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Tax Reform, Two Years Later
Posted by Parul Bansal on Mon, Mar 9, 2020 @ 01:00 PM

Taxpayers are still feeling repercussions far and wide from the extensive changes to the tax code made by the 2017 law known as the Tax Cuts and Jobs Act (TCJA). Because the TCJA was passed so quickly, many of its nuances required clarification, and this year’s tax reform-related updates are certain to affect your company’s planning. While a fix for qualified improvement property is still in the works, the following provisions have received final and proposed regulations in 2019.

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Topics: tax, Taxes, Tax Reform, Tax Cuts and Jobs Act, TCJA, Parul Bansal

Year-End Tax Planning Strategies for Your Business
Posted by Brad Jolie on Mon, Dec 16, 2019 @ 02:28 PM

Although 2020 is quickly approaching, it’s not too late to implement planning strategies that can help your business save on 2019 taxes. Before the year ends, make sure to assess strategic tax moves for your business that fully take advantage of the changes implemented by the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA). These tax planning strategies generally fall into three categories: recovering the cost of business property, dispositions of business property, and tax attributes and corporate issues.

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Topics: tax, tax strategies, Taxes, Brad Jolie, Year End Taxes, Tax Cuts and Jobs Act, TCJA

Parking Expense and Food Cost Relief Could Be on the Way
Posted by Brad Jolie on Mon, Sep 23, 2019 @ 03:01 PM

The 2017 tax reform law ushered in new tax cuts, but it also did away with some common write-offs for business expenses. As companies and their tax advisors unpacked what is commonly known as the Tax Cuts and Jobs Act (TCJA), the elimination of two benefits in particular stuck out: deductibility of parking expenses and certain employer-provided food costs. Because these expenses are no longer deductible, they do not help to lower your year-end tax bill. The IRS is cognizant of taxpayer pleas for change and may be remodeling its approach so that taxpayers can find at least partial relief.

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Topics: tax, Taxes, Brad Jolie, Tax Cuts and Jobs Act, TCJA, parking tax

Clarity Offered for Business Interest Expense Limitation
Posted by Claudia Mullen on Fri, Jun 14, 2019 @ 08:20 AM

The IRS released proposed regulations to provide taxpayers with guidance on applying a tax reform provision related to business interest expense deductions. The 2017 tax law commonly known as the Tax Cuts and Jobs Act (TCJA) set new limits on business interest expense deductions for most businesses, including C corporations and partnerships.

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Topics: Claudia Mullen, Tax Reform, Tax Cuts and Jobs Act, TCJA, tax reform bill, Business Interest Expense Limitation, Section 163(j)

Take a Closer Look at the Final QBI Deduction Regulations
Posted by Jeremy Sherman on Thu, Jun 13, 2019 @ 02:38 PM

One of the most significant provisions of the tax reform law known as the Tax Cuts and Jobs Act (TCJA) has been Internal Revenue Code Section 199A. This new provision introduced the qualified business income (QBI) deduction, which allows pass-through entity owners to deduct up to 20 percent of their share of business income. The new law initially left pass-through entities and their tax preparers with many questions about how the QBI deduction would work. In August 2018, the IRS released proposed regulations that fleshed Section 199A and gave taxpayers substantial guidance about how it would impact their returns. The final version of these regulations was released on Jan. 18, 2019, which deviates only slightly from the proposed version – with a few key exceptions.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, Jeremy Sherman, Section 199A

Your Guide to the Qualified Small Business Stock Gain Exclusion
Posted by Joanna Powell on Wed, Mar 20, 2019 @ 10:33 AM

Qualifying C corporations have long offered tax benefits to their investors under Section 1202 of the Internal Revenue Code, but fluctuations in the benefit and the capital gains tax have limited its use. Tax reform under the law commonly known as the Tax Cuts and Jobs Act (TCJA) may make the Qualified Small Business Stock (QSBS) Exemption in Section 1202 benefit more widespread and appealing for small businesses. To take advantage of the QSBS Exemption, both businesses and their investors need to be aware of how it works, its potential limitations, and the planning opportunities available.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, C Corporation, Joanna Powell, Qualified Small Business Stock Exemption, Qualified Small Business Stock, QSBS

IRS Releases Proposed Regulations and Other Guidance Under Section 965
Posted by Barret Pinto on Mon, Dec 17, 2018 @ 12:09 PM

In October, the IRS released its proposed regulations interpreting Section 965, the provision in the Tax Cuts and Jobs Act (TCJA) that imposes a one-time “transition tax” to U.S. shareholders on the accumulated earnings and profits of certain U.S. owned foreign corporations. The transition tax is effected through a deemed repatriation mechanism. Not surprisingly, Section 965 continues to be a hot topic.

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Topics: Tax Cuts and Jobs Act, TCJA, Barret Pinto, Section 965, cfc, transition tax

2019 Tax Rates and Inflation-Adjusted Figures Released
Posted by Joanna Powell on Fri, Dec 7, 2018 @ 04:15 PM

The IRS and the Social Security Administration have released 2019 inflation-adjusted figures for more than 50 tax provisions. In addition to a 2.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2019 adjustments generally are used on tax returns filed in 2020.

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Topics: tax planning, year-end tax planning, IRS, Inflation-Adjusted, Tax Cuts and Jobs Act, TCJA, Social Security, 2019 tax planning, Joanna Powell

Embrace Changes to Your Tax Strategy
Posted by David Bussius on Fri, Dec 7, 2018 @ 08:39 AM

The term “tax planning” holds more weight in 2018 thanks to the Tax Cuts and Jobs Act (TCJA). The tax reform bill was passed at the end of last year, and most of its modifications became effective in 2018. These changes present a unique opportunity for you to look at your taxes in a new light, explore new benefits, and with any luck, pay fewer taxes. Below highlights some key areas of impact that may require a change in your tax planning and strategies.

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Topics: David Bussius, tax planning, year-end tax planning, Tax Reform, Tax Cuts and Jobs Act, TCJA, 2019 tax planning

Trust and Estate Income Tax Considerations After the Tax Cuts and Jobs Act of 2017
Posted by Elizabeth Lindsay-Ochoa on Wed, Sep 19, 2018 @ 05:40 PM

The tax law known as the Tax Cuts and Jobs Act (the TCJA) impacts income tax planning for trusts and estates, at least until Dec. 31, 2025 when many of the provisions are scheduled to expire.

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Topics: estate planning, estate tax, Tax Cuts and Jobs Act, estate income tax, trust income tax, Elizabeth Lindsay-Ochoa

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