Tax

American Institute of CPAs president and CEO Barry Melancon issued a statement Wednesday following passage by Congress of the Tax Cuts and Jobs Act expressing disappointment that the bill doesn’t give CPA firms the same favorable tax treatment provided to other pass-through entities.

House Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years—hours after the Senate passed the legislation—handing President Donald Trump his first major legislative victory.

A pivotal moment in the Republican party’s drive for tax overhaul legislation came in September, when two GOP senators agreed that tax cuts could add $1.5 trillion to deficits over 10 years, said Senate Majority Leader Mitch McConnell.

If you’re confused by how the Republican tax bill will affect you, you’re not alone.

The impact of the biggest overhaul of the U.S. tax code in three decades will spread far and wide starting next year, highlighted by a cut in the corporate rate to 21 percent from 35 percent, fully allowable deductions for capital expenses and lower levies on repatriating overseas profits.

White House economic adviser Gary Cohn said he was dumbfounded by the unpopularity of the Republican tax bill, and claimed that President Donald Trump fought unsuccessfully to strip a provision that mostly benefits wealthy investors.

Republicans are on the brink of passing the most extensive rewrite of the U.S. tax code in more than 30 years—but it’s not yet clear when President Donald Trump will actually sign the bill.

Potential state-by-state effects of the tax reform bill; filing for the dead; the real power of IRS notices; and other highlights from our favorite tax bloggers.

Democrats are seeking a symbolic victory that would force Republicans to strike the GOP’s preferred title for its bill—The Tax Cuts and Jobs Act—according to Senator Bernie Sanders’s office.

Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.