Newsletters

Tax Impact Newsletter September-October 2018

  • Are LLC members subject to self-employment tax?
  • Ease new itemized deduction limitations using a nongrantor trust
  • Know your tax obligations before hiring household help
  • Tax Tips

Tax Impact Newsletter March-April 2018

  • The Tax Cuts and Jobs Act:  How will it affect your tax bill?
  • Breathe new life into a trust by “decanting” it
  • Identity theft and your tax returns: How to protect yourself
  • Tax Tips

Tax Impact Newsletter January-February 2018

  • Are bad business debts deductible?
  • Tax planning for investors: Income vs. growth
  • Higher education is expensive! Begin saving the tax-smart way with a Section 529 plan
  • Tax Tips

Highlights of the Tax Cuts and Jobs Act 2017

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.  This  summary highlights some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after  December 31, 2017.

Tax Alerts
Tax Briefing(s)

Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


A bipartisan House bill has been introduced that would fix a GOP tax law drafting error known as the "retail glitch." The House bill, having over a dozen co-sponsors, is a companion measure to a bipartisan Senate bill introduced in March.


The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years.


Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments.


The IRS has provided a safe harbor for professional sports teams to avoid the recognition of gain or loss when trading players and/or draft picks. Under the safe harbor provision, the traded player’s contract or the traded draft pick would have a zero basis.


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