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  • IRS Issues Guidance on New Bonus Depreciation Rules

    August 14, 2018
    The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions.... Read more
  • Reminder - Sales Tax Holiday Starts Today!

    August 1, 2018
    Let the sales tax holiday begin! Wisconsin has declared a sales tax holiday beginning today, Wednesday, August 1st through Sunday, August 5th, 2018. During this time frame, a variety of items purchased for personal use will not be subject to sales tax.... Read more
  • Wisconsin is Quick to Adopt Wayfair Rule

    July 16, 2018
    Last week the Wisconsin Department of Revenue (WDOR) announced in a notice published on their website that they would adopt the Wayfair Rule and require out of state companies that anticipate more than $100,000 in annual sales to Wisconsin customers (or have more than 200 transactions with Wisconsin customers annually) to register with Wisconsin by October 1, 2018 and begin collecting sales tax on sales to Wisconsin customers.... Read more
  • Supreme Court Opens Door to Taxation of Online Sales

    June 27, 2018
    In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales.... Read more
  • Reminder - Wisconsin's Child Tax Rebate

    June 25, 2018
    Here’s your final chance to apply for your Wisconsin tax rebate! If you claimed a qualifying child as a dependent on your 2017 tax return, you only have until next Monday, July 2nd to apply for your refund. ... Read more
  • Sales Tax Holiday

    June 6, 2018
    Wisconsin has declared a sales tax holiday from Wednesday, August 1st through Sunday, August 5th, 2018. During this time frame, a variety of items purchased for personal use will not be subject to sales tax.... Read more
  • Wisconsin's Child Tax Rebate

    May 8, 2018
    Due to the strong economy and sound fiscal management, Wisconsin is looking to share a portion of the state budget surplus by offering a $100 sales tax rebate for the cost of raising your child during 2017. ... Read more
  • Home Equity Borrowers Get Good News From The IRS

    March 7, 2018
    Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible under the TCJA — regardless of how the loan is labeled.... Read more
  • New Budget Agreement Brings Additional Tax Changes

    February 19, 2018
    The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, 2018, contains several tax-related provisions that could reduce the amounts some taxpayers owe for the 2017 tax year.... Read more
  • Foreign Asset and Bank Account Reporting and Withholding

    February 14, 2018
    The IRS continues to rigorously enforce failures to report foreign financial assets and accounts. The minimum penalty is $10,000 for each year the reporting is not made. In the case of foreign bank and financial accounts, if the failure to report is willful, the penalty is increased to 50% of the highest balance in the account for each year the account was not reported. In addition, criminal penalties, (including imprisonment), are also possible. The following will help assist you in identifying potential reporting and withholding obligations.... Read more
  • IRS Issues Updated 2018 Withholding Tables

    January 24, 2018
    In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. ... Read more
  • How will the Tax Cuts and Jobs Act affect your estate plan?

    January 24, 2018
    One thing the TCJA doesn’t do is repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption, creating new estate planning challenges and opportunities.... Read more
  • New Tax Law Provides More Generous Depreciation-Related Tax Breaks

    January 17, 2018
    If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), which was signed into law by President Trump on December 22. You even may be able to take advantage of some of the enhancements on your 2017 tax return!... Read more
  • Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Businesses

    January 10, 2018
    The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.... Read more
  • President Signs Sweeping Tax Overhaul Into Law

    January 3, 2018
    The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. It impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there will be “winners” and “losers.”... Read more
  • New Tax Law Brings Big Changes For Individual Taxpayers

    December 27, 2017
    The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. ... Read more
  • Congress Passes Biggest Tax Bill Since 1986

    December 21, 2017
    On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.... Read more
  • House and Senate Tax Bills Head to Reconciliation

    December 6, 2017
    Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax bill on November 16, and a conference committee of representatives from both houses of Congress is scheduled to begin work on a reconciled final bill this week.... Read more
  • Hurricane Irma Tax Relief

    November 21, 2017
    If you have experienced any losses due to Hurricane Irma, you may be entitled to special tax relief.... Read more
  • Estate Tax Planning - Portability Election Extension

    November 16, 2017
    If you are a recent widow(er) (since after 2010) and you did not file an estate tax return for your deceased spouse, you may benefit from recent guidance ​from the Internal Revenue Service.... Read more