2017 Proposed Tax Reform=BIG tax cuts for individuals and businesses!
Individual tax rates would be 10%, 25%, and 35% as opposed to the 7 different rates currently in effect that max out at 39.6%.
Standard deduction will double to $24,000 (for married taxpayers). Certain itemized deductions would no longer be deductible (i.e. state and local taxes).
Would repeal the Federal estate tax, Alternative Minimum Tax (AMT) and Net Investment Income (NII) tax and most individual credit.
Trump to plan to reduce both corporate and small business tax rate to 15%.
A one-time reduced tax rate on earnings repatriated to the U.S. has also been proposed.
For more information, contact Jeff Cohen, Tax Partner, at jcohen@grassicpas.com.
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Tax Relief for Hurricane Victims

Tax Relief for Hurricane Victims In the midst of hurricane season, everyone witnessed the devastation that Hurricane Harvey and Hurricane Irma caused to several US States, and other nations. Coincidentally, hurricane season runs through various tax deadlines, mainly the September 15th deadline for certain calendar-year businesses on extensions, and the...

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2016_IPA-100_WEB2013_Fastest-Growing_ArtworkIn today’s economic environment, Organizations need the proper strategic guidance to help them leverage best practices, maximize profitability, and implement better decision-making.

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