AVET CPA P.C.

We are getting a lot of questions about this. So much to go through still. As a small business, its time to reach out to your bank as soon as possible to see if they are offering the program.

Paycheck Protection Program - Devilish Details - Some Uncertainty Well if you are in business, the first place to look is the Paycheck Protection Program whether you have been cutting paycheck or.

Constant change.

"WHITE HOUSE WORKING ON SECOND TAX BILL
The Trump Administration plans to propose a second tax cut, possibly by the end of summer, which would make permanent the tax cuts for individuals passed in the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). White House Director of Legislative Affairs Marc Short said during a May 25 conference call with reporters that his team has been working with House Ways and Means Committee Chairman Kevin Brady (R-TX) and the Senate Finance Committee on the proposal. Short declined to elaborate on what else the bill might contain. The individual tax cuts in the TCJA are set to expire at the end of 2025.

Should a bill materialize and gain approval in the House, the measure would face an uncertain future in the Senate where a tax bill would need 60 votes in order to pass. Republicans currently hold 51 seats in the upper chamber."

Off it goes to Trump to sign.

Congress passes tax reform The House of Representatives reapproved tax reform legislation on Wednesday morning, sending the bill to President Donald Trump for his signature.

For some light reading. But if you want to see what might be happening to your own personal favorite deductions and credits you can search this PDF. Tax Cuts and Jobs Act H.R. 1
Section-by-Section Summary

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We have seen a few new clients whose previous CPAs missed this valuable tax election. Also, even though it's not required, our firm still recommends and accounting policy to back up the deduction for amounts up to $2,500 per invoice or item. We have a handy template you can use.

The Most Overlooked Tax Deduction by Real Estate Owners The IRS has provided real estate owners with a juicy tax deduction. The de minimis safe harbor election is an annual tax return election that permits a taxpayer to deduct, as ordinary and necessary business expenses, purchases of items that would normally...

New Oregon tax credit to check out.

Tax Credit | Early Learning Division, Oregon America is experiencing market failure in the child care sector. Economists describe market failure as a situation in which a market,

We wait until the tax law has actually passed before making any analysis, but here is a rundown from Reuters: It seems you will do well if you make above $300,000 with this proposed tax laws changes.

"A report from the non-profit Washington-based Tax Policy Center found that in 2018, about 12 percent of taxpayers would face a tax increase of roughly $1,800 on average.

That includes more than a third of taxpayers making between about $150,000 and $300,000, mainly because most itemized deductions would be repealed including for state and local taxes, it said."

https://www.reuters.com/article/us-usa-tax-fiscal/rich-would-benefit-most-from-trump-tax-cut-plan-policy-group-idUSKCN1C42C8