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The House on April 18 approved the two largest bills of a bipartisan IRS reform package. On April 17, the House approved seven other bills, by voice vote, which are also part of the larger bipartisan package. Its aim is to restructure the IRS for the first time in 20 years. The entire package of bills was approved by the Ways and Means Committee several weeks ago.


The IRS provided an additional day for taxpayers to file and pay their taxes, following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 had until midnight on Wednesday, April 18, to file returns and pay taxes. Taxpayers did not need to take extra actions to receive the extra time.


The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., spoke earlier in the week again about a "phase two" of tax reform


Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations.


The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. Speaking at a Tax Executives Institute event in Washington, D.C., Kautter discussed current IRS efforts toward implementing tax law changes under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).


Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including technical corrections to the partnership audit provisions of the Bipartisan Budget Act (BBA) of 2015 ( P.L. 114-74).


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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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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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