Author: Editor

The “big beautiful bill” touted by President Trump is getting closer, though the timeline remains imprecise. “There’s been some public reporting on tougher questions of spending cuts, but the difference between the tax bill this year and the Tax Cuts and Jobs Act in 2017 is that the inclusion of a lot of spending cuts in the same bill makes it more challenging this year. From the bill itself several categories are apparent,” said Stephen Eckert, a partner in the National Tax Office of Top 25 Firm Plante Moran. “There’s the extension of the TCJA extension, campaign promises and a catch-all…

An unclean sweep; quite an education; Ferrari fever; and other highlights of recent tax cases.Parkton, Maryland: Exec Brett Hill, of Parkton and Berlin, Maryland, has been convicted of 16 counts of failing to collect and pay over payroll taxes.He was CEO of two telecommunications companies. From the second quarter of 2016 through fourth quarter of 2018, Hill withheld taxes from employees’ wages at one or both of his companies but did not file returns or pay those taxes over to the government, nor did he pay over his companies’ share. Instead, Hill paid himself a salary and paid other expenses.Total…

Rep. Gwen Moore, D-Wisconsin, a member of the tax-writing House Ways and Means Committee, introduced legislation Thursday to expand the Section 199A Qualified Business Income deduction to provide a bigger benefit to the smallest businesses.The Mom and Pop Tax Relief Act, H.R. 3249, would let businesses deduct $25,000 of their QBI, giving small businesses with lower revenues an advantage. The deduction would phase out at $200,000 of QBI for single filers and $400,000 of QBI income for joint fillers, providing targeted tax relief to small businesses.The Tax Cuts and Jobs Act of 2017 created the Section 199A deduction, which allows…

House Speaker Mike Johnson said Republicans are discussing raising the state and local tax deduction cap to $30,000 — among other options — as the party seeks to resolve disagreements on the details of President Donald Trump’s tax package.”I’ve heard that number, and I’ve heard others as well,” Johnson told reporters on Thursday.”It’s still an ongoing discussion amongst the members, and I think we’ll find the right point,” he added. “I’m not going to handicap it because I’m not sure exactly what that is, but there’s a lot of analysis that’s going into it.”Republicans are seeking a deal between members…