The Tax Cuts and Jobs Act (TCJA) created a new grouping rule called Siloing (separate trades or businesses) for tax-exempt organizations with multiple unrelated business activities. Prior to the new law, organizations could net income and losses from all unrelated business activities when determining their taxable income. Effective for tax years beginning after 12/31/17, … Read More ›
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 Form W-4P Withholding on Pensions and Annuity Payments release has been posted on our website on the Annual Tax Releases page.
Please contact Maria Solis if you have any questions about the releases.