Tax Alerts

Bipartisan Budget Deal Includes Various Tax Extenders

Monday, February 12, 2018

The Bipartisan Budget Act of 2018 was signed by President Trump on February 9, 2018. The two-year budget agreement contains 36 tax extenders that had expired at the end of tax year 2016 and made them retroactive to 2017. Many tax incentives for movie and TV production, motorsports and horse racing industries are included in this bill. For individual taxpayers, […]

Mileage Rates and Auto Depreciation Limits Increase

Wednesday, January 31, 2018

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving, and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup of panel truck will be: 54.5¢ per mile for business […]

Top 10 Tax Developments with Impact on 2018 Tax Filing

Wednesday, January 31, 2018

The start of year 2018 presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move forward in 2018: #1: Tax Cuts and Jobs Act […]

Section 529 Plans for Elementary and Secondary School Tuition

Wednesday, January 31, 2018

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary schools. Section 529 plans used to only be allowed for college tuition, up […] and the Timely Filing Rule

Wednesday, January 31, 2018

This article is reproduced with permission from Spidell Publishing, Inc. After being reversed by the Seventh Circuit in one case, the Tax Court changed its opinion regarding the timely mailing rule and postmarks generated by in a second case with almost identical details. Because the postmark was generated before the date the petition had […]