An accounting graduate of California State University, Hayward, Keith Towns has led Emerge Financial Group, with offices in Suisun City and Oakland, California, for nearly 30 years. In his work, Keith Towns draws upon an extensive knowledge of changing state and federal tax laws.Accountants around the country are studying the new tax law passed by Congress and signed by President Donald Trump in 2017. One of the largest tax overhaul bills in recent history, the Tax Cut and Jobs Act of 2017 makes numerous changes to the U.S. tax code, with implications for almost every taxpayer in America.The most fundamental changes to the tax code include a change in tax brackets. While the previous brackets included tax rates ranging from 10 percent to 39.6 percent depending on income, the new brackets keep the lowest rate of 10 percent but reduce the highest bracket to 37 percent. Additionally, the income threshold for the top bracket has been increased from $480,051 to $600,001. This change means higher-income Americans can make about 25 percent more money before being taxed at the highest rate.The other major change that will affect most Americans are adjustments to the standard deduction and personal exemptions. While the standard deduction has been nearly doubled for both single and married filers, personal exemptions have been eliminated completely. Some analysts suggest that while single filers and married couples without children will benefit from these changes, the loss of personal exemptions will hurt families who rely on personal exemptions to lower their tax bill.
A veteran financial professional, Keith Towns brings nearly three decades of experience to his current position as the principal of Emerge Financial Group in Suisun City, California. An active member of the field, Keith Towns holds membership in professional organizations such as the National Society of Accountants and the National Association of Black Accountants (NABA).A nonprofit organization, NABA brings together more than 200,000 African-American accountants and other financial professionals to expand opportunities in accounting and related fields. The group offers a range of professional development, networking, and continuing education initiatives such as the Women of NABA Network and volunteer tax-preparation programs. Additionally, NABA supports students through its scholarship program.NABA has awarded more than $11 million in scholarships over the course of the program, which distributes approximately 50 awards each year. NABA offers three types of scholarships: NABA National Scholarships, valued at $1,500; Corporate Partner Scholarships, ranging from $1,000 to $5,000; and NABA Member Scholarships, from $1,000 to $3,000. To qualify for the scholarships, applicants must be African-American and be an NABA member in good standing. Additionally, applicants must be full-time undergraduate or graduate students at an accredited US college or university and meet minimum GPA criteria. To learn more about the NABA scholarships, please visit www.nabainc.org/scholarship.
For nearly two decades, Keith Towns has served as owner and principal of Emerge Financial Group, a tax and accounting firm based in Suisun City, California. In this role, he provides wealth management and other financial analysis in addition to accounting services for his clients. Active in his field, Keith Towns belongs to organizations such as the National Society of Accountants. The National Society of Accountants will hold a tax forum from July 10-12 at the Marriott Marquis in Atlanta, Georgia. The event will offer attendees an opportunity to learn about the newest changes to the US tax code and pick the brains of IRS officials who will be on hand to answer questions. Those who attend the forum will also have the chance to earn continuing education credits. In addition to these educational opportunities, the forum will be a chance to network with other professionals throughout the country and learn more about their accounting practices. To learn more about the conference, or to register, visit nsacct.org.
