Tax Cuts and Jobs Act

Business Interest Expense Deductions Become More Restrictive in 2022 by Heath Standorf, CPA

Posted on April 11, 2022 by Heath Standorf

One of the few unfavorable provisions of the Tax Cuts and Jobs Act (TCJA) recently became even more detrimental to certain businesses. Effective Jan. 1, 2022, the amount of net business interest expense (BIE) businesses may deduct from taxable income is further reduced. The results have the potential to increase investment and borrowing costs, making […]

More States Aim to Increase Taxes on Millionaires by Karen A. Lake, CPA

Posted on January 20, 2021 by Karen Lake

In late 2020, New Jersey became the fourth state to raise taxes on its wealthiest residents, applying a top marginal tax rate of 10.75 percent to annual earnings of $1 million or more. Previously, New Jersey taxpayers with annual gross income between $1 million and $5 million were subject to a top rate of 8.97 […]

Considerations for Foreign Investors in U.S. Real Estate after Tax Reform by Ken Vitek, CPA

Posted on October 17, 2019 by Ken Vitek

U.S. real estate continued to attract foreign investors during the first half of 2019, thanks, in part, to a growing U.S. economy, low interest rates, and strong underlying fundamentals that support predictable cash flow and property appreciation. At the same time, the U.S. tax landscape has changed with the passage of the Tax Cuts and […]

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA

Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. UPDATED by Karen A. Lake, CPA

Posted on September 24, 2019 by Karen Lake

The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]

Multinational Business May Want to Rethink Entity Choice and Other Elections by Andrew Leonard, CPA

Posted on August 22, 2019 by Andrew Leonard

The overhaul of the U.S. tax code was signed into law at the end of 2017, yet many taxpayers are continuing to conduct business as usual, paying little attention to how the new law impacts their tax liabilities for 2018 and beyond. To be sure, the Tax Cuts and Jobs Act (TCJA) in its original […]

IRS Now Allows Taxpayers to Revoke or Make Late Bonus Depreciation Elections by Angie Adames, CPA

Posted on August 15, 2019 by Angie Adames

The IRS has issued new regulations permitting taxpayers to change the bonus depreciation treatment of certain property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017. The Tax Cuts and Jobs Act (TCJA) that went into effect on Jan. 1, 2018, made several changes to bonus depreciation, such […]

New Tax Law Limiting Deductions for Interest Expense Impact M&A Transactions by Lewis Taub, CPA

Posted on August 07, 2019 by Lewis Taub

The new tax law that went into effect on Jan. 1, 2018, has had a tremendous impact on business activities, including merger and acquisition (M&A) transactions. As businesses prepare to file their tax returns this year, they are just now quantifying how much the Tax Cuts and Jobs Act (TCJA) affects their bottom line. Prior […]

Expanded Tax Deductions Make Now the Perfect Time to Invest in Your Business by Angie Adames, CPA

Posted on May 26, 2019 by Angie Adames

The U.S. tax laws have a long history of incentivizing taxpayers to invest in their domestic business operations and purchase equipment, machinery, vehicles and other capital assets that are essential to generating business income. With the enactment of the Tax Cuts and Jobs Act (TCJA) effective for tax year 2018, the government has sweetened the […]

IRS Clarifies Tax Treatment of State and Local Tax Refunds under new SALT Deduction Limit by Karen A. Lake, CPA

Posted on April 22, 2019 by Karen Lake

The IRS recently issued guidance to help taxpayers in high-tax states understand how the new tax law’s $10,000 annual limit on deductions for state and local taxes (SALT), and property and real estate taxes affects the tax treatment of SALT refunds they receive beginning in tax year 2019. In general, taxpayers may exclude from their […]

Category: Tax Cuts and Jobs Act