All articles within Taxation

PASS-THROUGH TAX BREAK FOR WISCONSIN

The federal Tax Cut and Jobs Act caps an individual’s deduction for state income taxes and property taxes.  The cap is $10,000.  The change is effective for 2018.  In December, Wisconsin enacted legislation to help owners of S corporations and partnerships get around the cap.  The new law allows a pass- through entity to elect.

Chinese Tariffs – Any Way Around Them?

In today’s global market, virtually all businesses import goods in one form or another, primarily from China. Whether it be the component parts incorporated into final products or the equipment used to create those products, the goods that companies are importing from China are cutting deeper into their pocketbooks at a significantly higher rate under.

Tax Reform Act – A Game Changer For Pass-Through Entities?

Last year’s tax reform significantly modified individual and business tax rates. Major changes for individuals (set to expire December 31, 2025) include a reduction in rates, the roughly doubling of the standard deduction, and the removal of personal exemptions. On the business side, the corporate rate fell (with no expiration date) from 35 percent to.

Tax Fraud Investigation? Yes, You Could Be a Target!

Most people hate filing taxes. We do our best to complete the forms and pay our taxes with accuracy, if not precision. Even when we don’t, the worst we expect is an audit. We don’t expect that our returns could land us in the middle of a criminal tax fraud investigation. Prosecutors and IRS Criminal.

Is Your Alimony Deduction at Risk?

Alimony payments – referred to in Wisconsin courts as maintenance payments – have always been a hot-button negotiating point in divorce agreements. The recipient of the payments routinely points out that the classification of payments as alimony is beneficial to the payer, while adding income to the recipient, for tax purposes. The new Tax Cuts.

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