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Just hours before government funding was set to expire, President Trump on March 23 signed the bipartisan Consolidated Appropriations Act, 2018, averting a government shutdown. The $1.3 trillion fiscal year 2018 omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions and increased IRS funding.


The American Institute of CPAs (AICPA) has renewed its call for immediate guidance on new Code Sec. 199A. The AICPA highlighted questions about qualified business income (QBI) of pass-through income under the Tax Cuts and Jobs Act ( P.L. 115-97). "Taxpayers and practitioners need clarity regarding QBI in order to comply with their 2018 tax obligations," the AICPA said in a February 21 letter to the Service.


A top House tax writer has confirmed that House Republicans and the Trump administration are working on a second phase of tax reform this year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview that the Trump administration and House Republicans "think more can be done."


The House Ways and Means Tax Policy Subcommittee held a March 14 hearing in which lawmakers and stakeholders examined the future of various temporary tax extenders post-tax reform. Over 30 tax breaks, which included energy and fuel credits, among others, were retroactively extended for the 2017 tax year in the Bipartisan Budget Act ( P.L. 115-123) enacted in February.


The IRS has released Frequently Asked Questions (FAQs) to address a taxpayer’s filing obligations and payment requirements with respect to the Code Sec. 965 transition tax, enacted as part of the Tax Cuts and Jobs Creation Act ( P.L. 115-97). The instructions in the FAQs are for filing 2017 returns with an amount of Code Sec. 965 tax. Failure to follow the FAQs could result in difficulties in processing the returns. Taxpayers who are required to file electronically are asked to wait until April 2, 2018, to file returns so that the IRS can make system changes.


The U.S. Supreme Court reversed an individual’s conviction for obstructing tax law administration. The government failed to show that the individual knew that a "proceeding" was pending when he engaged in the obstructive conduct.


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Welcome

At Gibbons & Kawash, A.C. our focus is responding to your needs and exceeding your expectations. We combine broad technical knowledge developed from years of experience with an entrepreneurial approach to problem-solving to help our clients meet all the challenges before them. An extensive library of accounting, auditing, and tax planning materials and the latest in state-of-the-art technology are valuable tools in our development of innovative solutions. But perhaps the most important element in our approach is the personalized service that enables us to develop and maintain an in-depth knowledge of your business. Our professionals take the time to listen and acquire a thorough understanding of your business needs.

Firm News

Nonprofit Standard Summer 2017Nonprofit Standard - A Newsletter of the BDO Institute for Nonprofit Excellence

Take a look at the latest issues for nonprofits including FASB exposure draft on accounting for contributions, Section 501(r) compliance concerns, turning obstacles into opportunities, critical conversations between managers and employees, and a beginner's guide to state nonprofit registration and audit requirement rules.

529 Plan Myths

Maximize Your Business's 2017 Tax Savings

Even after 2017 draws to a close, there are still moves business owners can make to save on 2017 taxes. Learn how to claim all the breaks you're entitled to when filing your return.

Partnership Audits

Be Prepared to put Your Business on the Market

In order to have the freedom to make major life changes expediently, business owners should take steps now to be ready to put their business up for sale. Learn what buyers will examine and about financial and organizational appeal.

Small Bus Retirement

What You Should Know About Making Estimated Tax Payments

Some taxpayers may be required to pay income tax via estimated tax payments. Find out if you may need to pay taxes this way and the process for calculating payments.

Hobby or Business

Do You Need to File a Gift Tax Return?

Individuals who made gifts during 2017 might have to file Form 709 - a gift tax return - when filing their federal income tax returns. Learn which situations where the form must be filed and how to handle hard-to-value assets.

A History Of Service

Twenty-five years ago, our firm was founded on a commitment to provide clients with the highest quality services and professional guidance. That commitment remains paramount, and is deeply rooted in every aspect of our practice. It is the reason Gibbons & Kawash has become one of the area's leading accounting and consulting firms.

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Planning for Social Security

More than 90% of Social Security recipients are not maximizing their benefits. Determining when to apply can be an overwhelming task that affects the amount you will receive for the rest of your life. Improper planning could cost you tens of thousands over the course of your retirement. Our comprehensive Social Security planning services provide you with an individualized plan for how and when to apply to maximize your Social Security benefits.

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Timothy J. Gibbons, CPA/ABV,CVA,CFF,NSSA

Virginia Supcoe,   CPA/ABV,CVA,CFE,NSSA

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