Tax Cuts and Jobs Act

IRS Issues Safe Harbor for Business Vehicles that Qualify for First-Year Bonus Depreciation by Cherry Laufenberg, CPA

Posted on April 16, 2019 by Cherry Laufenberg

Under the Tax Cuts and Jobs Act (TCJA), businesses have an opportunity to claim larger depreciation deductions beginning in 2018 for qualifying new and used property, including passenger vehicles, they acquire and place into service between Sept. 28, 2017, and Dec. 31, 2026. However, it is critical that businesses pay particular attention to recent IRS […]

IRS Expands Penalty Waiver for Underpayments of 2018 Federal Tax Liabilities by Jeffrey M. Mutnik, CPA/PFS

Posted on April 02, 2019

In response to a chorus of concerned taxpayers and tax preparers, the IRS is providing additional penalty relief to taxpayers who have found that they did not pay enough in federal taxes in 2018 through W-2 withholding, quarterly estimated tax payments or a combination of the two. Effective immediately, individual taxpayers, trusts and estates that […]

Businesses Face Challenges of New Limits to Excess Business and Net Operating Losses by John G. Ebenger, CPA

Posted on March 22, 2019 by John Ebenger

Two provisions of the Tax Cuts and Jobs Act (TCJA) are throwing some business owners for a loop as they prepare to file their federal income tax returns for 2018. The new law introduced a limit on the deductions that non-corporate taxpayers could claim for excess business losses while also limiting deductions for net operating […]

Miscellaneous Itemized Deductions – On the Brink of Extinction or Just in a Seven-Year Ice Age? by Jeffrey M. Mutnik, CPA/PFS

Posted on March 07, 2019

Individual taxpayers have long relied on miscellaneous itemized deductions as a catch-all for a variety of business- and investment-related expenses that the tax code did not already allow as specified itemized deductions, such as those for medical expenses or contributions to charitable organizations. However, with the passage of the new tax law, these miscellaneous itemized […]

Will You Still Itemize Deductions On Your Tax Returns for 2018? by Joanie B. Stein, CPA

Posted on February 21, 2019 by Joanie Stein

Many U.S. residents and resident aliens accustomed to itemizing the expenses they were once eligible to deduct annually on Schedule A of their federal income tax returns may find it more beneficial to claim the standard deduction on the 2018 tax returns they will file in 2019. Under the new tax law, the standard deduction […]

U.S. Beneficiaries of Foreign Trusts May Be In for an Unpleasant Surprise This Year by Arthur Dichter, JD

Posted on February 14, 2019 by Arthur Dichter

The Tax Cuts and Jobs Act (TCJA) has had broad-reaching impact on all taxpayers for 2018 and going forward. This includes U.S. persons who are beneficiaries of foreign non-grantor trusts. As a result of the TCJA suspending the deduction for miscellaneous itemized deductions, which includes the deduction for investment management fees, trust distributable net income […]

IRS Waives Penalties for Underpayments of 2018 Federal Tax Liabilities by Jeffrey M. Mutnik, CPA/PFS

Posted on January 30, 2019

The IRS is providing penalty relief to the millions of taxpayers it says may have fallen short of their total tax liabilities for 2018 due to the revamp of the U.S. tax code under the Tax Cuts and Jobs Act (TCJA). Thanks, in part, to the efforts of the accounting profession, including of the American […]

How Does the New Tax Law Treat Rental Vacation Property? by Angie Adames, CPA

Posted on January 21, 2019 by Angie Adames

The prospect of having a vacation property that you can use as your own personal retreat for part of the year and lease to others in return for rental income during other times is appealing to many individuals. However, it is important to understand the tax implications of renting your residential property, whether it be […]

How do Flexible Health Care Spending Arrangements Work in 2019? by Adam Cohen, CPA

Posted on January 17, 2019 by Adam Cohen

Eligible employees who enrolled to participate in their employers’ health care flexible spending arrangements (FSAs) for 2019 will be able to contribute and use up to a maximum of $2,700 tax-free dollars to pay for certain medical expenses not covered by their health insurance plans this year. That’s a $50 increase from the 2018 FSA […]

IRS Sets Inflation Adjustments for 2019 by Tony Gutierrez, CPA

Posted on January 10, 2019 by Anthony Gutierrez

The IRS announced the annual inflation adjustments to various provisions of the tax code for 2019. You should consider each of these changes very carefully as you plan for tax efficiency this year and when you prepare your 2019 tax returns in 2020. Tax Rates The top tax rate of 37 percent applies to individual […]

Category: Tax Cuts and Jobs Act