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As Proud As I Can Be!

I have always been associated with outstanding professional women.

My mother is a CPA.  My wife is an acclaimed family law attorney and former judge.  Our two daughters are accomplished licensed professionals with graduate degrees.

At HM&M, we have a lot of fine professional women.  Want proof?  Check out the “Latest News” page on our website. Last week, Carmel Wood was named as a 2017 top ten Managing Partner Elite by Accounting Today.  Carrie Reese is a 2017 Texas Society of CPAs Rising Star.  Susan Adams was named the 2017 CPA of the Year by the Fort Worth Chapter of the TSCPA.

See for yourself.  http://www.hmpc.com/latest-news/

These ladies are great representatives of the talented women we have at HM&M.

This phenomenon leads to a theory that I have harbored for a long time.  Once science has found way to produce human offspring without the help of the male gender, only one thing will stand between men and our extinction:  We kill bugs.

VKM

Click here to read this blog post and others on our website www.hmpc.com

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Tax Policy

“Unified Framework for Fixing Our Broken Tax Code” – A Magical Mystery Tour

Last week the Trump administration and Republican Congressional leaders released the aforementioned “Unified Framework.”  After taking a tour through the magical, “giant, beautiful, massive” (according to the Exaggerator-in-Chief) tax-cutting Framework, I find that what is unified is a mystery.  (Sorry, Mr. McCartney and the late Mr. Lennon.)

The Framework outlines, without reference to many numbers and with precious few specifics, over twenty disparate changes in the tax code.  The Framework suggests that the tax-writing committees of Congress will come up with the specifics and some additional ideas.  The Framework does not explain how the Federal government’s bills will be paid with less money coming in; there are only a few significant revenue generators proposed.  There are optimistic general aspirations that corporations will bring operations, money and employees back to the good old U.S.A., answering the siren call of lower tax rates and some vaguely-defined incentives for repatriation of funds.

One of the implied proposals is the elimination of the individual itemized deduction for state and local taxes.  Within moments after the release of the Framework, the Republican Unifiers got pushback from some of the biggest states that happen to have high state income tax rates.  Leading the protests were Republican members of Congress of those states and the precious few Republican government executives of those states.

A lot of oxen are being gored.  Many of those bovines have powerful and plentiful lobbyists in Washington.  There will be battles on many fronts.

So, what kind of tax planning do I think my clients should currently undertake?  Well, that’s not a fair question.  It is bit like asking a sports reporter to turn in his coverage of a football game before the contest even starts.  I may have some opinions, but they don’t mean much in light of the future brawls in the halls of Congress.  When the winners begin to emerge, I’ll start tax planning.

VKM

Click here to read this blog and others on our website at www.hmpc.com