PBMares Accounting Blog

To Itemize, or Not to Itemize: That Is The Question

Posted by Kasey Pittman on Mar 8, 2018 11:17:54 AM

What you need to know about the changes to itemized deductions

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Topics: Tax Planning

Why You Should Care About Virginia’s Conformity Date Change

Posted by Lori Roberts, CPA on Mar 6, 2018 2:30:19 PM

Changes to tax law typically impact future returns, but the most recent one issued by the Virginia Department of Taxation will have some Virginians amending their 2017 state tax returns, too.

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Topics: Tax Planning

How Will Your Pass-Through Income be Taxed in 2018?

Posted by Kasey Pittman on Jan 24, 2018 4:36:57 PM

Pass-through and self-employed business owners stand to gain from a key provision in the recently enacted Tax Cuts and Jobs Act. The Act creates a new deduction of Qualified Business Income (or “QBI”), under IRC Section 199A, effective for tax years beginning after December 31, 2017 and before January 1, 2026.

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Topics: Tax Planning

What You Need to Know About the Tax Cuts and Jobs Act

Posted by Kasey Pittman on Dec 22, 2017 11:16:25 AM

 

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Topics: Tax Planning

How to Prepare for the Potential Tax Reform Bill

Posted by Kasey Pittman on Dec 18, 2017 8:43:51 PM

 

On Friday afternoon, the combined House and Senate Conference Committee unveiled a reconciled tax bill (The Tax Cuts and Jobs Act) that would significantly overhaul individual and business tax filings. Most individual provisions will be in effect from January 1, 2018 through December 31, 2025 while most business provisions are permanent beginning January 1, 2018. Republicans, who drafted the bill, believe they have the votes needed to pass the legislation and are aiming for a vote on the proposed legislation as soon as Tuesday or Wednesday of this week. If approved by both houses, the bill will go to the President for his signature to become law.

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Topics: Tax Planning

Keeping Your Estate Plan Current

Posted by Louise Clayton-Kastenholz on Dec 12, 2017 3:15:14 PM

 

There is a great scene in the first "Back to the Future" movie in which Michael J. Fox, as Marty McFly, takes over for an injured band member and introduces the tune "Johnny B Goode" to the audience, just a little before it is supposed to show up on the music scene. He tells the rest of the band "This is a blues riff in B, watch me for the changes and try to keep up."

Sometimes that is how life feels; we're watching for the changes and trying to keep up. In the movie, the band keeps up beautifully and the music is well received, until Marty gets a little too futuristic for them, and they drop out and leave Marty to go it alone.  That also feels like life; sometimes the changes get ahead of us and we drop out, wondering what's happening.

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Topics: Tax Planning, Estate Planning

Planning a Future to Look Forward To

Posted by Louise Clayton-Kastenholz on Dec 5, 2017 4:06:11 PM

http://blog.pbmares.com/blog/six-strategies-tax-playbook

Back in the spring, I wrote about ways to look forward to tax filing by making positive changes in our planning and small adjustments to our behavior. Those strategies can really help our mindset when we think about our financial and tax planning each year. Applied to the longer term, they can make a big difference in the way that we look toward our futures.

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Topics: Tax Planning, Estate Planning

Congressional Tax Reform Bill Full of Changes

Posted by Daniel L. Chenoweth, MPA, CPA on Nov 3, 2017 4:03:28 PM

Tax Cuts and Jobs Act Impacts Businesses and Individuals

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Topics: Tax Planning

Eliminating the Concept of Extraordinary Items

Posted by Theresa Leon, CPA, MPA on Oct 5, 2017 9:12:08 AM

Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike.  Over the years, an item could be argued for and against the consideration to be treated as an extraordinary item.  For example, Hurricane Katrina caused terrible damage and one might consider such an event would be an extraordinary item.  However, a hurricane in and of itself is not considered to be unusual or infrequent in nature as hurricanes are a likely event.  Although the damage was by the hurricane was catastrophic, it was not deemed and did not meet the requirements to be considered extraordinary.  An extraordinary item was previously considered to be an item that was unusual and infrequent in nature.  The gain or loss on these items was to be shown segregated from the results of ordinary operations on the statement of activities, net of any tax.  In addition, the extraordinary item was to be disclosed in the accompanying notes to the financial statements describing the origin, nature and the amount.

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Topics: Not-for-Profits, Tax Planning

Trump Tax Reform Plan: How It May Affect You and Your Company

Posted by Daniel L. Chenoweth, MPA, CPA on Sep 29, 2017 3:56:45 PM

One of the topics talked about all year is how our tax system needs to be greatly improved and just this week, President Trump and Republican Leaders released how they think it could be fixed.  

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Topics: Tax Planning