The following is a summary of individual tax changes effective in 2018:
The new brackets under the tax act are: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The deduction for personal exemptions has been suspended for years 2018 through 2025.
The standard deduction was increased as follows:
$24,000 married filing joint or a surviving spouse
$18,000 for head of … Read More ›
The “Tax Cuts and Jobs Act” was approved by Congress on December 20, 2017 and signed into law by President Trump on December 22, 2017. This sweeping tax reform act will bring many changes to individuals as well as businesses and is effective as of January 1, 2018.
One of the changes that will affect many … Read More ›
The AICPA announced an extension of the comment period on the proposed Statement on Auditing Standards (SAS): Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
The public comment period on the proposed SAS is extended from the original August 21, 2017 deadline to September 29, 2017. This will result in a period of over 150 days for interested persons … Read More ›