Among the many significant changes in the 2017 Tax Cut and Jobs Act (TCJA), individual taxpayers’ deductions for state and local taxes (SALT deductions) on federal Form 1040 Schedule A were capped at $10,000 ($5,000 for married...
Read MoreInternal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to, or at the direction of, a governmental entity in relation to the violation of...
Read MoreIt’s not too late for wage-earners to review their withholding allowances claimed on IRS Form W-4 to avoid a possibly unpleasant surprise when filing their 2018 tax return in early 2019. The number of withholding allowances can...
Read MoreThe Internal Revenue Service periodically reminds taxpayers and tax professionals to be careful in responding to fraudulent contacts using the IRS name or logo in telephone calls, unsolicited facsimiles, emails, text messages or...
Read MoreGovernor Snyder signed a Public Act into law at the end of 2017 permitting a taxpayer and the Michigan Department of Treasury to engage in a settlement process during administrative appeals of Michigan sales tax and corporate...
Read MoreBy: Tom HammerschmidtEmployers are required to obtain a signed IRS Form W-4 when hiring a new employee. Although Form W-4 is revised each year by the IRS to reflect current tax rates, exemption amounts, etc., the...
Read MoreBy Thomas D. Hammerschmidt, Jr. Recent news stories regarding the leaked (or stolen) “Panama Papers” highlight the problems faced by some of the world’s “one percenters” in connection with off-shore accounts, apparently used in...
Read MoreBy Tom Hammerschmidt A recent Tax Court decision suggests that professional corporations should carefully reconsider the oft-used practice of paying and deducting year-end bonuses to the corporation’s principals with the effect...
Read MoreBy Thomas D. Hammerschmidt, Jr. The laws in most states require banks and other business “holders” of unclaimed property to remit (or “escheat”) the unclaimed funds to the state, which then holds the property subject to being...
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