In The News

The Tax Cuts and Jobs Act


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* Estate Tax Threshholds

The federal estate tax rate is 40%.   The Federal estate tax exemption is $11,200,000 for tax years 2018 through 2025.  The exemption for 2017 was $5,490,000.

The NYS estate tax exemption is $5,250,000 for deaths from 4/1/17 to 12/31/18.  The NYS estate exemption for deaths in 2017 prior to 4/1/17 is $4,187,500. 


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* Section 179 and Bonus Depreciation

For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits.   As with all tax regulations, there are stipulations and exceptions.   Please call us with any planning we can assist you with.
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Rotary discussion of the impact of the proposed tax reform legislation


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* PNL Triennial Peer Review Results

We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted.  A "pass" rating is the highest form of rating a CPA firm can receive.
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Fiduciary Rule Delayed

On November 27, 2017, the Department of Labor (DOL) released the final rule that further extends the Transition Period and delays the applicability date of several of the prohibited transaction exemptions (PTEs) associated with the DOL’s revamped Fiduciary Rule. Today’s release extends the Transition Period another 18 months, which moves the applicable date for certain provisions discussed below from January 1, 2018 to July 1, 2019.
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2017 Tax Planning

Year-End Planning in Light of Pending Tax Reform


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* 2018 & 2017 Pension Plan Limitations & SS Wage Base

2018 & 2017 Pension Plan Limitations & Social Security Wage Base


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* State Unemployment Insurance Taxable Wage Base

 
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