Congress passed tax reform during the week before Christmas of 2017. This was the most sweeping tax law change since the recodification of the tax code in 1986. While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients. The impact that the reform will have on businesses is tremendous. The law is full of benefits and incentives for businesses of all types. The law includes a reduction in tax rates and acceleration of deductions. The following changes impact C Corporations: (Corporation will mean C Corporation for the entirety of this article) -Worldwide to Territori

Congress passed tax reform during the week before Christmas of 2017. This was the most sweeping tax law change since the recodification of the tax code in 1986. While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients. The impact that the reform will have on businesses is tremendous. The law is full of benefits and incentives for businesses of all types. The law includes a reduction in tax rates and acceleration of deductions. The following changes impact pass through entities that pass their income to their owners to be taxed at their income tax rate. These entit

IR-2017-204, Dec. 14, 2017 WASHINGTON ― The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: -54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. -18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017. -14 cents per mile driven in service of charitable organizations.