Before I review the final version of HR-1, now known as PL 115-97 (the series starts tomorrow!), it’s important to review the current state of affairs at the IRS (Internal Revenue Service).
Do you know that the IRS has not changed its policies on gifts? That any business gift that costs more than $ 25 is taxable to the extent if exceeds that threshold? That is has been in place since 1981- which means at the very least the IRS should have changed the deductible limit to $ 66.
As of right now, there is not a lot of data. But, at Simpson Field (Alexandria), where i coached many a little league team and where my children enjoyed playing, at least 50 shots have injured (and perhaps killed) aides and elected officials practicing for a Charity Congressional baseball game. Please pray for all injured and let’s get rid of these guns that so easily devastate our lives- and, now, even our dysfunctional government.
Hmm. I really was blown away by this ruling. I have a feeling it won’t go down well with you either. (Unless, you are of the ilk that no government regulations are ever ok. And, then, shame on you!)
I am sure you know that part of our services is to prepare payroll and tax submissions on behalf of clients. (Our fees are better than ADP and Paychex- and we go beyond simply providing you paychecks.). But, we also refuse to pay the taxes on behalf of our clients. A few of them are pretty annoyed- at first.
Boy, was I surprised. Here I am advising all of you (but especially my clients) of all the changes that happened to affect tax filings this year. And, I missed one. A big one.