Tax planning

Taxpayers can expect many of their cherished deductions for charitable contributions, family members, and state and local taxes to go away under the Senate tax reform legislation.

Potential code changes call for action before Dec. 30.

Clients who own small companies may have maximized their retirement plan contributions, but are they maximizing their tax savings?

As Congress prepares to combine the House and Senate bills, these changes to the code look highly likely to be part of the final legislation.

Expiring tax cuts, business perks and health care politics loom over House and Senate Republicans as they face the daunting task of hammering out the differences between their competing bills to rewrite the U.S. tax code.

Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.

Traditional cost accounting for mixed-use residential projects often does not properly allocate all construction costs to each section of the property.

As if the Republican tax reform plan wasn’t bad enough already for taxpayers, the latest scheme to win over more votes of a precarious Senate majority involves adding a “trigger” to raise certain taxes if there isn’t enough economic growth to cover the $1.4 trillion cost of the bill, though the Senate's parliamentarian appears to have just shot down that proposal.

A push by some Republican senators to ward off future deficits by tucking a potential corporate tax increase into their tax-overhaul bill would set up a kind of economic booby trap—putting the GOP’s much-desired growth at risk, according to a half-dozen economists, lobbyists and tax experts.

The tax reform bills passed by the House, and soon to be passed by the Senate, have many similarities. And you can count on measures that are the same in both bills to end up in the final version to be signed by the President.