Though less publicized than some of the other new tax reforms, an important provision in the TCJA limits the amount of Excess Business Losses that can be deducted by noncorporate taxpayers. Read the article from the Summer 2019 GYF Perspectives
Sign up here to receive email tax alerts and updates about other accounting issues.
Analyzing the TCJA’s Impact on States
Not subject to as much media attention as federal income tax legislation, the state impacts resulting from the enactment of federal legislation always poses budgetary challenges for leadership in those jurisdictions. Oftentimes, federal income tax incentives, such as accelerated and bonus depreciation, can prove unduly costly for states whose income tax regimes are predicated upon […]
FVLE Article – The TCJA and ESOP Valuations
Read Bob Grossman’s article, “The Tax Cuts and Jobs Act and ESOP Valuations,” published in the October/November 2018 issue of Financial Valuation and Litigation Expert.
Tax Reform 2.0 on the Way?
As reported in a previous post, the House Ways and Means Committee released three tax bills, referred to as “Tax Reform 2.0,” in late August. All three bills were approved by the House at the end of September. The passage of these bills is the next step toward making additional substantial changes to the already […]
Long-Awaited “Tax Reform 2.0” Unveiled by House Republicans
On September 10, 2018, House Republicans unveiled their “Tax Reform 2.0” legislative package, which has been anticipated following the enactment of the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The House Ways and Means Committee held its markup of the measure on September 13, 2018, and the legislation is expected to be ready for a […]
A Push for Indexing Capital Gains to Inflation
The idea to index capital gains to inflation is not a new one. Largely supported by Republicans and criticized by Democrats, this issue has been argued by the legislative and executive branches of government for decades. The debate has re-emerged recently in the wake of the passage of the Tax Cuts and Jobs Act (TCJA) […]
IRS Aims to Limit Charitable Contributions Made to Avoid SALT Deduction Limit
As has been discussed frequently in our posts, the Tax Cuts and Jobs Act of 2017 limited the amount of state and local taxes (SALT) deductible as an itemized deduction to $10,000, starting in 2018 through 2025. This limitation applies to the total of real property taxes, state income taxes and local income taxes. The […]
Update on Automatic Consent Procedures for Small Business Accounting Method Changes
Thanks to the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, small businesses with average annual gross receipts of $25 million or less in the prior three-year period may use the cash method of accounting. Also, these businesses are exempt from certain accounting rules for inventories, cost capitalization, and long-term contracts as […]
House Republicans and the White House Working on “Tax Cuts 2.0”
Republican members of the House of Representatives’ Ways and Means Committee and the Trump Administration are working together to develop a “Tax Cuts 2.0” outline similar to the “framework” that was released in September 2017, as a precursor to the Tax Cuts and Jobs Act (TCJA). Ways and Means Committee Chairman Kevin Brady (R-TX) recently […]
IRS vs. NJ Battle Continues
IRS Reiterates Its “Prepaid Property Tax” Position for NJ Under the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, a taxpayer’s itemized deduction for state and local taxes for the tax years 2018-2025 is limited to $10,000 ($5,000 for married filing separately) per year. This new limitation was particularly burdensome for taxpayers […]