Tax Reform And You
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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.
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1) Allowed Bush-era tax rates to expire for individuals earning over $400,000 and families over $450,000, raising their tax rate to 39.6%;
2) Permanently patched the AMT by increasing exemption amounts; and
3) Provided for a maximum 40% estate tax and $5 million exemption.
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The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 extended several expiring tax provisions, including extending the 2001 and 2003 tax cuts through 2012. It also increased the estate tax exemption to $5 million per individual for 2011-2012, reduced the top estate tax rate to 35%, and made the exemption portable between spouses. Additionally, it reduced the employee portion of the payroll tax from 6.2% to 4.2% for 2011 and extended Alternative Minimum Tax relief for 2010-2011.
Individual tax summary
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.
Tax Cuts and Jobs Act: Individual Tax Planning Insight
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
NJCFE Webinar-TCJA-Income Tax Update
The Tax Cuts and Jobs Act of 2017 made significant changes to the US tax code that will impact taxpayers. It lowered tax rates for individuals and doubled the standard deduction. However, it also capped state and local tax deductions, eliminated miscellaneous deductions, and increased the child tax credit. The act is temporary and many provisions will expire after 2025. Taxpayers need to check their withholding and adjust their W-4 forms to avoid underpayment of taxes owed or overpayment resulting in smaller refunds.
2018 fed tax_summary_whitepaper
This 2018 federal tax summary explains the key changes enacted by the TCJA that may effect your business.
Issues in Tax and Estate Planning
The document discusses tax and estate planning strategies. It notes that proper annual attention to tax issues and a well-executed estate plan can significantly impact one's quality of life. Several tax law changes from the Affordable Care Act are highlighted, including a new 3.8% Medicare tax on investment income over $200k/$250k and increased capital gains and dividend tax rates of up to 20% for those over $400k/$450k. Estate and gift tax exclusions will remain at $5.25 million individually and $10.5 million jointly. The maximum estate, gift, and generation-skipping tax rates are now 40%.
The Long Lasting Impact of Tax Reform - Long Island
This document provides an overview of the long-lasting impacts of the 2017 tax reform act. It discusses changes to individual tax rates, the alternative minimum tax, and the new 20% deduction for qualified business income of pass-through entities. The document also covers changes to corporate tax rates, which were reduced to a flat 21%, the repeal of the corporate alternative minimum tax, and modifications to net operating loss deductions and research and experimentation expenditures.
Tax Consequences of the 2012 Election
The election is over - now what? We recently held free tax planning and preparation seminars discussing the tax consequences of the 2012 election.
The seminar featured Steven Hartstein, CPA, JD - Partner, and Jenna Staton, EA - Manager, and covered several topics including:
•Year end tax planning for individuals and businesses
•Year end tax planning using the estate and gift tax laws for 2012
•2013 tax law if no changes are made
•What the future holds based upon post-election Congress
If you have questions, please feel free to contact our Tax Planning & Preparation Group at 440-449-6800.
Current Current Issues in Personal Finance-Income Taxes and Identity Theft-04-18
The document provides background information on personal income taxes and identity theft in the United States. It discusses major taxes paid including income, property, sales, and estate taxes. It explains concepts like progressive vs. regressive taxes, marginal tax rates, tax credits vs. deductions, standard vs. itemized deductions, refundable vs. non-refundable credits, and tax avoidance vs. evasion. The document also summarizes key provisions and impacts of the Tax Cuts and Jobs Act of 2017. Finally, it discusses the Equifax data breach of 2017 and provides tips for consumers to monitor their credit and finances to prevent identity theft.
Tax talk
The document discusses tax planning strategies in light of upcoming tax increases and steps business owners can take to reduce their audit risk. It summarizes upcoming changes to individual income tax rates, capital gains tax rates, the payroll tax holiday expiration, provisions of the Affordable Care Act, and the American Taxpayer Relief Act of 2012. It stresses the importance of maintaining thorough financial records supported by source documents to substantiate tax filings and withstand potential audits. Business owners should organize records by year and transaction type and retain them for the applicable statute of limitations.
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Continued hospitalizations, new COVID variants, reemerging mask mandates, and further discussions around vaccination requirements in the workplace make it clear that the COVID crisis is far from over. Needless to say, there's a lot of worry and an avalanche of questions from business owners and community leaders at any given moment. What are you doing to prepare for COVID crisis 2.0?
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Insight into CDC guidelines, FFCRA, and much more!
The duo will also set aside time during the presentation to answer your questions on the subject of COVID and how your business can address specific challenges.
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With an increase in remote work worldwide, data security measures should be top of mind. Ensuring your IT systems are operational, and your data and systems are safe, secure, and compliant should be one of your organization's top priorities. Unfortunately, many businesses, organizations, and entities mistakingly believe that their systems are completely protected by the existing relationships owners have developed with their managed service providers. That's not necessarily the case. Join Rea & Associates' Cybersecurity Services Team for a free, hour-long webinar taking a deep dive into understanding the difference between your Managed Service Providers (MSP) and Managed Security Service Providers (MSSP). Our cyber professionals will tell you everything you need to know when it comes to MSPs vs. MSSPs.
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https://www.reacpa.com/insight/episode-276-msp-versus-mssp-whats-the-difference/
https://www.reacpa.com/insight/are-you-managing-your-cybersecurity-risk-exposure/
https://www.reacpa.com/insight/perspectives-what-does-the-it-department-do/
#MSSP #CyberServices #BusinessProtection #ReaCPA
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Find out why it's important for iep parental consent and how agreed upon procedures can put your district in a position to succeed.
Ready To Learn About The 2020 Medicaid School Program?
During this free, hour-long webinar for Ohio school districts, you'll:
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As a top 100 CPA firm and professional services organization, Rea's government services team is committed to providing you with the tools and insight you need to drive effectiveness and efficiency throughout your entity.
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This presentation is co-sponsored by Rea & Associates and the Southeast Ohio MEP and is designed to provide insight on CMMC standards for your Manufacturing organization.
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For more information, contact Andrew or Ty directly or visit https:www.reacpa.com for more.
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This document introduces three individuals and provides brief summaries of their roles:
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[ON-DEMAND WEBINAR] Construction Companies: Manage Cyber Risk Exposure & Prev...
Large-scale cyber-attacks continue to take down businesses large and small. What are you doing to protect and manage the cybersecurity risk exposure of your business in the event of a cyber-attack in accordance with new government guidelines?
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By the end of this informational webinar, participants will be able to ...
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During this webinar, you will also hear cyber liability insurance explained by cyber insurance experts from Oswald companies. You'll learn the ins and outs of asset management so if a data breach ever does occur in your company, you'll be ready. Furthermore, you'll discover the importance of a thorough risk assessment and how to move forward with one of your own. Don't miss this free webinar!
If you would like to learn more, visit https://www.reacpa.com.
[ON-DEMAND WEBINAR] Covid Vaccine & HIPAA: Can Employers To Receive The COVID...
As the COVID-19 vaccine continues to roll out, understanding how to navigate and conduct neutral conversations in the workplace is becoming a priority. How can you inform your employees about vaccine options, but stay HIPAA compliant and abide by legal limitations? Are you allowed to require employees to be vaccinated? What can you ask your employees about their vaccine history?
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- Changes made to the FFCRA.
If you would like to learn more about this topic or Rea & Associates, visit https://www.reacpa.com.
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[ON-DEMAND RECORDING] Managing Remote Employees, HR Policies, Sales Tax, & Ot...
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EPISODE 1 | Security Wars: A New Goal: CMMC Compliance & Department of Defens...
Present-day in our galaxy, right here …
The US Department of Defense (DoD) recently developed and established the Cybersecurity Maturity Model Certification (CMMC) as the new standard for the Defense Industrial Base (DIB). More plainly, it’s a certification process that provides assurance to the DoD that a required entity is equipped to protect unclassified information, including any data that transfers between its vendors and partners.
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#SecurityWarsSeries #CMMC #Cybersecurity
Learn more about Rea & Associates at https://www.reacpa.com
Discover how Etactics can help your business at https://etactics.com/
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Join us to learn:
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- When a SOC 2 absolutely necessary to a business’s long-term financial and organizational wellness.
- How CMMC Works With SOC2
To learn more about SOC2, visit https://www.reacpa.com/contact-us/ to reach out to a member of our team.
#SOC2 #ReaCyber #ReaCPA
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Presented by Rea & Associates and OBermyer Hall Associates, this three-hour presentation features Doug Houser, Scott Bechtel, Jack Kehl, David Catanese, and Joe Urquhart. The format of the presentation is as follows:
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- Risk Management, Need-To-Knows For Insurance Companies
View the presentation today to collect the information necessary for building a successful year in the construction industry.
#ReaCPA #ConstructionBusinessTips #OhioCPAFirm
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For more insight into the HR considerations for businesses, visit https://www.reacpa.com
#ReaCPA #HRCompliance #COVIDCrisis
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#HRBestPractices #COVID19 #ReaCPA
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केरल उच्च न्यायालय ने 11 जून, 2024 को मंडला पूजा में भाग लेने की अनुमति मांगने वाली 10 वर्षीय लड़की की रिट याचिका को खारिज कर दिया, जिसमें सर्वोच्च न्यायालय की एक बड़ी पीठ के समक्ष इस मुद्दे की लंबित प्रकृति पर जोर दिया गया। यह आदेश न्यायमूर्ति अनिल के. नरेंद्रन और न्यायमूर्ति हरिशंकर वी. मेनन की खंडपीठ द्वारा पारित किया गया
16062024_First India Newspaper Jaipur.pdf
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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#WenguiGuo#WashingtonFarm Guo Wengui Wolf son ambition exposed to open a far...
Since fleeing to the United States in 2014, Guo Wengui has founded a number of projects in the United States, such as GTV Media Group, GTV private equity, farm loan project, G Club Operations Co., LTD., and Himalaya Exchange.
12062024_First India Newspaper Jaipur.pdf
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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The Rise of Christian Persecution In Islamic Countries (1).pdf
The Rise of Christian Persecution In Islamic Countries (1).pdfECSPE - Saving the Persecuted and Enslaved
Recent years have seen a disturbing rise in violence, discrimination, and intolerance against Christian communities in various Islamic countries. This multifaceted challenge, deeply rooted in historical, social, and political animosities, demands urgent attention. Despite the escalating persecution, substantial support from the Western world remains lacking.
18062024_First India Newspaper Jaipur.pdf
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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A draft Ukraine-Russia treaty from April 2022
A draft Ukraine-Russia treaty from April 2022, published here in full for the first time.
Federal Authorities Urge Vigilance Amid Bird Flu Outbreak | The Lifesciences ...
Federal Authorities Urge Vigilance Amid Bird Flu Outbreak | The Lifesciences ...The Lifesciences Magazine
Federal authorities have advised the public to remain vigilant but calm in response to the ongoing bird flu outbreak of highly pathogenic avian influenza, commonly known as bird flu.Organisations.pdf k[poikdip-jhhohuhejhnjhn
ग्रेटर मुंबई के नगर आयुक्त को एक खुले पत्र में याचिका दायर कर 540 से अधिक मुंबईकरों ने सभी अवैध और अस्थिर होर्डिंग्स, साइनबोर्ड और इलेक्ट्रिक साइनेज को तत्काल हटाने और 13 मई, 2024 की शाम को घाटकोपर में अवैध होर्डिंग के गिरने की विनाशकारी घटना के बाद अपराधियों के खिलाफ सख्त कार्रवाई की मांग की है, जिसमें 17 लोगों की जान चली गई और कई निर्दोष लोग गंभीर रूप से घायल हो गए।
On the Wrong Track | Recent Increasing Train Accidents in India | News
#On_the_Wrong_Track, This article talks about the recent train accidents in India and gives helpful suggestions #harshkumar #trainaccidents
ACSA confirms operational readiness ahead the arrival of Heads of State at OR...
ACSA says it is ready for the arrival of foreign heads of state ahead of the Presidential Inauguration on Wednesday at OR Tambo International Airport.
projet de traité négocié à Istanbul (anglais).pdf
Ceci est le projet de traité qui avait été négocié entre Russes et Ukrainiens à Istanbul en mars 2022, avant que les Etats-Unis et la Grande-Bretagne ne détournent Kiev de signer.
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3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
लालू यादव की जीवनी LALU PRASAD YADAV BIOGRAPHY
Discover the life and times of Lalu Prasad Yadav with a comprehensive biography in Hindi. Learn about his early days, rise in politics, controversies, and contribution.
Reuters Institute Digital News Report 2024
Reuters Institute Digital News Report 2024Reuters Institute for the Study of Journalism, Oxford University
Slide deck with charts from our Digital News Report 2024, the most comprehensive exploration of news consumption habits around the world, based on survey data from more than 95,000 respondents across 47 countries.13062024_First India Newspaper Jaipur.pdf
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Howard Fineman, Veteran Political Journalist and TV Pundit, Dies at 75
Howard Fineman, Veteran Political Journalist and TV Pundit, Dies at 75LUMINATIVE MEDIA/PROJECT COUNSEL MEDIA GROUP
From his beginnings with a daily newspaper, he moved easily through Newsweek magazine to cable news and, later, to the frontiers of online journalism.The Rise of Christian Persecution In Islamic Countries
Christian persecution in Islamic countries has intensified, with alarming incidents of violence, discrimination, and intolerance. This article highlights recent attacks in Nigeria, Pakistan, Egypt, Iran, and Iraq, exposing the multifaceted challenges faced by Christian communities. Despite the severity of these atrocities, the Western world's response remains muted due to political, economic, and social considerations. The urgent need for international intervention is underscored, emphasizing that without substantial support, the future of Christianity in these regions is at grave risk.
https://ecspe.org/the-rise-of-christian-persecution-in-islamic-countries/
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Tax Reform And You
- 2. Now that theTax Cuts and Jobs Act (TCJA) is in effect, there are a lot of changes for taxpayers to understand. Luckily for you, “tax” is our second language.
- 3. Tax Rate Deductions The focal point of the TCJA is the reduction of individual tax rates. While the number of tax brackets have remained at seven, each rate has slightly decreased with accompanying charges to the base rates. These tax rates are progressive, meaning the taxes you pay will increase as your income increases.
- 4. Tax Rate Deductions Rates Under TCJA Single Return 10 Percent 12 Percent 22 Percent 24 Percent 32 Percent 35 Percent 37 Percent $0 to $9,525 $9,525 to $38,700 $38,701 to $82,500 $82,501 to $157,500 $157,501 to $200,000 $200,001 to $500,000 More than $500,000 $0 to $19,050 $19,051 to $77,400 $77,401 to $165,000 $165,001 to $315,000 $315,001 to $400,000 $400,001 to $600,000 More than $600,000 Married Filing Joint
- 5. Standard Deduction The standard deduction increases across the board. Married Filing Jointly/Surviving Spouse: $24,000 Heads of Household: $18,000 Single: $12,000 Married Filing Separately: $12,000 The deduction for the elderly and the blind remains and unchanged and is added to the standard deduction. Personal Exemption The TCJA repealed the personal exemption and changed the filing requirements. Now, you won’t have to file until your gross income for the year exceeds the standard deduction. The rules for withholding income tax is adjusted to reflect this change.
- 6. Itemized Deductions The TCJA has altered itemized deductions with some being completely eliminated. Pease Limitation: The Pease Limitation has been totally repealed (until 1/1/2026) Medical Expenses: Home Mortgage Interest: Only mortgage interest to acquire, construct or improve a primary residence or second home is included in the deduction. Also, acquisition indebtedness is now $750,000 for new mortgages, and special rules apply to home equity indebtedness. For 2018, medical expenses are deductible once they exceed 7.5 percent of adjust gross income. In 2019, the threshold will jump up to 10 percent of adjusted gross income.
- 8. Alternative Minimum Tax The Alternative Minimum Tax (AMT) is calculated using a different set of tax rules. Per AMT rules, the taxpayer is responsible for whatever is higher, AMT or regular income tax. Overall, the calculation rules have remained the same, but the exemption and phase-out amounts have been modified.
- 9. Married Filing Joint Single or Head of Household Married Filing Separate Filing Status AMT Exemption Amount AMT Phase-Out $109,400 $70,300 $54,700 $1,000,000 $500,000 $500,000 Alternative MinimumTax
- 10. Under theTCJA, the child tax credit will double to $2,000 per qualifying child under the age of 17, with up to $1,400 being refundable for those who don’t fully utilize the $2,000 per child. Additionally, the credit will be available to more households because of the boost to the phase-out thresholds. ChildTax Credit
- 11. Child Tax Credit Tax Filing Status Maximum Adjusted Gross Income for Full Credit Adjusted Gross Income Where Credit Disappears (Depends on # of children) Married Filing Jointly Single Head of Household Married Filing Separately $400,000 $200,000 $200,000 $200,000 Greater than $440,000 Greater than $240,000 Greater than $240,000 Greater than $240,000
- 12. Other Important Provisions The following rules will also have a substantial effect on individual filers: The 529 College Savings Plan will continue to be withdrawn tax-free if used for higher education expenses. Now, $10,000 per year can also be used to help pay for elementary or high school education at private and religious schools. Like-kind exchanges are limited to real property not available for sale. The Chained Consumer Price Index for All Urban Consumers will be the indicator for any adjustments. This will ultimately result in a slower adjustment for items based on the inflation rate.
- 13. Many of the provisions in theTCJA, including the standard deduction, are slated to sunset in 2025. It’s always in your best interest to work with a credentialed tax professional to help identify long-term tax saving solutions that work for you. Learn more about Rea & Associates and sign up to receive more insights at www.reacpa.com