Howard, Moore & McDuffie

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News

Details of tax reform legislation revealed

3 November 2017
Author: machele
Number of views: 3139
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The House Ways and Means Committee released draft tax reform legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details. Budget legislation passed in October would allow for the tax reform bill to cut federal government revenue by up to $1.5 trillion over the next 10 years and still be enacted under the Senate’s budget reconciliation rules, which would require only 51 votes in the Senate for passage.

Voices How to convert to a Roth IRA in 2017 and defer tax till 2018 if tax reform passes

5 October 2017
Author: machele
Number of views: 2927
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Taxpayers who have decided to convert a traditional IRA into a Roth IRA may be wondering if they should take the plunge now and pay tax on the conversion this year, or wait till next year when tax rates may be lower under the reform plan Congress will reportedly consider this fall.

House passes disaster tax relief bill for hurricane victims

29 September 2017
Author: machele
Number of views: 2985
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The House passed legislation Thursday that provides some tax relief to victims of the recent spate of hurricanes.

The bill, introduced by House Ways and Means Committee Chairman Kevin Brady, R-Texas, would help victims of Hurricanes Harvey, Irma and Maria by creating a deduction for personal casualty losses for uncompensated losses in disaster areas.

Hurricane Irma victims get IRS reprieve

22 September 2017
Author: machele
Number of views: 3058
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As Hurricane Irma weakened into a tropical depression, the IRS said it is providing tax relief to people affected by the massive storm in parts of Florida, Puerto Rico, and the Virgin Islands (IR-2017-150). The relief applies to any area designated by the Federal Emergency Management Agency as qualifying.