On December 20, 2019, President Trump signed into law, two pieces of legislation that extended government funding and dealt with several of the tax extender provisions. These tax extender provisions were largely ignored and left on the shelf when the President signed the Tax Cuts and Jobs Act in 2017. However, with the passing of this 2019 legislation, these provisions were “re-activiated” effective January of 2019 (through 2020) with the ability for these provisions to be carried back to 2018. This essentially means that this legislation has resurrected a bunch of previously expired federal income tax breaks that can now be claimed for 2018. If you qualify for any of the below “resurrected” tax breaks, you may need to consider amending your 2018 tax return to take advantage of these savings.
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On December 20, 2019, the President signed into law—the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation.
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The Tax Cuts and Jobs Act, the most sweeping federal tax law change in 30 years, has brought with it a myriad of provisions significantly impacting the business community…
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The Tax Cuts and Jobs Act, the most sweeping federal tax law change in 30 years, has brought with it a myriad of provisions significantly impacting the business community…
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Overview
The Tax Cuts and Jobs Act, which was introduced and effective January 1, 2018, introduced a new section 199A deduction equal to 20% of qualified business income. This deduction is available to pass-through entities including sole proprietorships, LLCs, partnerships or S-corporation but is only available to entities which have income from a trade or business.
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As you discuss retirement planning or financial planning with your financial advisor, you may often hear the terms “accumulation phase” and “deaccumulation phase” (or “distribution phase”) when it comes to the life-cycle of wealth management and retirement planning.
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The Coronavirus Aid, Relief, and Economic Security (“CARES Act”), a $2 trillion emergency bill that Congress has prepared in response to the Coronavirus (COVID-19) pandemic, was passed by the Senate on March 25, 2020, was passed by the House today, March 27, 2020 and President Trump is expected to sign with little delay. Many of the provisions of this bill provide financial relief to both individuals and small business. A summary of these provisions is being provided below in order to ensure you are informed on the progress of this bill of how these provisions may impact you as an individual and a small business owner.
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