The Tax Cuts and Jobs Act affected a variety of calculations, and the tax liability differences between married and single taxpayers is a complex story. As the Tax Foundation notes: "One unintended feature of the United States' income tax system is that the combined tax liability of a married couple may be higher or lower than their combined tax burden if they had remained single. This is called the marriage penalty or marriage bonus."
The Financial Standards Accounting Board has issued an Accounting Standards Update (ASU) aimed at improving financial reporting about leasing transactions. The ASU affects all companies and organizations that lease such assets as real estate, airplanes and manufacturing equipment.
Starting in July 2020, the District of Columbia's Paid Leave Act will provide up to eight weeks of parental leave to bond with a new child, six weeks of family leave to care for an ill family member with a serious health condition and two weeks of medical leave to care for one's own serious health condition. Unpaid leave rules have been around for a while, but paid leave programs are still a rarity in the United States.
Socially responsible investing (SRI) lets you target individual companies or socially conscious mutual funds. For example, you might look to avoid tobacco, alcohol or gambling firms, and instead support companies with a good track record in social justice, environmental sustainability and alternative energy/clean technology efforts.
Do you have financial issues? Of course you do — we all do. Well, then, how do you get past your money issues? Let us count the ways:
Your driver's license may no longer be the comprehensive ID you always thought it would be, thanks to the Real ID Act, a federal law that set high security standards for driver's licenses. This act takes effect October 1, 2020.
Don't scramble to get all your finances together a few days before the deadline. If you do, you're setting yourself up for disaster.
The TCJA, which was passed late in 2017, runs some 70,000 words, and experts continue to pore over its provisions. Of particular interest to businesses are the provisions that affect the wide world of M&A. Any business that thinks an M&A may be in its future should know what's changed thanks to the TCJA.
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