Posts from January 2018.

The new federal tax law, known as The Tax Cuts and Jobs Act, that was approved by Congress and signed into law at the end of 2017, creates a benefit for individuals paying tuition for children in private or religious schools in grades Kindergarten through 12th grade. 529 Plan funds were only allowed for qualified education expenses, which was previously limited to higher education tuition, room and board, books, computers and software, but NOT for tuition for elementary through high school. The new law has added tuition for private and religious K-12 schools as an approved qualified ...

On January 22, 2018, President Trump signed into law H.R. 195 (hereinafter referred to as the "2018 Budget Deal") which ended the federal government shutdown and funds the federal government through February 8, 2018. In addition, the 2018 Budget Deal included a six-year funding extension to the Children's Health Insurance Program. The 2018 Budget Deal also contains a two year delay to the effective dates of the "Cadillac Tax", the medical device excise tax, and an annual fee on health insurance providers. This blog will review the two year delays to the above-referenced taxes and ...

Posted in: Federal Tax

Aside from corporate tax reductions, one of the most important aspects of the new Tax Cuts and Jobs Act beginning this year is the new 20% deduction for “pass-thru” businesses – i.e. businesses that are not corporations.  With the corporate tax rate being reduced to a flat 21%, the 20% deduction for other forms of businesses was designed to give a reduction to these businesses approximating the lower corporate tax rate.  However, this 20% deduction, found in new Internal Revenue Code § 199A, is saddled with exclusions, phase-outs, technical issues, and uncertainties so that many ...

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