Among many other changes we’ve highlighted in recent communications, the Tax Cuts and Jobs Act of 2017 changed the rules regarding home mortgage interest tax deductions for tax years 2018-2025. Many CCM clients have had questions about this so we wanted to share some key factors that will determine the deductibility of interest paid on a mortgage loan. The mortgage must qualify as acquisition debt in order for the interest to be deductible as home mortgage interest. Acquisition debt is ... [Continue Reading]
Articles and resources related to Tax Reform.
The Tax Cuts and Jobs Act of 2017 has become a catalyst for taxpayers to revisit their charitable giving strategies. Under the new law, many taxpayers will no longer be able to itemize deductions on a regular basis due to the following changes: The standard deduction has been increased from $12,700 to $24,000 for a married couple filing jointly ($26,600 if both spouses are age 65 or older) and from $6,350 to $12,000 for a single taxpayer. The deduction for state income taxes and real ... [Continue Reading]
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. The changes in the Act represent the most sweeping change to the U.S. tax code in many years and impact individuals and businesses on a level not seen in over 30 years (since 1986, when the Internal Revenue Code was amended). This quarter, we wanted to provide you with a summary of the most relevant provisions. Two additional resources, including the full 570 page report from the Conference Committee, can be found ... [Continue Reading]
On Wednesday, September 27, 2017, the Trump Administration, House Committee on Ways and Means, and the Senate Committee on Finance released a document titled, “Unified Framework for Fixing our Broken Tax Code”1 with the hope that it will provide a framework for the upcoming debate on tax reform. The proposal is missing many key details, but it does provide a general overview of the changes that we may ultimately see. For this quarter’s Tax Update, we thought you might want to see a summary of ... [Continue Reading]
The November elections resulted in a Republican sweep of the White House, the U.S. House of Representatives, as well as the U.S. Senate—results that could very well set the landscape and build momentum for major tax reform in 2017. President-elect Trump and House Speaker Paul Ryan have each put forth initial proposals that have the potential of serving as platforms for major tax reform legislation. For this quarter’s update, we thought you might appreciate a summary of what we believe are the ... [Continue Reading]