Today the President signed the Tax Cuts and Jobs Act into law – the most sweeping tax reform in three decades. Most of the changes will go into effect next year (2018) so here are some last minute moves you should consider in the last few days of 2017. INDIVIDUALS Due to the elimination of [...]
Actions to consider before 12/31/17 due to Tax Reform Proposals By Julie A. Welch, CPA, PFP, CFP The Senate narrowly passed its version of the most sweeping tax reform in three decades, “Tax Cuts & Jobs Act,” early Saturday morning December 2, 2017 BY a vote of 51-49. The House had passed its version in [...]
The House Ways & Means Committee "Tax Cuts & Jobs Act" was just released this morning. The bill would lower the individual tax rates for low and middle income people to 0%, 12%, 25%, and 35% and retain the 39.6% rate for high-income (over $1 million) people; lower the corporate rate to 20%; and lower [...]
President Trump announced the long-awaited framework that would cut individual and corporate tax rates and eliminate many exemptions and deductions. The "Big Six" (Speaker of the House Paul Ryan, House Ways and Means Committee Chair Kevin Brady, Senate Finance Committee Chair Orin Hatch, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, and National Economic [...]
Tax Changes are Coming By Julie Welch and Steve Browne This week President Trump and congressional Republicans are expected to release a framework for tax reform legislation. Here is an article printed in Ingram's Magazine earlier this year about the tax changes coming. With a newly elected President, many are expecting major tax changes. Looking [...]
A revised version of Form I-9 “Employment Eligibility Verification” is available. Employers must complete Form I-9 to document verification of the identity and employment authorization of each new employee. Through September 17, 2017, employers can use either the old version of the form or the revised version of the form. Starting on September 18, 2017, [...]
As a result of the new Kansas law that increases the Kansas tax rates on individuals retroactive to January 1, 2017, the Kansas Department of Revenue has released new withholding tables. Since the change in the law is retroactive to January 1 and since there will be an additional increase in Kansas individual income taxes [...]
This week the Kansas House Committee approved a bill to pass on to the full chamber. Among other changes, the bill would impose a “flat” tax of 5% on income starting in 2018. The bill would also RETROACTIVELY eliminate the Kansas tax exemption for “flow-through” business income making it effective for 2017.
Details of two House bills to repeal and replace the Affordable Care Act are emerging. The committees began markup of the bills on Wednesday. If the bills are passed by the committees, they are expected to be combined into one bill by the House Budget Committee. Then they would go to the House Rules Committee [...]
The 21st Century Cures Act provides an exemption for qualified small employer health reimbursement arrangements (QSEHRAs) from the ACA’s group plan rules generally effective January 1, 2017 (with retroactive relief for 2016 if the plan met certain requirements). Previously employers were prohibited from providing employees money conditioned on the purchase of individual health insurance with [...]