Category Archives: Tax Reform

Surgent course helps tax professionals conquer Inflation Reduction Act

Surgent’s first-to-market CPE course covers the IRA’s new tax provisions in detail, equipping participants to properly advise their individual and business clients if and how the tax changes impact their tax planning.

Is the Build Back Better Act (BBB) going on a diet? President Biden’s $2.2 trillion spending proposal is showing signs that it’s too big to squeeze through the doors of the U.S. Senate, but advocates believe that losing a few pounds – er, dollars – is just what it needs to win final approval. The […]

Surgent CPE blog

Well, the Dems intend to partially fund the upcoming legislation with a wealth tax on roughly 750 Americans. The plan, released this morning, calls for the tax to apply to gains every year, instead of only at sale, to a taxpayer with $1B in assets or a taxpayer who earned $100M in income for three […]

The IRS recently announced it was expanding aid to taxpayers indebted to federal or private student loans for attendance at both non-profit and for-profit schools. Rev Proc 2020-11 issued January 15, 2020, and it provides safe harbor relief against income recognition after loan discharge for the following three specific situations. Any taxpayer whose private student […]

By: Rachel Parsia, CPA and Nick Spoltore, Esq. It is that dreaded time of the year. The holidays are over. No longer is it socially acceptable to wake up and eat a plate of candy and cookies for breakfast. Even worse, busy season is looming just around the corner. But fear not, there is one […]

After months of stalled progress in the Senate, Congress passed the Setting Every Community Up for Retirement Enhancement Act (“SECURE” Act). This bill was attached to H.R. 1865, the “Further Consolidated Appropriations Act, 2020,” a $1.4 trillion year-end spending bill that funds the Federal Government through September 30, 2020. President Trump signed the bill into […]

The Tax Cuts and Jobs Act of 2017 (“TCJA”) was the most comprehensive overhaul of the Tax Code in over 30 years, but one of the most controversial changes was the limitation of the State and Local Tax (“SALT”) deduction. Prior to tax reform, taxpayers who itemized their deductions were eligible to deduct 100% of […]

It’s that time of year again. No, we’re not talking candy canes, presents under the tree, and the subsequent cherub in a top hat, sash, and diaper as Baby New Year in January, 2020. We are talking about our annual Virtual Tax Conference. This year’s offering should not be missed by any CPA or tax […]

By Nick Spoltore What image comes to your mind when you think about Robin Hood? Is it the incredibly charismatic Errol Flynn in The Adventures of Robin Hood from 1938? Perhaps you envision the 12th century English folk tale adventurer as depicted by Kevin Costner or Russell Crowe. My favorite would undoubtedly be Robin Hood […]

The Tax Cuts and Jobs Act brought about quite a few changes that went into effect in 2018, but several tax law updates weren’t slated to go into effect until the 2019 tax year. One of the biggest changes in 2019 is the federal level elimination of the individual mandate penalty, also called the Shared […]