As you are no doubt aware, earlier this month the Senate passed its version of tax reform legislation.
This is a great time to execute plans which can minimize your federal and state tax obligations as well as address long-term concerns. Amid the current beehive of activity regarding tax legislation, it doesn’t seem likely that the rules for 2017 will significantly change.
As is often the case in state tax practice, changes in federal law have had a major impact on tax planning and compliance.
The Governmental Accounting Standards Board (GASB) issued Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.
High income self-employed individuals or corporation owners can save thousands of dollars on income taxes every year by setting up their own pension plan.
As the year comes to a close for some private foundations, there are a number of tax planning tools and year-end measures that we have compiled to help mitigate any excise tax on net investment income and prevent some common pitfalls that could result in other types of excise taxes.