Meet the Co-chairs - TIAG
Mercer & Hole
Fineman West & Co. LLP
Meet the Co-chairs - TAGLAW
Williams Mullen (VA)
Article written by FGMK Tax Partner Charles F. Schultz III and Senior Tax Associate Jeffrey Golds
The Senate version of the "Tax Cuts and Jobs Act of 2017" includes a provision that would require taxpayers to use the first-in, first-out ("FIFO") valuation method with respect to any security sold, exchanged, or otherwise disposed of. Specifically, effective January 1, 2018, taxpayers would be required to use the basis of the earliest acquired shares of any stock sold when determining capital gain recognition. For many taxpayers, the earliest acquired shares also happen to be the shares with the lowest basis, resulting in greater capital gain recognition.
Domestic abuse often includes control over finances. An important part of managing finances is understanding one’s tax rights. Taxpayers have the right to expect the IRS to consider facts and circumstances that might affect the individual’s taxes.
Taxpayers have the right to:
Taxpayers also have the right to request relief from the liability shown on a joint return. This is known as innocent spouse relief. Here are a couple of examples:
Contact: Tracy Monroe
It was awesome to speak on tax planning for individuals and businesses at the Ohio Society of CPA’s Cleveland Accounting Show this week. Like just about everyone, the group is anxiously awaiting the release of a detailed tax reform plan. There have been a number of recent signs that we should see one very soon.
As was done earlier this year, The Trump Administration, the leaders of the House Ways and Means Committee, and the Senate Finance Committee have released an ambitious proposal to reform the federal tax code, including reducing tax rates for businesses and individuals that, if passed, would amount to a sweeping change to the federal tax code. It purports to be economic growth, American worker and simplification oriented, but the proposal is a general outline with questions still remaining as to what may actually pass, what it will cost, and how this reform can be paid for if not revenue neutral. Rigorous debate is expected and much may, and probably will, change in the months ahead if and when the generalized proposal gets distilled into legislative language. That task will be left to the House and Senate Tax Writing Committees. In the meantime, this is still a good opportunity to review some of the principal features of the President's proposal, which include:
Article written by FGMK Tax Partner Fuad Saba and Tax Manager Jill Boland
The Republican Party yesterday rolled out its proposed changes to the U.S. tax code, in what may become the most comprehensive overhaul of U.S. tax law since the 1986 Tax Act. The plan espouses four goals: (1) to simplify the tax code; (2) to lower taxes on American workers; (3) to entice companies to do business in the U.S.; and (4) to bring the offshore profits of U.S. companies back to the U.S. The proposed changes would impact the U.S. tax treatment of individuals, corporations, and certain cross-border transactions.