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Tax-Related Portion of the Substance Use–Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act, Enrolled, as Signed by the President on October 24, 2018, P.L. 115-271


Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., during the week of November 12. However, President Donald Trump’s recently touted 10-percent middle-income tax cut does not appear to be one of them.


The Senate Finance Committee’s (SFC) top ranking Democrat has introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The myRA program was created by former President Obama through an Executive Order.


A new, 10 percent middle-income tax cut is conditionally expected to be advanced in 2019, according to the House’s top tax writer. This timeline, although largely already expected on Capitol Hill, departs sharply from President Donald Trump’s original prediction that the measure would surface by November.


IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. "You’re going to see things [I do] and go, ‘I can’t believe he did that,’" Rettig said.


The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed "transition tax" rules.


Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will create $100 billion in private capital that will be invested in designated opportunity zones.


The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. "They are so broad that nearly every domestic taxpayer will be impacted," Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer.


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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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