• COOPER, MOSS, RESNICK, KLEIN & Co
    Certified Public Accountants
    15165 Ventura Boulevard, Suite 330
    Sherman Oaks, CA 91403
  • Phone: (818) 728-9868
    Fax: (818) 728-9822
    Email us here.
    admin@cmrkcpa.com

TCJA Series: Alimony Won’t Be Deductible by the Payor, and It Won’t Be Taxable to the Recipient

The Tax Cuts and Jobs Act (TCJA) has made changes to the tax treatment of alimony that take effect for divorces and legal separations after 2018. Current rules. Under the current rules, an individual who pays alimony may deduct an amount equal to the alimony or separate maintenance payments paid during the year as an “above-the-line” deduction. (An “above-the-line” deduction, i.e., a deduction that […]

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TCJA Series: Changes to 529 Plans for School Tuition

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in. These changes take effect for 529 plan distributions after 2017. A 529 plan distribution is tax-free if it is used to pay “qualified higher education expenses” of […]

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TCJA Series: New Deduction for Pass-Through Income.

The new law provides a 20% deduction for “qualified business income,” defined as income from a trade or business conducted within the U.S. by a partnership, S corporation, or sole proprietorship. Investment items, reasonable compensation paid by an S corporation, and guaranteed payments from a partnership are excluded. The deduction reduces taxable income but not […]

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TCJA Series: $10,000 Limit on State and Local Taxes

Dear Client: Next in our series about changes from the Tax Cuts and Jobs Act (TCJA): There are new limits placed on individual itemized deductions for various kinds of non-business taxes, beginning January 1, 2018. Before the changes were effective, individuals were permitted to claim the following types of taxes as itemized deductions: state, local, […]

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TCJA Series: Home Mortgage Interest Deduction Under the New Tax Law

Dear Client: Next in our series detailing changes resulting from the Tax Cuts and Jobs Act (TCJA), new rules for deducting home mortgage interest: Deductibility of interest on “acquisition debt.”  Taxpayers may deduct interest on mortgage debt that is “acquisition debt.” Acquisition debt means debt that is: (1) secured by the taxpayer’s principal home and/or […]

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Overview of the New Tax Law

Dear Client: The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025. Tax rates. The new […]

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Home Mortgage and Home Equity Loan Interest Under New Law

Dear Friends: Under pre-Act law, a taxpayer could deduct as an itemized deduction qualified residence interest, which included interest paid on a mortgage secured by a principal residence or a second residence. The underlying mortgage loans could represent acquisition indebtedness of up to $1 million ($500,000 in the case of a married individual filing a […]

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2018 Tax Reform

The President has signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns – about a year from now – your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the changes and plan for next […]

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Extension Due Date Reminders

** TAX RETURN EXTENSION REMINDERS ** December year-end S corporations, partnerships and LLCs have 2016 tax returns due September 15, 2017. December year-end C corporations and 2016 individual returns are due October 16, 2017. ** TAX PLANNING TIPS ** As we head into fall, some of us have children that will be going back to […]

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Tax Due Dates Are Changing

We moved to our new location on August 1st and have been settling in nicely. It has been a pleasure to see so many of our clients and business associates stop by to check out the new space. Our new address is: 15165 Ventura Boulevard, Suite 330 Sherman Oaks, CA 91403 If you have not […]

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