GMS Surgent CPA
E-News Alert Library

November 14, 2018
The IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2019 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged.
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October 31, 2018
In October 2018, the IRS issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (“TCJA.”) The TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement, or recreation.
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August 6, 2018
“What should I keep and what should I throw out?” This is a question that is asked often by our clients this time of year. It’s a great question and the answer, like many answers we give is, “it depends”. With this in mind, we have put together a guide that can be used when trying to determine what a business should keep and what should be destroyed.
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August 6, 2018
Save the date! GMS Surgent will host a shred event August 15th & 16th. Simply bring all your confidential documents to the GMS Surgent location, and one of our team members will place them in a locked and secure collection bin for on–site destruction. This service is for confidential documents only. Limit (2) boxes.
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June 22, 2018
On June 21, 2018, the U.S. Supreme Court issued a decision in the South Dakota v. Wayfair case, which overturned the physical presence standard that was adopted in the Quill v. North Dakota case in 1992.
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June 12, 2018
Under the Opportunity Zones program, taxpayers may be able to receive very favorable tax treatment on the sale of currently held investments.
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March 19, 2018
The new tax law has created new opportunities to accelerate tax write‐offs. Below is a summary of some of the changes made to tax depreciation under the new tax law.
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February 6, 2018
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, created IRC §199A, which allows an individual a deduction for 20% of qualified business income (QBI) from pass‐through or rental property income.
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December 21, 2017
The “Tax Cuts and Jobs Act” has been passed by both the House and the Senate, and President Trump has indicated he will sign the bill into law.
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December 7, 2017
As of this writing, the “Tax Cuts and Jobs Act” is working its way through Congress. On November 16th, the House of Representatives passed its version of the bill. On December 2nd, the Senate passed its version. Since the bills that passed vary, the legislation must now go to a conference committee – where members from both chambers will unify the differing aspects.
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November 17, 2017
On November 16th, by a vote of 227 to 205, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1). Later that day, the Senate Committee on Finance released additional changes to their original Chairman’s Mark of the Tax Cuts and Jobs Act, dated November 9th. Below are some of the highlights of both bills, key differences between the Senate and the House versions, and our commentary on how this may affect you.
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November 2, 2017
On November 2nd, the Committee on Ways and Means released policy highlights for the proposed Tax Cuts & Jobs Act. Following are some of the highlights as well as our preliminary commentary (in italics) on how this may affect you.
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October 20, 2017
The IRS has announced the 2018 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits are changed for 2018 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
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September 28, 2017
The White House and GOP Congressional leaders have announced a tax reform framework which is expected to be a starting point for tax-writing committees to further debate and draft new tax legislation.
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September 14, 2017
IRS has announced on its website that victims of Hurricanes Harvey and Irma, that are designated as federal disaster areas qualifying for individual assistance, have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that's available and extended filing and deposit dates for areas affected by these storms.
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May 8, 2017
On May 4, the House of Representatives, by a vote of 217 to 213, passed the American Health Care Act (AHCA), the Republican plan to repeal and replace the Affordable Care Act (ACA, Obamacare), as amended. The bill now heads to the Senate for its consideration. This summary examines the effects of repealing ACA and the many tax provisions found in AHCA.
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