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. Some examples include: Day camp expenses. As noted in a recent piece by U.S. News,continue reading…
States sue the federal government over SALT cap
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). Who is suing the federal government? New York, Connecticut, Maryland and New Jersey named the Secretary of the United States Department of Treasury, Steven Mnuchincontinue reading…
Can tax debt curb your travel ambitions? The IRS says yes.
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. How is the IRS making sure tax debt is paid? The agency has taken an aggressive approach when it comes to tax debtcontinue reading…
Target applauds the SCOTUS decision allowing online tax
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. What was the ruling? The case, Quill Corp. v.continue reading…
Four ways the new tax law impacts property tax breaks
The Tax Cuts and Jobs Act (TCJA) resulted in many changes to tax law. These changes will directly impact property owners. Four specific examples include: Standard deduction. The TCJA increased the standard deduction from $6,500 to $12,000 for individuals and $13,000 to $24,000 for married couples who file a joint tax return. This is notable when it comescontinue reading…