Tax Reform

  • Recent Federal R&D Tax Credit Updates and Why CPAs May Want to Think Again About Going It Alone

    By:
    Mark A. Nickerson, CPA, CMA, MBA and Kaylei E. Russell
    |
    Jul 1, 2019

    The Research and Development (R&D) credit has become an integral part of tax planning for businesses in the United States since its inception almost forty years ago. The credit was originally enacted to help spur competitiveness and creativity for the United States compared to other countries.

  • Deep Dive Tax Cut and Jobs Act - Nonprofits

    By:
    Magdalena M. Czerniawski, CPA, MBA and Robert Lyons, CPA, MST
    |
    Jul 1, 2019
    The 2017 Tax Cut and Jobs Act (TCJA) created a number of significant roadblocks for non-profit organizations. The roadblocks came in two forms—transportation benefits and other. The Act itself created a great deal of uncertainty insofar as part of the effective dates were as of January 1, 2018, while others were for years beginning January 1, 2018.
  • The Tax Effect of Per Diem Rate for Individual Taxpayers Subject to DOT “Hours of Service” Rules

    By:
    Candelaria Zepeda & Andrew S. Griffith, DBA, EA, CPA, CMA, CIA, CFE, CRMA
    |
    Jun 1, 2019
    The Tax Cuts and Job Acts (TCJA) was ratified at the end of 2017 and placed into effect beginning with the 2018 tax year. Specific to unreimbursed employee expenses, the changes affect allowances in many industries; namely, a suspension of itemized deductions which includes meal and travel costs that are subject to the 2% adjusted gross income (AGI) floor.
  • IRC Section 163(j): Old Law vs. New Law

    By:
    Michael Billet, JD, CPA
    |
    May 1, 2019
    The Tax Cuts and Jobs Act (TCJA), enacted in late 2017, transformed the landscape of the Internal Revenue Code by giving birth to several new tax code sections. One of those new sections is Section 163(j), which limits the business interest expense deductible for certain taxpayers, with the disallowed amount carried forward to future tax years. The newly enacted Section 163(j) replaced its predecessor of the same name. 
  • Opportunity Zone Investments—Practical Issues and Concerns

    By:
    Robert N. Gordon
    |
    Apr 1, 2019
    Ever since the Tax Cuts and Jobs Act (TCJA) of 2017 created “Opportunity Zones,” there has been a lot of excitement about this new incentive to invest in distressed areas. Actual investment in qualified opportunity funds (QOFs) had slowed while tax professionals awaited regulations spelling out the details.
  • The Connecticut Pass-Through Entity Tax and the Federal SALT Deduction: A Perfect Match?

    By:
    Elizabeth Pascal, JD and William Turkovich
    |
    Apr 1, 2019
    On May 31, 2018, Connecticut enacted Public Act 18-49, establishing the Pass-Through Entity Tax. As has been written about in this publication and elsewhere, the PET, as it’s known, responds to the $10,000 limitation on an individual’s federal state and local tax (SALT) following passage of the 2017 Tax Cuts and Jobs Act (TCJA).
  • The Foreign Tax Credit and the New GILTI Basket

    By:
    Charles Ladas, CPA
    |
    Apr 1, 2019
    With the 2019 tax filing season well underway, most CPAs and tax professionals probably have a good awareness of the new tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA). Whether they have a good understanding of them is a whole different story. There’s no question that numerous provisions of the TCJA are mind-numbingly complex.
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