tax law

new tax law for the holidays

Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…

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new tax law for businesses and employers

New Law Provides a Variety of Tax Breaks to Businesses and Employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension…

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business loss rule

Excess Business Loss Rule May be Unfavorable to You

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. But the Tax Cuts and Jobs Act (TCJA) has placed…

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dc tax changes tax law

DC Reminds Residents and Businesses of Upcoming Changes to Tax Laws

On Monday, August 26, 2019, the District of Columbia Office of Tax and Revenue issued a reminder to taxpayers about upcoming tax changes.  Some of these changes involve the current calendar or tax year, while others begin October 1, 2019 or with the following tax year.  The tax changes below will take effect October 1,…

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three big tax law changes

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree…

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