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Tax Cuts and Jobs Act – Final Version: BUSINESSES

BUSINESSES Corporate Taxes The Conference Committee version of H.R. 1 calls for a 21-percent corporate tax rate beginning in 2018. The Conference bill makes the new rate permanent. The maximum corporate tax rate currently tops out at 35 percent. Bonus Depreciation The Conference bill increases the 50-percent “bonus depreciation” allowance to 100 percent for property placed in service after... Read More

Tax Cuts and Jobs Act – Final Version: INDIVIDUALS

The House and Senate Tax Cuts and Jobs Act Conference Committee unveiled its tax reform package on December 15. The Committee, after a week of intense negotiations, blended the House and Senate versions of the Tax Cuts and Jobs Act (H.R. 1) into one legislative package. GOP leaders predict that Congress will pass this final version of H.R. 1 before lawmakers leave for their holiday recess. The... Read More

HLB International Appoints New Member in Cameroon, Democratic Republic of Congo and Central African Republic

HLB International, one of the leading global accountancy networks with presence in 140 countries, continues its growth with the recent signing of a new member firm in Cameroon, Democratic Republic of Congo and Central African Republic – Audit Consult Plus. Audit Consult Plus is based in Douala, the economic capital city of Cameroon. Established in 2012, the firm provides Audit and Accounting Services,... Read More

Tax Cuts and Jobs Act: House Bills versus Senate Bill

Both the House bill and Senate bill would impact virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there would be “winners” and “losers.” Both versions call for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing,... Read More

Win With a Roth IRA Reversal

IRAs mainly come in two broad categories: traditional and Roth. Traditional IRAs may be funded with pre-tax or after-tax dollars and are often funded largely with pre-tax dollars. Withdrawals of pre-tax money and earnings from the IRA are taxed at ordinary income rates. Once the IRA owner reaches age 70½, required minimum distributions (RMDs) from the account begin and last as long as there is money... Read More

Year-End Thank You Gifts from Business Owners

During the holiday season, it is natural for business owners to think about giving something to key individuals. On your list might be your employees, customers, suppliers, or others who helped your business during 2017. If you haven’t already made plans, do so quickly so the gifts may be distributed before year-end. Lavish gifts may make an excellent impression, but you probably don’t want to go... Read More

December/January Dates to Remember

December 15 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in November if the monthly rule applies. Corporations. Deposit the fourth installment of estimated income tax for 2017. January 16 Individuals. Make a payment of your estimated tax for 2017 if you did not pay your income tax for the year through withholding (or did not pay... Read More

Pros and Cons of Asset Management Fees

A transition is underway within investment firms. Increasingly, the people you hire to manage your money don’t refer to themselves as brokers or stockbrokers. Instead, they’re now financial advisers, financial planners, or financial consultants. The titles may not be important, but the method of compensation can be crucial. Traditionally, brokers were paid by commissions. When you bought or sold... Read More

HLB Appoints New Member Firm in Oman

HLB International, one of the leading global accountancy networks with presence in 140 countries, continues its growth with the recent signing of a new member firm in Oman – Chartered Accountants Group. Established in 2015, the firm is based in Muscat, the capital and largest metropolitan city in Oman. The firm specialises in the provision of audit, tax, business advisory and accounting services with a... Read More