Income Tax

The current graduated seven-bracket structure would be reduced to four rates of 12%, 25%, 35% and 39.6%. The previous plan was based on only three brackets with a top rate of 35% and didn’t specify income amounts. Thus, this new plans preserves the ...

Twenty-seven states — plus Washington, D.C. — index their minimum wages to rise automatically with the cost of living. More states will index minimum wage increases annually, starting in the following years, like: Minnesota (2018), Michigan (2019) and ...

The plan would also repeal the alternative minimum tax (AMT) and the estate tax, while preserving the current status quo tax deferred treatment of 401(k) and similar accounts.

The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement.

The indictment in the district court for Washington D.C. states that Manafort laundered more than $18 million to buy luxury gods and services without paying any tax on the income. This enabled the GIP strategist to support a “lavish lifestyle. “

The new tax plan doesn’t provide much detail on how the tax cuts will be paid for and who exactly will benefit. It also throws some important decisions back into Congress’ lap.

First of all, to qualify as IRC §1202 Stock, the stock must be in a domestic C-Corporation. The stock cannot be held by an S-Corporation or a limited liability company (LLC). Another caveat is that the corporation may not have more than $50 million in ...

As Hurricane Harvey brings massive floods and destructive winds to Texas, victims are in need of relief and aid.