Tax Reform Resource Center

Overview

The Tax Cuts and Jobs Act (TJCA) has brought a significant amount of change to individual and business taxes. To help you navigate the complexities and understand how these changes might impact you, we’ve compiled our recent tax reform guidance on this page, which we’ll continue to update with new information.

Tax Reform Guidance

General Guidance

Congress passes biggest tax bill since 1986
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.

2019 Tax Calendar
To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due.

Business Guidance

No more (tax) free client business meals following the TCJA
The Tax Cuts and Jobs Act of 2017 (TCJA) made several changes to business deductions. These changes included a new disallowance of entertainment expenses. But what about business meals?

Tax reform’s impact on bonus depreciation and Section 179
Increased deductions for bonus depreciation and Section 179 expense are just two of these changes impacting business taxpayers, and these largely positive changes are two potential tax savings presents for businesses.

Tax Cuts and Jobs Act offers favorable tax breaks for businesses
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions.

New tax law provides more generous depreciation-related tax breaks
If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA).

Business entity decision after the Tax Cuts and Jobs Act
With all the changes in the taxation of businesses enacted under the 2017 Tax Cuts and Jobs Act (Act), many business owners wonder whether they need to revisit the business entity decisions they made when they organized their businesses.

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Businesses and the Impact of the New Tax Law
Now that the tax law has passed, many businesses are trying to figure out exactly how this impacts their company. In this webinar, CSH’s Dan Fales and Tony Schweier assess the tax law and what these significant changes mean to your business.

Construction & Real Estate Guidance

Opportunity Zones: A Hidden Tax Reform Gem Q&A
Now that Opportunity Zones have been designated in all 50 states, Opportunity Investment Funds are beginning to form. Do you know how to evaluate these investment opportunities and after-tax returns available?

5 Questions to Consider: Tax Cuts and Jobs Act’s Impact on Real Estate Businesses
The new tax law is impacting just about every business, and real estate companies are no exception. Here are the top 5 questions you should be thinking about for your real estate business this tax planning season.

Review of Construction Contract Accounting Rules in Light of Tax Reform
One significant alteration under the Tax Cuts and Jobs Act is the change in the definition of a “small contractor.” The requirement to account for revenue and cost of revenue on long-term contracts using the percentage of completion method has been loosened.

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How the new tax law affects Construction and Real Estate Companies
The new tax law is impacting just about every business, and construction and real estate companies are no exception. CSH’s Brendan Walsh and Matt McKinnon focus on the issues that could be affecting your business.

How will the new tax law affect fringe benefits?
The news isn’t all bad as it relates to fringe benefits. The legislation also includes a new federal tax credit for eligible employers that provide paid family and medical leave to employees. In this article, CSH’s Brittany Lawrence and Matt McKinnon discuss the provisions that could have a consequential impact on dealerships.

What does the new tax law mean for dealerships?
The Tax Cuts and Jobs Act of 2017 (TCJA) creates a new playing field on which dealerships can execute future tax strategies. Significantly, a flat corporate rate of 21% replaces the graduated corporate tax of 15% to 35%, beginning with the 2018 tax year. Further, the new law repeals the 20% corporate alternative minimum tax which affected high-income corporate taxpayers.

Individual Guidance

3 big TCJA changes affecting 2018 individual tax returns and beyond
Important information for when you’re filing your taxes.

New tax law brings big changes for individual taxpayers
The reconciled tax reform bill is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025.

How will the Tax Cuts and Jobs Act affect your estate plan?
One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of Representatives’ version of the bill. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption, creating new estate planning challenges and opportunities.

New budget agreement brings additional tax changes
The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, 2018, contains several tax-related provisions that could reduce the amounts some taxpayers owe for the 2017 tax year.

IRS Issues Proposed Regulations on Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) made significant changes to bonus depreciation rules, and now the IRS has issued proposed regulations regarding this area. The proposed regulations affect taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017.

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How the New Tax Law Affects Individuals
Major tax reform has happened. Now the question is, what will that mean for you and your personal taxes? In this webinar CSH’s Mark Gaudet and Larry Powell discuss what you need to know about the new tax law and how it impacts your taxes and tax plans.

Not-for-Profit Guidance

Leveraging charitable giving under the TCJA
Concerns have arisen that the TCJA would negatively impact charitable giving programs due to decreased tax benefits to donors. So what tax benefits are still available that development departments can discuss with donors?

How Tax Reform Will Affect Not-for-Profits
The Tax Cuts and Jobs Act  was signed into law on December 22, 2017.  While several provisions of the House Bill did not survive the negotiation process between the Senate and House versions of the bill, there are several sections of the new law that will have an impact on tax-exempt entities.

Tax-exempt entities: Options for dealing with new fringe benefit taxes
The TCJA states that certain fringe benefits – particularly transportation fringes such as transit passes, parking costs and on-site fitness centers – will be subject to unrelated business income tax if paid for by a tax-exempt entity.

Opportunity Zones: A Hidden Tax Reform Gem Q&A
Now that Opportunity Zones have been designated in all 50 states, Opportunity Investment Funds are beginning to form. Do you know how to evaluate these investment opportunities and after-tax returns available?

IRS proposes regulations for Opportunity Zone tax incentives
The IRS recently released proposed regulations for the Opportunity Zones tax incentive. This article covers everything you need to know, including investor tax benefits, rules and timelines.

Opportunity Zones Provide a Unique Investment Opportunity
Are you an investor with capital gains? The Tax Cuts and Jobs Act created a new investment opportunity that allows you to defer or permanently exclude capital gains when properly invested in Qualified Opportunity Zones.

Opportunity Zones Event
KMK Law and Clark Schaefer Hackett have partnered together to discuss how to effectively navigate the rules, and access the tax incentives to spur investment in these under-resourced neighborhoods.

Qualified Business Income Deduction

Understanding qualified business income deduction eligibility
Small business owners received a substantial benefit with the passage of the Tax Cuts and Jobs Act in December 2017. Owners of pass-through entities, including shareholders in S corporations, partners in partnerships and sole proprietors, are now eligible for a 20% deduction on “qualified business income.”

Another Exception to the Qualified Business Interest Deduction
As discussed in part one of this series, small business owners received a substantial benefit with the passage of the Tax Cuts and Jobs Act in December 2017. Not all taxpayers qualify for the deduction, however.

Small businesses by the numbers (Infographic)
This infographic covers how business owners describe their business structures as well as 4 pass-through entity facts.

The pass-through provisions of the TCJA: The devil is in the details
The Tax Cuts and Jobs Act established a deduction based on a noncorporate owner’s qualified business income (QBI). It’s available to individuals who own interests in pass-through business entities.

No QBID for gains on sales of property used in a trade or business
Many details around the Qualified Business Income Deduction (QBID) are unclear, but with the recent Consolidated Appropriations Act of 2018, Congress has disallowed deductions for gains from the sale of property used in a trade or business. In this article, CSH’s Brett Bissonnette covers the details of this decision, as well as how depreciation factors into it.

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Untangling the Qualified Business Income Deduction
With the passage of the Tax Cuts and Jobs Act, owners of pass-through entities are now eligible for a 20% deduction on “qualified business income.” But not all income qualifies for the deduction. In this webinar CSH’s Brett Bissonnette and John Venturella cover the eligibility requirements and options for review and restructuring to benefit from the new law.

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