Posted on December 15, 2017 by Mary Ellen Schill
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2018, and the increased rates reflect the increase in gasoline prices. Effective January 1, 2018, the optional standard mileage rates will increase to 54.5 cents per mile for […]
Posted on November 11, 2016 by Mark J. Bradley
Donald Trump won more than 270 votes in the Electoral College and thus on January 20, 2017 he is going to become the 45th president of the United States. In anticipation of that event, congressional tax writers and proponents for tax overhaul are optimistically planning to move bipartisan tax legislation forward in the first part […]
Posted on September 1, 2016 by Mary Ellen Schill
It took almost eleven months, and minimal comments from the public, but the IRS has now finalized its October 2015 regulations which recognized same-sex marriages as lawful marriages for purposes of the tax code. More information on that found here Recognition of Same-Sex Marriage Officially the Tax Law of the Land. No need to go […]
Posted on May 13, 2015 by Mary Ellen Schill
Attorney Mary Ellen Schill recently authored an update detailing the changes. 2015 Standard Mileage Rates