Blog


Tax Cuts and Jobs Act (TCJA) Planning Issues for Individuals
December 7, 2018

Over the past several months, we’ve digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well as planning opportunities. From lower tax rates to a new deduction for pass-through income, the new tax law may mean more cash in your pocket. […]

2018 Year-End Tax Planning for Businesses
November 27, 2018

As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular […]

2018 Year-End Tax Planning for Individuals
November 20, 2018

  Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering if income tax rates, there are […]

EMPLOYEE SPOTLIGHT
July 18, 2018

At MWH Group, our mission is to help our clients and team members succeed.  Our vision is to be the leader in our field, attracting and retaining top, quality clients and team members.  The personal assistance you receive from us comes from members of our team with years of advanced training, technical experience and financial […]

2017 Tax Cuts Act Part 6: Alternative Minimum Tax for Individuals
June 22, 2018

The Tax Cuts and Jobs Act temporarily increases the alternative minimum tax (AMT) exemption amounts for individuals for tax years 2018 through 2026. The AMT system was originally enacted to ensure that all taxpayers, particularly higher-income taxpayers, pay at least a minimum amount of federal income tax. The AMT generally imposes a minimum tax on […]

2017 Tax Cuts Act Part 5: Corporate Tax Rates
June 15, 2018

The Tax Cuts and Jobs Act calls for a 21-percent corporate tax rate beginning in 2018. The maximum corporate tax rate currently tops out at 35 percent. In addition, the 80-percent and 70-percent dividends-received deductions under current law are reduced to 65 percent and 50 percent, respectively. The Tax Cuts and Jobs Act also repeals […]

2017 Tax Cuts Act Part 4: Depreciation and Sec. 179 Expensing
June 8, 2018

The Tax Cuts and Jobs Act modifies provisions related to depreciation and expensing of fixed assets. These changes extend and modify the additional first-year depreciation deduction through 2026 (through 2027 for longer production period property and certain aircraft), increase the Code Sec. 179 dollar and investment limitations, expand the definition of Code Sec. 179 property, […]

2017 Tax Cuts Act Part 3: Pass-Through Income
June 1, 2018

Through 2017, owners of partnerships, S corporations, and sole proprietorships – as “pass-through” entities – pay tax at the individual rates, with the highest rate at 39.6 percent. The highest rate is reduced to 37 percent under the Tax Cuts and Jobs Act. The Act also allows a temporary deduction in an amount equal to […]

2017 Tax Cuts Act Part 2: Retirement Plans and IRAs
May 25, 2018

The Tax Cuts and Jobs Act modifies several provisions related to retirement plans and IRAs. These include · the repeal of the special rule permitting recharacterization of Roth IRA conversions, · an increase in the period during which a qualified plan loan offset amount may be rolled over, · relief for qualified 2016 disaster distributions, […]

2017 Tax Cuts Act Part 1: Impact on Families
May 18, 2018

The Tax Cuts and Jobs Act makes sweeping tax changes that impact virtually all taxpayers. For individual taxpayers and their families, changes include a decrease in the tax rates, repeal of the personal exemption, increase in the standard deduction, modification to itemized deductions, and doubling of the child tax credit. Under the Tax Cuts and […]

Changes for Individuals Under the Tax Cuts and Jobs Act of 2017
January 18, 2018

The Tax Cuts and Jobs Act of 2017 was signed by President Trump on December 22nd. The Act makes sweeping changes to the U.S. Tax Code and impacts virtually every taxpayer.  With the reduction in effective tax rates, the elimination of some deductions, exclusions, and credits coupled with the enhancement of other deductions and credits, […]

Changes for Businesses Under the Tax Cuts and Jobs Act of 2017
January 18, 2018

The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec. 179 expense […]

New Due Dates for Filing 2016 Forms W-2, W-3 and Certain Forms 1099-MISC
January 9, 2017

  In an effort to reduce identity theft and improve tax compliance, there have been recent modifications to the due dates for forms in the W-2 series (except W-2G), and information returns (Form 1099-MISC) required to report nonemployee compensation. In addition, the IRS no longer allows an automatic 30 day extension to file forms in […]

Post-Election Tax Update
November 15, 2016

  Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s […]

Employment Credits, Benefits, and Accelerated Filing Due Dates
November 9, 2016

  The Protecting Americans from Tax Hikes (PATH) Act of 2015 provides an extension and modification of several taxpayer-friendly provisions applicable to employers. These credits and benefits are intended to encourage new hiring and to improve employment opportunities for broader classes of individuals, including veterans and working families. In addition, in order to improve compliance, […]

Required Minimum Distributions, Charitable Donations, and the PATH Act of 2015
August 11, 2016

  The Protecting Americans from Tax Hikes (PATH) Act of 2015 makes permanent the exclusion from gross income for qualified charitable distributions of up to $100,000 received from traditional or Roth IRAs ($100,000 for each spouse on a joint return). A qualified charitable distribution is a distribution from the IRA made directly by the IRA […]

Mid-Year Tax Planning and Inflation Adjustments
August 4, 2016

  As we are a little over half-way through the year, individuals will start thinking about year-end tax planning strategies for 2016. Taking into account the official inflation-indexed figures for 2016, this letter puts together a list of typical questions that you, as clients, may have about this year’s inflation adjustments to the tax brackets […]

A Mid-Year Review of Estimated Tax Payments
July 28, 2016

  It’s not a major disaster if you owed some money when you filed your return-after all, you’d rather have the use of the funds for as long as possible. But what you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the […]

College Expenses, Taxes, and You
July 21, 2016

  As a parent with college-bound children, you are concerned with setting up a financial plan to fund future college costs. If your children are already college age, your goal is to pay for current or imminent college bills. We’d like to address both of these concerns by suggesting several approaches that seek to take […]

End of Year Tax Strategies
November 30, 2015

Dear Client: As the end of the year approaches, there is still time to reduce your 2015 tax bill and plan ahead for 2016. This letter highlights several potential tax-saving opportunities for you to consider. We would be happy to meet with you to discuss specific strategies. For 2015, factors that compound the challenge of […]

Surface Transportation Act of 2015
August 13, 2015

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236) was signed into law on July 31, 2015. Click HERE for a succinct article outlining changes brought about by this new law. As always, please do not hesitate to contact us to discuss what this may mean for you and your business.   […]

Update on “Repair Regulations” Relief Available to Small Businesses
June 17, 2015

We addressed earlier about the extensive IRS regulations  that (1) address whether expenses incurred in connection with tangible property are immediately deducted or, instead, must be capitalized  and (2) provide for the tax consequences of disposing of tangible depreciable property. As you also may know, these regulations, referred to below as the “repair regs” (and […]

Foreign Reporting Requirement Tips
June 17, 2015

The Foreign Account Tax Compliance Act requires all U.S. citizens and resident aliens to report the existence of and income from foreign accounts.  This includes foreign trusts, banks and securities accounts.  You may need to file one or more of the following forms in order to comply with the Act:   You may have to […]

Sample Capitalization Policy
March 10, 2015

Click here to view a sample capitalization policy. A similar policy should be prepared for your business entity and retained in your permanent files.

2014 Business Asset Capitalization Rules Update
March 10, 2015

Final Regulations on the Capitalization of Tangible Property The IRS and Treasury recently issued final tangible property capitalization regulations. The final regulations  attempt to bring clarity to a complicated area of tax law. Many taxpayers own tangible property that they maintain and repair. Taxpayers may keep spare parts on hand in case the property breaks […]

2014 Tax Updates
February 9, 2015

December 31, 2014 Dear Client: The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage […]