Tax Reform

  • 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.
  • Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part II)

    By:
    Louis B. Schatz, Esq.
    |
    Mar 1, 2019

    This article is the second in a two-part series about Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (the “New Federal Tax Act”). To read the first part published in the February 2019 TaxStringer, which summarized the provisions of Connecticut’s new pass-through entity tax, please click here.  This second part of the series summarizes the remaining significant provisions of the new Connecticut legislation that was adopted in response to the New Federal Tax Act.

  • IRS Issues New Guidance on Section 199A Qualified Business Income Deduction

    By:
    Ed Morris, CPA
    |
    Feb 1, 2019
    On January 18, 2019, in response to many comments regarding last summer’s proposed regulations, the IRS issued final and new proposed regulations concerning the Code Section 199A pass-through deduction. At the same time, the IRS issued a revenue procedure dealing with the calculation of W-2 wages and a welcome proposed revenue procedure providing a safe harbor for rental real estate activities.
  • Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part I)

    By:
    Louis B. Schatz, Esq.
    |
    Feb 1, 2019
    The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law on December 22, 2017. Most of the provisions of the New Federal Tax Act were effective January 1, 2018 (although some provisions went into effect in 2017). The adoption of the New Federal Tax Act had a significant impact on state taxation, especially in states like Connecticut, where the base for the Personal Income Tax starts with federal adjusted gross income. 
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