The new law imposes a new tax rate structure with seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The top rate was reduced from 39.6% to 37% and applies to taxable income above $500,000 for single taxpayers, and $600,000 for married couples filing jointly. The rates applicable to net capital gains and qualified dividends were not changed. The “kiddie tax” rules were simplified. The net unearned income of a child subject to the rules will be taxed at the capital gain and ordinary income rates that apply to trusts and estates. Thus, the child's tax is unaffected by the parent's tax situation or the unearned income of any siblings.
Your Taxes 2013 - What will change (and what won't)csawaf
Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result.
Andrew has been helping high net individuals with financial planning since 1996. In his career he has been named one of the top 100 financial planners in the United States and he is a 4 Year Winner from Five Star Professionals.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Scott Mariani, JD, Partner and Practice Leader of WithumSmith+Brown’s Healthcare Services Group, presented his “Healthcare Industry Tax Update 2014″ at the HFMA Annual National Institute (ANI). The session provided an update and overview of current tax issues applicable to integrated healthcare delivery systems, hospitals, physicians, and other healthcare providers.
Regulation us tax - aicpa 2019-convertedmadhuri199
To learn more about the following career choices, you will visit our USA, CMA USA, CFA etc. controller centers. In the metropolis, Bangalore, Delhi, Gurgaon, Hyderabad or visit www.simandhareducation.com
Your Taxes 2013 - What will change (and what won't)csawaf
Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result.
Andrew has been helping high net individuals with financial planning since 1996. In his career he has been named one of the top 100 financial planners in the United States and he is a 4 Year Winner from Five Star Professionals.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Scott Mariani, JD, Partner and Practice Leader of WithumSmith+Brown’s Healthcare Services Group, presented his “Healthcare Industry Tax Update 2014″ at the HFMA Annual National Institute (ANI). The session provided an update and overview of current tax issues applicable to integrated healthcare delivery systems, hospitals, physicians, and other healthcare providers.
Regulation us tax - aicpa 2019-convertedmadhuri199
To learn more about the following career choices, you will visit our USA, CMA USA, CFA etc. controller centers. In the metropolis, Bangalore, Delhi, Gurgaon, Hyderabad or visit www.simandhareducation.com
The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.
Here are all about IRS tax benefit adjustments for the year 2018 you need to know! These changes could affect your tax filing process in the coming year.
Federal budget guide 2018 mazars australia_9th mayRickard Wärnelid
Mr Scott Morrison, the Federal Treasurer, has handed down his third Budget on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.
With a deficit of $18.2b in 2017/18 and $14.5b in 2018/19, the Budget is forecast to return to a balance of $2.2b in 2019/20 and a projected surplus of $11b in 2020/21.
The government is proposing a three-step, seven-year plan to make personal income tax “lower, fairer and simpler”. The Budget also contains additional measures to counter the black economy, particularly in response to the final report from the Black Economy Taskforce, including expanding the taxable payments reporting system. Additionally, the Budget contains a range of measures intended to ensure the integrity of the tax and superannuation system.
A qualified co-generator, a public service company, or an electricity supplier that purchases coal mined in Maryland on or before December 31, 2020, may be eligible for a tax credit.
Are you ready to move to the retirement home you've been dreaming of? You may want to consider how each state treats Social Security income before making your final decision.
The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.
Here are all about IRS tax benefit adjustments for the year 2018 you need to know! These changes could affect your tax filing process in the coming year.
Federal budget guide 2018 mazars australia_9th mayRickard Wärnelid
Mr Scott Morrison, the Federal Treasurer, has handed down his third Budget on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.
With a deficit of $18.2b in 2017/18 and $14.5b in 2018/19, the Budget is forecast to return to a balance of $2.2b in 2019/20 and a projected surplus of $11b in 2020/21.
The government is proposing a three-step, seven-year plan to make personal income tax “lower, fairer and simpler”. The Budget also contains additional measures to counter the black economy, particularly in response to the final report from the Black Economy Taskforce, including expanding the taxable payments reporting system. Additionally, the Budget contains a range of measures intended to ensure the integrity of the tax and superannuation system.
A qualified co-generator, a public service company, or an electricity supplier that purchases coal mined in Maryland on or before December 31, 2020, may be eligible for a tax credit.
Are you ready to move to the retirement home you've been dreaming of? You may want to consider how each state treats Social Security income before making your final decision.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
Attached is an excellent, easy to read newsletter summarizing the important changes, legislative extensions, and issues relating to your individual tax return for 2009 and beyond. Please read it well before 12/31 as there are items that need to be considered or acted upon before the end of this year to take full advantage of the legislation. It’s the best one I’ve come across. Its current and includes some commentary, planning suggestions, and even some health care issues as they relate to your taxes.
I will later post a copy of year end letters for both businesses and individuals that my clients receive.
If you should have any questions at this time on any of these items, please contact me anytime.
Thanks
Wally Wleklinski
The new law provides a 20% deduction for “qualified business income,” defined as income from a trade or business conducted within the U.S. by a partnership, S corporation, or sole proprietorship.
Here's a look at some of the more important elements of the new tax law that have an impact on partnerships, S corporations, and pass-through income. In general, they are effective starting in 2018.
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
January 2021 Tax Tips Newsletter
Harman CPA PDF Of Jan 2021 Newsletter Content
JANUARY 2021 NEWSLETTER CONTENT WHICH
APPEARED ON OUR WEBSITE
John Harman, CPA PLLC
1402 S. Custer Rd, S-102
McKinney, TX 75070
info@mckinneytax.com
Phone: (469) 742-0283
https://www.mckinneytax.com/
YouTube videos here: https://www.youtube.com/user/mckinneytax
John Harman, CPA PLLC, January 2021 Tax Tips Newsletter, mckinneytax, JANUARY 2021 NEWSLETTER
Of all the provisions, Section 404 is possibly the most controversial. This part of the law obliges issuers to include, on their annual report, an “internal control report.” The report will state the duty and obligation of the management in instituting and managing an effective internal control system and methods for financial reporting. As instructed, the internal control report will consist of a recent assessment of the efficacy of the internal control system and methods that the issuer utilizes in financial reporting. Under the law, the external auditor is compelled to validate and confirm the management’s attestations in relation to their examination of internal controls.
Financial statements are used by managers, shareholders, investors, lenders, and the government for different reasons and purposes. Essentially, financial statements show the financial status of an entity and are comprised of income statement, balance sheet, and cash flow statement.
Based on archaeological evidence, the ancient civilization employed different methods to keep track of their economic actions. One of the methods involved using small tokens. According to SchmandtBesserat, tokens were kept in clay jars and they embody economic proceedings. For instance, an entity’s balance statement is reflected on the quantity of tokens present in the clay jars.
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRSMojoFinancial
In 2008, the Securities and Exchange Commission (SEC) released a discussion roadmap regarding the adoption of International Financial Reporting Standards (IFRS) by U.S. companies in which entities that are interested in IFRS are allowed to file as early as 2011, even if the regular registration commences in 2014. Two years after the publication of the roadmap, the SEC announced that they would start considering the integration of IFRS into the country’s financial reporting system as soon as the specified readiness requirements are met and the U.S. GAAP and IFRS concurs.The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been busy working on the convergence of U.S GAAP and IFRS. Some of the most critical points of discussion revolve around the financial reports, financial tools, recognition of income, and lease accounting.
BKMSH Getting Started with Balance SheetMojoFinancial
A balance sheet or statement of financial position provides a picture of the financial status of an entity at a specific period. Generally, it is drawn up at the end of a month, quarter, or fiscal year.
According to Skeeles and Cunningham from the Ohio State University Extension, estate planning ensures that the welfare of a loved one is secured even after his or her death. However, the majority of Americans do not have a plan or a will. Why? No one likes to think or talk about his or her own demise, and our loved ones don’t want to hear about this subject either. Another reason is that the majority of us do not fathom the idea of planning an estate.
According to a cost segregation and tax credit specialist, cost segregation is a strategic tool in saving taxes. Companies and individuals who have built, acquired, developed, or reconstructed any kind of real estate can increase cash flow by expediting depreciation deductions and waiving federal and state income taxes. For the US Treasury Department, cost segregation is a cost effective tax strategy that should be utilized in acquiring commercial real estate.
BKMSH Sources of Federal Taxes and How the Government Uses ItMojoFinancial
Over the years, the United States’ federal tax system has reformed to adapt to the changes of the role of the government. However, the rule on taxation has not changed. If not particularly freed from the responsibility by the law, earnings from all sources are subjected to tax.
BKMSH Facts and Principles in Accounting Income TaxesMojoFinancial
As stated in an article published by the Journal of Accounting and Economics, accounting for income taxes, or AFIT, is “the process by which future cash tax payments and refunds arising from current and past transactions are recorded as deferred tax assets and liabilities and the income tax expenses are recorded in an attempt to accurately portray the financial position of the firm.” This is performed by applying the General Accepted Accounting Principles (GAAP) that guides how other economic activities of a firm should be reported.
If you are a US resident or citizen who is staying overseas for more than a year, then you are called an expatriate. However, this status does not exclude you from your obligation to pay taxes. You are still required to file your US income tax returns and account for how much you earned while living abroad. Sadly, not all expats know this fact and they end up not filing.
A fundamental objective of managerial accounting is to better or enhance the performance, strength, and efficacy of management planning and control functions. Also, Managerial accounting aims to supply the information that is needed when making internal decisions.
BKMSH Accounting for Financial ActivitiesMojoFinancial
Business undertakings between a company and its creditors and investors are called financing or financial activities. It consists of cash inflows and outflows, or the sourcing and utilization of cash. Enterprises engage in commercial activities in order to expedite the realization of their economic goals. Essentially, financial activities support the company’s transactions and strategic actions.
Ethics serves as the code of conduct in which the people involved comply to. In the field of accounting, different organizations such as the American Institute of Certified Public Accountants (AICPA), Institute of Management Accountants (IMA), and Institute of Internal Auditors (IIA) provide code of ethics to their members.
The Association of Certified Fraud Examiners (ACFE) described forensic accounting as “the application of accounting skills to provide quantitative financial information about matters before the courts.”
Service Organization Control practices relate to a world of privacy breaches and fraud, where Service Organization Control have come under the scrutiny of the government to ensure the confidentiality and integrity of user entities’ sensitive data.
Service Organization Control practices relate to a world of privacy breaches and fraud, where Service Organization Control have come under the scrutiny of the government to ensure the confidentiality and integrity of user entities’ sensitive data.
Service Organization Control practices relate to a world of privacy breaches and fraud, where Service Organization Control have come under the scrutiny of the government to ensure the confidentiality and integrity of user entities’ sensitive data.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
2. 15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's a look at some
of the more important elements of the new law that have an impact on individuals. Unless otherwise
noted, the changes are effective for tax years beginning in 2018 through 2025.
Tax Rates
The new law imposes a new tax rate structure with seven tax brackets: 10%, 12%, 22%, 24%, 32%,
35%, and 37%. The top rate was reduced from 39.6% to 37% and applies to taxable income above
$500,000 for single taxpayers, and $600,000 for married couples filing jointly. The rates applicable to net
capital gains and qualified dividends were not changed. The “kiddie tax” rules were simplified. The net
unearned income of a child subject to the rules will be taxed at the capital gain and ordinary income
rates that apply to trusts and estates. Thus, the child's tax is unaffected by the parent's tax situation or
the unearned income of any siblings.
Standard Deduction
The new law increases the standard deduction to $24,000 for joint filers, $18,000 for heads of
household, and $12,000 for singles and married taxpayers filing separately. Given these increases,
many taxpayers will no longer be itemizing deductions. These figures will be indexed for inflation after
2018.
Exemptions
The new law suspends the deduction for personal exemptions. Thus, starting in 2018, taxpayers can no
longer claim personal or dependency exemptions. The rules for withholding income tax on wages will be
adjusted to reflect this change, but IRS was given the discretion to leave the withholding unchanged for
2018.
Individual Tax Summary
3. 15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
New Deduction for “qualified business income.”
Starting in 2018, taxpayers are allowed a deduction equal to 20 percent of “qualified business income,”
otherwise known as “pass-through” income, i.e., income from partnerships, S corporations, LLCs, and
sole proprietorships. The income must be from a trade or business within the U.S. Investment income
does not qualify, nor do amounts received from an S corporation as reasonable compensation or from a
partnership as a guaranteed payment for services provided to the trade or business.
The deduction is not used in computing adjusted gross income, just taxable income. For taxpayers with
taxable income above $157,500 ($315,000 for joint filers), (1) a limitation based on W-2 wages paid by
the business and depreciable tangible property used in the business is phased in, and (2) income from
the following trades or businesses is phased out of qualified business income: health, law, consulting,
athletics, financial or brokerage services, or where the principal asset is the reputation or skill of one or
more employees or owners.
Child and Family Tax Credit
The new law increases the credit for qualifying children (i.e., children under 17) to $2,000 from $1,000,
and increases to $1,400 the refundable portion of the credit. It also introduces a new (nonrefundable)
$500 credit for a taxpayer's dependents who are not qualifying children. The adjusted gross income
level at which the credits begin to be phased out has been increased to $200,000 ($400,000 for joint
filers).
State and Local Taxes
The itemized deduction for state and local income and property taxes is limited to a total of $10,000
starting in 2018
Mortgage Interest
Under the new law, mortgage interest on loans used to acquire a principal residence and a second
home is only deductible on debt up to $750,000 (down from $1 million), starting with loans taken out in
2018. And there is no longer any deduction for interest on home equity loans, regardless of when the
debt was incurred.
Individual Tax Summary
4. 15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
Miscellaneous Itemized Deductions
There is no longer a deduction for miscellaneous itemized deductions which were formerly deductible to
the extent they exceeded 2 percent of adjusted gross income. This category included items such as tax
preparation costs, investment expenses, union dues, and unreimbursed employee expenses.
Medical Expenses
Under the new law, for 2017 and 2018, medical expenses are deductible to the extent they exceed 7.5
percent of adjusted gross income for all taxpayers. Previously, the AGI “floor” was 10% for most
taxpayers.
Casualty and Theft Losses
The itemized deduction for casualty and theft losses has been suspended except for losses incurred in
a federally declared disaster.
Overall Limitation on Itemized Deductions
The new law suspends the overall limitation on itemized deductions that formerly applied to taxpayers
whose adjusted gross income exceeded specified thresholds. The itemized deductions of such
taxpayers were reduced by 3% of the amount by which AGI exceeded the applicable threshold, but the
reduction could not exceed 80% of the total itemized deductions, and certain items were exempt from
the limitation.
Moving Expenses
The deduction for job-related moving expenses has been eliminated, except for certain military
personnel. The exclusion for moving expense reimbursements has also been suspended.
Alimony
For post-2018 divorce decrees and separation agreements, alimony will not be deductible by the paying
spouse and will not be taxable to the receiving spouse.
Individual Tax Summary
5. 15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
Healthcare “individual mandate.”
Starting in 2019, there is no longer a penalty for individuals who fail to obtain minimum essential health
coverage.
Estate and Gift Tax Exemption
Effective for decedents dying, and gifts made, in 2018, the estate and gift tax exemption has been
increased to roughly $11.2 million ($22.4 million for married couples).
Alternative Minimum Tax (AMT) Exemption
The AMT has been retained for individuals by the new law but the exemption has been increased to
$109,400 for joint filers ($54,700 for married taxpayers filing separately), and $70,300 for unmarried
taxpayers. The exemption is phased out for taxpayers with alternative minimum taxable income over $1
million for joint filers, and over $500,000 for all others
Individual Tax Summary