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Category: Tax Cuts and Jobs Act

May 7, 2021

The Biden Administration Proposes Far-reaching Tax Overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations. American Families Plan: Proposed tax changes for the wealthy The American Families… Read more ›

March 3, 2021

Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time

PDF: Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time Debora E. May, CPA, CFP®, CDFA®, Executive Vice President at Councilor, Buchanan & Mitchell, P.C., director of the firm’s divorce, litigation, wealth management and financial planning practice, and chief investment officer at May Barnhard Investments (MBI), the firm’s financial advisory subsidiary, has been recognized by Washingtonian Magazine as a top financial advisor in the Washington, DC metropolitan region. May has been recognized nine times by Washingtonian over the… Read more ›

December 6, 2020

Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses

PDF: Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses Please click the link above for a printable, PDF copy of the letter below.  We can all agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health… Read more ›

December 6, 2020

Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals

PDF: Unusual Year Steers Year-End Tax Strategies – 2020 Year-End Tax Planning for Individuals Please click the link above for a printable, PDF copy of the letter below.  As the end of 2020 approaches, we can all agree that this year is unlike any other. The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impacts of the coronavirus pandemic, Congress passed two major pieces… Read more ›

November 30, 2020

What Do the 2021 Cost-of-Living Adjustment Numbers Mean for You?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds,… Read more ›

September 30, 2020

Small Businesses: Are First-Year Depreciation Write-Offs Right for You?

Under today’s federal income tax rules, your small business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or first-year Section 179 deductions. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) included two generous first-year depreciation tax breaks for business taxpayers:… Read more ›

September 30, 2020

How Do the Republican and Democratic Tax Plans Differ?

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a major impact on the amount of taxes you’ll owe in the future. Here’s an overview of each candidate’s tax proposals for both individuals and businesses…. Read more ›

September 26, 2020

COVID-19: New Law Relaxes the Limit on Business Interest Deductions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides roughly $2 trillion of much-needed financial relief, including tax relief, to individuals and businesses. This relief is in response to the coronavirus (COVID-19) pandemic. One CARES Act provision temporarily relaxes the Tax Cuts and Jobs Act (TCJA) limitation on deductions for business interest expense. Here’s the story. TCJA Limitation on Business Interest Expense Deductions Before the TCJA, some corporations were subject to the so-called “earnings stripping” rules. Those rules attempted… Read more ›

March 30, 2020

The CARES Act: An Overview of the Coronavirus Aid, Relief and Economic Security Act

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. This top-level overview represents the first of several upcoming alerts by CBM on various components of the CARES Act. Among the… Read more ›

February 11, 2020

10 Tax Elections to Save Money On Your 2019 Return

2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key “elections” this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end spending package that was signed late last year. Here are ten important choices that individuals and small business owners can make this tax season. 1…. Read more ›