Tables to be Used No Later Than Feb. 15 The Internal Revenue Service (IRS) has released Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding. The notice updates the income-tax withholding tables for 2018, reflecting changes made by the Tax Cuts and Jobs Act. Highlights of the notice include…
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a…
H.R. 1, knows as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20, contains a large number of provisions that affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals expire after 2025. At that time, if no…
The tax reform bill that Congress voted to approve Dec. 20 contains numerous changes that will affect businesses large and small. H.R. 1, known as the Tax Cuts and Jobs Act, would make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move…
The Senate and the House have each passed their own version of the “Tax Cuts and Jobs Act.” The two versions of the bill have many similar provisions, but they also have a number of key differences that will have to be reconciled by the Conference Committee as the two bills are merged into a…
*** Below is an article from The Journal of Accountancy published by the AICPA. SIMA encourages clients to learn about the proposed bill but to note that no laws have changed at this time. SIMA will continue to keep clients abreast of tax reform as proposed legislation moves through Congress. At an estimated projected revenue…
The Internal Revenue Service is reminding small business owners of the following helpful resources: The Small Business and Self-Employed Tax Center contains information for small businesses with assets under $10 million. The IRS Tax Calendar for Businesses and Self-Employed includes monthly tax due dates and actions. Users can subscribe to calendar reminders or import the…
The House on Thursday passed a $1.1 trillion budget, formally initiating a process that Republicans hope will result in the enactment of major tax reform later this year. The final tally was close, with 219 votes in favor, and 206 in opposition to the resolution. More than a dozen Republicans voted with Democrats against the…
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well as those you plan to launch in the near future. The…
WASHINGTON — The Internal Revenue Service today urged taxpayers who have a filing extension through Oct. 16 to check their returns for often-overlooked tax benefits. When they are ready to file, the IRS recommends they file their return electronically using IRS e-file or the Free File system. Both are still available for taxpayers who still…
