Tax Legislation Update from Rackers & Fernandez, LLC

As of December 4, 2017, the House and the Senate have each passed their own version of new tax legislation. The Senate and House must now reconcile the two bills into one, which would then go before each chamber for a final vote. The key differences in the two versions are as follows: 1. When the individual provisions expire Senate…

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U.S. Senate Republicans Narrowly Move Tax Bill Ahead; Spending Fights Erupt

As we’ve been following the ongoing talks about Tax Reform, Thomson Reuters has released information on what went down last night when the Senate Republicans took initiative to settle Trump’s tax cut bill. Thomson Reuters released the following information: U.S. Senate Republicans rammed forward President Donald Trump’s tax cut bill on Tuesday in an abrupt, partisan committee vote that set…

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Year-End Tax-Planning Moves to Consider

As the battle continues for both the Senate and the House to settle on the proposed Tax Reform legislation, our team has provided tips for year-end tax-planning that both individuals and businesses should consider. Individuals In spite of the uncertainty for when tax reform will be settled, the best year-end tax planning strategy for many taxpayers will be to follow…

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What to Expect from the Major Tax Reform Law

  Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you cope with the potential changes Congress is hammering into shape right now—to take advantage…

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New Act Highlighting Taxes

Yesterday, the house passed The Tax Cuts and Jobs Act by vote of 227-205. Highlights of the bill are as follows: Individuals Tax brackets of 12, 25 and 35% with a 39.6% rate for “high-income” taxpayers. The standard deduction is doubled ($12,700 for single taxpayers and $24,000 for married couples) while reducing certain itemized deductions such as: Home mortgage interest…

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Tax Legislation: Update

Rackers & Fernandez LLC is monitoring progress on a daily basis and will keep our clients updated. The following are the latest developments as of yesterday. The Senate tax-writing committee will begin addressing details of its tax cut proposal (Monday, November 13, 2017). The House is expected to vote on its bill sometime this week. Points of disagreement between the…

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Proposed Tax Legislation

Rackers & Fernandez continues to monitor daily developments on proposed tax legislation. It remains unclear whether legislation will be passed for the 2017 tax year. We will continue to update you as we monitor the daily developments and keep our clients apprised. On Thursday November 9, 2017, the Senate released its’ version of proposed tax legislation. While there are similarities…

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Unsolicited Calls from the IRS can Indicate Scam

In an article written by UHY LLP, a Michigan practice, the rise of unsolicited calls from the IRS can mean scams. Even in the age of email/text message and ransomware scams, phone calls continue to be one of the most common tactics used by thieves to obtain personal information from taxpayers. Scammers take the information and use it to gain…

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Trump Reveals Framework of Tax Reform Plan

With much recent talk of possible tax reform, President Trump and the “Big Six” have released a general outline for individuals, businesses, and international tax reforms.  Unlike past tax reform documents that have surfaced over the past few months, the highlights of the unified tax reform framework released yesterday goes more into detail of what soon may be passed by…

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2017 Tax Reform: Trump Outlines Principles

President Donald Trump, in a speech delivered at a manufacturing company in Springfield, Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system. While generally focusing more on “why” tax reform is necessary and less on specific tax reform measures, the President did reaffirm his desire for a 15% business tax rate….

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