Welcome to our Tax Reform Resource Center.
We are keeping an ear to the ground so that when updates and regulations occur surrounding the Tax Cuts and Jobs Act, you will know first. Check back here and follow us on social media to receive breaking news as it occurs.
Have questions about how the legislation affects your personal and business tax planning for 2018? Contact your local Blue & Co. tax advisor.
The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates. […]
At this time of year, many business owners are trying to do what they can to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture, or […]
Are you 70 ½ or older and charitably minded with investments in an IRA? With fewer taxpayers itemizing because of the doubling of the standard deduction, using your required minimum distribution as a charitable donation could be a great way to lower your tax burden. IRA Distribution Basics A popular way to transfer IRA assets […]
During the first tax-filing season under the Tax Cuts and Jobs Act (TCJA), many businesses wrestled with how the law’s sweeping changes would impact their bottom lines. Before the beginning of the next tax season, you can integrate the information you learned into your year-end tax planning. The areas discussed below have opportunities to reduce […]
By Miranda Aavatsmark Make no mistake, Congress did not come together and pass any new tax laws or make other changes to the existing tax laws in 2019. Although there was much talk of “Tax Reform 2.0” and the need for a few technical corrections, it simply did not happen. However, some of the changes […]
Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists that must be considered, too. Let’s take a closer […]