Tax deductions

Congressional leaders worked quickly to finalize compromise legislation for floor votes next week in an all-out effort to provide themselves and President Donald Trump with a major policy victory before the end of 2017. Here are the latest developments, updated throughout the day.

The dearth of Republicans representing New York in Congress is partly to blame for the proposed eliminations of state and local tax deductions that will dramatically impact the state, said Jim Tisch, chief executive officer of Loews Corp.

More than 70 percent of 861 CPAs polled in December by the New Jersey Society of CPAs predicted their individual and family clients in New Jersey would face increased taxes due to the Republican tax plans from both the House and the Senate.

A funny thing happened when Congress approved a tax cut for the middle class eight years ago: Most Americans didn’t notice.

The White House supports tweaking final tax legislation to appease lawmakers who want to let constituents deduct state income taxes, according to National Economic Council Director Gary Cohn.

House and Senate Republicans are working this week on compromise tax-overhaul legislation in an effort to send it to President Donald Trump by the end of the year.

House and Senate lawmakers plan to begin working this week on compromise tax-overhaul legislation—a key step in their drive to send a package of tax cuts for corporations and individuals to President Donald Trump by the end of the year. Here are the latest developments, updated throughout the day:

Potential code changes call for action before Dec. 30.

As Congress prepares to combine the House and Senate bills, these changes to the code look highly likely to be part of the final legislation.

Expiring tax cuts, business perks and health care politics loom over House and Senate Republicans as they face the daunting task of hammering out the differences between their competing bills to rewrite the U.S. tax code.

President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.

The Senate tax bill is headed for a marathon debate this week as Republican leaders plan to bring the measure to the floor Wednesday and hold a final vote as early as Thursday. Here are the latest developments, updated throughout the day.

The outlook for Republicans to deliver a U.S. tax overhaul by the end of the year brightened Tuesday after President Donald Trump addressed GOP Senate holdouts in a closed-door, lunchtime session.

U.S. President Donald Trump plans to meet Tuesday with Senate Republicans in a crucial week for his presidency and his tax plan that could decide whether he ends his first year with a major legislative achievement.

The amount of total assets under management in donor-advised funds grew 9.7 percent to more than $85 billion last year, as an 80-year-old vehicle for philanthropy and charitable giving continues to grow in popularity.

A majority of small business owners oppose the tax reform plans now being considered by Congress, according to a new survey.

A new revenue procedure provides a safe harbor allowing taxpayers to deduct costs for fixing deteriorating foundations.

Republican lawmakers are scrambling to lock up the votes needed to finalize a tax bill that can make it to President Donald Trump’s desk by the end of the year, without the benefit of an important estimate of its possible economic benefits.

Even Bruce McGuire, founder of the Connecticut Hedge Fund Association, understands if wealthy Northeasterners flee the region due to changes in the tax code.

As 2017 draws to a close, the uncertain tax and legislative environment means that year-end tax planning is more important than usual. To help individuals and businesses prepare for filing season, Grant Thornton LLP has some tips.