The Tax Cuts and Jobs (the “Act”) is a piece of legislation that was first passed by the House of Representatives on November 16, 2017. Only one month later, both the House and the Senate have passed a unified version of tax reform that will modify tax policy for the next several years. These changes range from reducing both corporate and individual tax rates to international taxation implications. On December 22, 2017, President Trump officially signed it into law. Below is a brief analysis of the key points.
Commercial Real Estate for Women’s Dallas Chapter (“CREW Dallas”), a not-for-profit organization, recently named Shea Kracheck, Tax Principal at LGT, as the 2018 President-Elect. Over her four-year term, Shea will shepherd the Board of Directors in their responsibilities for setting goals, priorities, strategic objectives, and more.
With so much on their plates, it’s not surprising that cybersecurity isn’t at the top of some not-for-profits’ to-do lists.
But cyber risks are real and can prove costly in terms of both finances and reputation. Fortunately, you can take some proactive steps to reduce your risks without breaking the bank.
The new rules for partnership audits enacted by the Bipartisan Budget Act of 2015 ("BBA") will dramatically impact not only how tax adjustments are assessed, but who is responsible for them. These rules will go in effect for partnership tax years beginning after December 31, 2017. We advise you to discuss with your legal counsel, so that your agreements include the new elections and address the updated regulations summarized below.
Cyber security: it’s not if, but when
In 2003 The Security Rule was enacted by the Department of Health and Human Services. Standards for the security of electronically protected health information were set. Six years later Massachusetts filed regulations to protect personal information of residents of the Commonwealth. In 2015, the Federal Trade Commission sued Wyndham Worldwide Corporation for their lack of data security, which led to millions of fraudulent dollars charged on consumers’ cards, and hundreds of thousands of dollars, along with account information was sent to a registered website in Russia. This year alone, Target, Sonic, and Equifax all had security breaches, compromising millions of consumers’ private information.
The annual gift tax exclusion will increase next year to $15,000, a $1,000 hike over this year’s figure and the first jump since 2013. This pertains to gifts made in 2018.
Hurricane Harvey Tax Update
In August 2017, at the request of Texas Governor Abbott, President Trump began making disaster declarations for Texas counties expected to be impacted by Hurricane Harvey. Additional Texas counties have been added to the Harvey disaster declaration list through October 2017 which include Dallas and Tarrant counties. (For a complete list of the Hurricane Harvey covered disaster areas: https://www.irs.gov/newsroom/help-for-victims-of-hurricane-harvey) This declaration permitted the IRS to postpone certain deadlines for taxpayers who reside or have a business in the Presidential Disaster Areas. (For additional information click here for our Hurrican Harvey communication)
Hurricane Harvey Tax Update
As the victims of Hurricane Harvey continue to put their lives back together, an area of concern is casualty losses. In this communication we discuss:
Is it time to bring on an associate or partner? There are many reasons you might consider it. For example, your practice might have become so busy that you have little time with your patients. Perhaps your practice volume has grown so much that you need help managing it, or maybe retirement is around the corner and you’re thinking about eventually selling.
Picture this- You put twenty years into growing your business. Twenty years’ worth of money, hard work, and dedication. Come the twenty-first year when the business is a fully-functioning, profit-making machine, you get a knock on your door; you’ve been sued.