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Next Level Financial Services makes it a point to keep abreast of relevant industry news, trends and changes. Maybe that’s how we stay ahead of the game in what we do. Here, in our News Center, our team shares all of this with you. Check out some of the latest industry news as well as our helpful accounting hints and other financial management articles. We dedicate our work to making sure our clients achieve their goals.  Discover all the latest developments of this ever growing business.

Update: Republican leaders released their final version of the tax bill on Friday, December 15. We have an updated article with the most recent proposed 2018 tax brackets.

December 15, 2017

The long-awaited details of US President Donald Trump's tax plan are beginning to come together.

In November, the House voted to pass the "Tax Cuts and Jobs Act," which Trump has said he wants finalized and on his desk before Christmas. The Senate passed its own version early Saturday. Republican leaders are likely headed to a conference committee to combine their separate bills into a final tax reform plan.

One tax-reform theme has been consistent since the days of candidate Trump: The federal income-tax brackets could be simplified from the seven we have today.

The charts below shows what we know so far about how Trump's tax plan could change federal income-tax brackets compared to 2017 tax brackets.

Here’s what’s in the Republican tax deal

December 17, 2017

Republicans’ tax overhaul appears to be heading for approval in Congress next week, after GOP senators who were previously holdouts on the bill said they’d vote for the sweeping measure that would cut corporate and individual rates.

Released late Friday afternoon, the bill would retain seven individual tax brackets; lower the corporate rate to 21% from 35%; and double the child tax credit to $2,000. The refundable portion of the child credit would be $1,400 — up from $1,100 in the Senate-passed bill. That expansion persuaded Sen. Marco Rubio, a Florida Republican, to back the new bill, buoying chances for passage.

The bill also takes an axe to Obamacare, repealing its mandate for individuals to have health insurance or pay a fine. It doubles the exemption for the estate tax, commonly called the death tax by critics.

House and Senate Republicans are planning to vote on the package next week. President Donald Trump told reporters Friday morning: “I think that we are going to be in a position to pass something as early as next week, which will be monumental.” Republicans control the Senate 52-48 and can only afford to lose two votes on the bill and still pass it.

What You Should Know About Pay Equity Laws in the United States

October 27, 2017

Huge strides in the push for gender equality were made again on Thursday, October 12, 2017, when a pay equity measure was signed into law in California. This bill will take effect on January 1, 2018.

California is the eighth jurisdiction to pass this type of law, right after Massachusetts, Oregon, Puerto Rico, and Delaware. Cities, like San Francisco, and New York City, have also legislated similar measures to shield candidates from salary inquiry, with a law passed in Philadelphia currently pending the outcome of a legal challenge concerning its constitutionality.

The intent behind this new breed of legislation stems from wage inequality. According to the U.S. Census, the median annual pay for a woman who holds a full-time job year-round is $40,742, while the median annual pay for a man who holds a full-time, year-round job is $51,212.

The logic is that if an employer bases a candidate’s salary on their past compensation, women – who have historically been paid less than men merely based on their gender – may continue to lag behind for the entire length of their careers, not only in salary but in merit increases as well.

But this law doesn’t just affect women. Many supporters think that employers should set a salary that is reflective to the job position, and not the person.

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