The Tax Cuts and Jobs Act: Tax Reform Information and Resources

Wondering how Tax Reform will affect you? Our tax professionals can help. Find information that’s relevant to you by expanding the categories below.      

• Businesses

  • • What Employers Need to Know About Transportation Benefits Heading Into 2019

      The IRS issued Notice 2018-99 December 10, 2018, clarifying some of the unanswered questions arising from the 2017 Tax Cuts and Jobs Act (TCJA) changes regarding the nontaxable qualified transportation benefits provided to employees. Changes impact taxable and tax-exempt employers.... Read More

    • More Clarity on Taxable and Tax-Free Employee Benefits Under Tax Reform

      Note: This article, originally published on January 12, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act. Among many other things, the Tax Cuts and Jobs Act affected how the government will tax... Read More

    • Update on Qualified Transportation Benefits Under Tax Reform

      Note: This article, originally published on February 21, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act. Prior to passing the Tax Cuts and Jobs Act of 2017, certain transportation benefits and, in... Read More

    • How Do the New GAAP Revenue Recognition Standards Impact Tax?

      This year brought many accounting and tax changes for both private and public companies. In addition to the changes brought by the Tax Cuts and Jobs Act (TJCA), the new GAAP revenue recognition standards will take effect for non-publicly traded... Read More

    • New 20% Qualified Business Income (QBI) Deduction for Pass-through Entities

      The Tax Cuts and Jobs Act (TCJA) added a new tax deduction for owners of pass-through entities – a 20% deduction of qualified business income (QBI) from a qualified trade or business. This new provision may potentially lower the maximum... Read More

    • What’s the Best Type of Entity for Your Business Under Tax Reform?

      The Tax Cuts and Jobs Act (TCJA) was intended to reform the tax code by lowering tax rates and changing income and deductions for all businesses.  Two of the most significant changes are the reduction of the C corporate tax... Read More

    • Will the New Business Interest Expense Limit Affect Your Business?

      The Tax Cuts and Jobs Act (TCJA) has significantly lowered tax rates for businesses and changed many deductions.  One of the biggest and most important changes is the deductibility of business interest expense, which is creating complexity and confusion.  This... Read More

    • Three Key Tax Incentives for Manufacturers and Distributors under the Tax Cuts and Jobs Act

      The Tax Cuts and Jobs Act (TCJA) provides substantial tax incentives for small businesses with average gross receipts of $25 million or less for the three prior years.  These incentives are especially applicable to small businesses with inventories, such as... Read More

    • Update: Federal R&D Credit and the Tax Cuts and Jobs Act

      With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many clients want to know if the tax benefit of the federal research credit (R&D credit) is still available. The TCJA did not directly change the general rules... Read More

    • Changes to the Qualified Improvement Property (QIP) Classification under the Tax Cut and Jobs Act

      Those who were using the Qualified Improvement Property (QIP) classification for bonus depreciation should take note of changes brought by the Tax Cut and Jobs Act (TCJA). Where We Were… Qualified Improvement Property (QIP) isn’t entirely new. The 2015 PATH... Read More

    • What the QBID and Tax Reform Mean for Pass-Through Entities

      One of the most highly touted aspects of tax reform is the cutting of the corporate tax rate from a maximum rate of 35% to a flat rate of 21%.  Many corporations showed their gratitude for the tax cut by... Read More

    • Should Employee Benefits be Treated as Exempt or Taxable?

      Note: This article has been substantially updated since its February 21, 2018 publish date. Please refer to the latest article here. Note: This article, originally published on January 1, 2018, has been updated to include the latest developments regarding the Tax... Read More

    • Tax Reform and the Real Estate Industry: Will It Impact Business Interest?

      Among the many questions around tax reform, one question those in real estate might be asking is whether or not all business interest will be deductible. The answer to this question is likely, “yes.” However, under tax reform, starting in... Read More

    • Changes to Employee Benefits Resulting from Tax Reform

      The Tax Cuts and Jobs Act, signed into law on December 22, 2017, contains provisions that directly impact certain benefits commonly provided to employees.  Employers should be aware of these changes and the effective dates of each change, as it... Read More

    • Treasury Guidance Needed on the Gap Between Taxable and Tax-Free Employee Benefits

      Note: This article has been substantially updated since its original publication date, please refer to the latest article here. Employee benefits that were formerly tax-free benefits under IRC 132(f) (transportation, parking, and on-site exercise facilities) are now only tax free... Read More

    • U.S. Federal Tax Bill Signed into Law: Understanding the New Law’s Impact on 2017 Accounting and Financial Reporting

      On December 22, the President signed the U.S. federal tax bill into law. Therefore, as you prepare your year-end financial statements, you must account for the new law’s impacts to net income in 2017. Who’s Impacted by the New Law?... Read More

    • The Tax Cuts and Jobs Act: Year-End Tax Planning During Major Tax Reform

      Tax planning isn’t typically anyone’s favorite part of the year—especially when major tax reform is involved. Typical year-end tax planning advice expounds on the virtues of accelerating deductions and deferring income, where opportunities are both possible and economically viable. With... Read More

    • Partnership Changes Needed Now: IRS Issues Regulations Altering Partnership Audit Rules

      The IRS issued Regulations significantly altering partnership audit rules for partnership tax years beginning after December 31, 2017. These new rules are called the Consolidated Partnership Audit Regime (CPAR). They are intended to allow the IRS to efficiently audit, assess,... Read More
• Individuals

  • • IRS Provides Much Needed Guidance to Individuals Making Recent Large Gifts

      Through recent proposed regulations on November 20, 2018, the IRS has noted that, for individuals who took advantage of the increased gift and estate tax exclusions from 2018 to 2025, there will be no claw back when current exemption levels... Read More

    • IRS Encourages Taxpayers to Check Withholding to Avoid 2018 Underpayment Penalties

      In 2017, Congress passed the Tax Cuts and Jobs Act, which promised a tax cut for most taxpayers. Based upon early calculations, the IRS issued tax tables which taxpayers then used to fill out Forms W-4 at the beginning of 2018.... Read More

    • Document Your Donation to Preserve Your Charitable Deduction

      Charitable contribution substantiation is a team sport — everyone involved is critical to ensuring the donor’s tax deduction is valid. Although this is not a new area of tax law, it is an arena of continued tax litigation, with the... Read More

    • Do the New Mortgage Interest Rules Affect You?

      The Tax Cuts and Jobs Act (TCJA) has significantly changed the mortgage interest rules. These changes are expected to have a tax cost of about $26 billion to individuals for 2018. Though the mortgage interest deduction is not gone, there... Read More

    • The Change in the Standard Deduction Affects Charitable Giving

      The Tax Cuts and Jobs Act’s change to the standard deduction provides opportunities for multi-year tax planning. The new law may affect charitable giving, depending on the taxpayer’s taxable income before their charitable deduction. Let’s take the case of a... Read More

    • Pre-Tax Funding for College Education Under The Tax Cuts & Jobs Act

      Many parents and loved ones are concerned about funding their children’s education, and it’s no wonder. According to College Board’s recent “Trends in College Pricing” report, average tuition to attend a public four-year institution has increased 213% from 30 years... Read More

    • What the QBID and Tax Reform Mean for Pass-Through Entities

      One of the most highly touted aspects of tax reform is the cutting of the corporate tax rate from a maximum rate of 35% to a flat rate of 21%.  Many corporations showed their gratitude for the tax cut by... Read More

    • Kiddie Tax: How Best to Report Your Child’s Unearned Taxable Income

      Note: This post, originally published on March 15, 2017, has been updated to include changes brought by the 2018 Tax Cuts and Jobs Act. These changes are indicated in blue italics. Our high net worth clients often want to get... Read More

    • Excess Business Holdings Relief for Private Foundations

      The Bipartisan Budget Act of 2018 passed a significant exception to the Excess Business Holdings rule.  This exception had been included in H.R. 1 of what became the TCJ Act of 2017, but it was pulled out during the Senate... Read More

    • Year-End Tax Planning: The Devil is in the Details

      Beginning in 2018, the total amount of state tax deductions allowed as an itemized deduction will be limited to $10,000. This includes both income and real estate taxes. Sometimes, state taxes can be deducted when prepaid. Several articles have been... Read More

    • Dawgs Dash to Tyee Office to Make Year-End Charitable Contributions Ahead of Tax Reform Change

      Die-hard college sports fans are not cheering about one change made in the Tax Cuts and Jobs Act (TCJA). Boosters have traditionally been allowed an 80% charitable contribution deduction for donations to their favorite institute of higher education, when what... Read More

    • The Tax Cuts and Jobs Act: Year-End Tax Planning During Major Tax Reform

      Tax planning isn’t typically anyone’s favorite part of the year—especially when major tax reform is involved. Typical year-end tax planning advice expounds on the virtues of accelerating deductions and deferring income, where opportunities are both possible and economically viable. With... Read More

    • Get Ahead of Tax Reform: Five Year-End Planning Ideas for Individual Taxpayers for 2017

      With January rapidly approaching, it’s time for taxpayers to reflect on the past year’s finances. Specifically, it’s time to consider which strategic planning techniques can be implemented before year-end to maximize available tax savings on 2017 tax returns. Though year-end... Read More
• NFP

  • • What Employers Need to Know About Transportation Benefits Heading Into 2019

      The IRS issued Notice 2018-99 December 10, 2018, clarifying some of the unanswered questions arising from the 2017 Tax Cuts and Jobs Act (TCJA) changes regarding the nontaxable qualified transportation benefits provided to employees. Changes impact taxable and tax-exempt employers.... Read More

    • The IRS Draft Form 990-T Gives UBI Clues (Updated)

      Note: This article, originally published on October 16, 2018, has been updated to include the latest developments regarding the Tax Cuts and Jobs Act.  The IRS published a draft 2018 Form 990-T* and Instructions** for exempt organizations. These will help organizations... Read More

    • Time to Update Employee Expense Reimbursement Plans

      Now is a good time to update employee expense reimbursement plans, given changes brought about by the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018. The new law disallows tax deductions for some commonly reimbursed business expenses. Why... Read More

    • Changes to Employee Benefits Resulting from Tax Reform

      The Tax Cuts and Jobs Act, signed into law on December 22, 2017, contains provisions that directly impact certain benefits commonly provided to employees.  Employers should be aware of these changes and the effective dates of each change, as it... Read More

    • Excess Business Holdings Relief for Private Foundations

      The Bipartisan Budget Act of 2018 passed a significant exception to the Excess Business Holdings rule.  This exception had been included in H.R. 1 of what became the TCJ Act of 2017, but it was pulled out during the Senate... Read More

    • Why Every Exempt Organization Needs to Double Check Their Tax-Exempt Bond Documents

      Now that a month has passed since President Trump signed the Tax Cuts and Jobs Act into legislation, the ripple effect of the changes is being felt.  The drop in corporate tax rates has a positive impact for many.  However,... Read More

    • Treasury Guidance Needed on the Gap Between Taxable and Tax-Free Employee Benefits

      Note: This article has been substantially updated since its original publication date, please refer to the latest article here. Employee benefits that were formerly tax-free benefits under IRC 132(f) (transportation, parking, and on-site exercise facilities) are now only tax free... Read More

    • Non-Profits are Employers Too! Certain Employee Benefits May be Subject to UBI After 2017

      Certain transportation and onsite health benefits have been tax exempt to employees and tax deductible to employers prior to passing the Tax Cuts and Jobs Act of 2017. However, beginning January 1, 2018, the law subjects both for profit and... Read More

    • How Should Tax-Exempt Organizations Prepare for Tax Reform?

      On Thursday, December 21, President Trump is expected to sign the new law. Most of the Tax Cuts and Jobs Act’s provisions will take effect on January 1, 2018. This leads to the next logical question: “Is there anything I... Read More