This correspondence is written to remind everyone the importance of reporting foreign assets and foreign bank accounts. There are two different forms that might be necessary to file reporting these…

The IRS has indicated that there has been a substantial increase in a phishing email scheme. The scheme involves direct deposit payroll and wire transfers. There may be and probably…

Here are a few changes for the 2018 tax year: For contributions made in tax years beginning after 2017, no charitable deduction is allowed for any payment to an institution…

Current Law (2017 tax year) Qualified residence interest means interest paid or accrued during the taxable year on either acquisition indebtedness or home equity interest. A qualified residence means the…

This provision of The Tax Cuts and Jobs Act (TCJA) provides that no deduction is allowed with respect to (1) an activity generally considered to be entertainment, amusement or recreation,…

The Tax Cuts and Jobs Act (TCJA) eliminated the personal exemption amounts but offset the effect for taxpayers with children that qualify as dependents and a smaller credit for other…

For passenger automobiles used for business and placed in service after December 31, 2017 for which the additional first-year bonus depreciation deduction is not claimed, the maximum amount of allowable…

Overall Limitations on Itemized Deductions - Repealed Through 2017 the total amount of most otherwise allowable itemized deductions (other than the deduction for medical expenses, investment interest, and casualty, theft…

Present Law Individuals may claim itemized deductions for certain miscellaneous expenses. Certain of these expenses are not deductible unless, in aggregate, they exceed two percent of the taxpayer’s adjusted gross…

Caution: This explanation is general in nature and should not be used for specific planning. Contact a tax professional for your specific planning needs. The new tax act  (Tax Cuts…