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.

Articles

2019 – Significant Tax Law Changes for Individuals

Significant Tax Law Changes for Individuals in 2019

As the result of the Tax Cuts and Jobs Act (TCJA), many changes to the tax law went into effect in 2018 and either apply through 2025 or are now permanent. However, there are two major changes enacted by the (TCJA) which take effect beginning in 2019. Here’s a closer look. 1. Medical Expense Deduction […]

Learn More

IRS Waives Penalty for Some Who Underpaid Their Taxes in 2018

If you didn’t adjust your withholdings or estimated tax payments in 2018 and now owe tax, you could qualify for penalty relief. On January 16, 2019, the Internal Revenue Service announced that it is generally waiving the estimated tax penalty for taxpayers who have paid at least 85% of their total tax liability during the […]

Learn More
Net Operating Loss Changes under the TCJA

Net Operating Loss Changes under the TCJA

Prior to the Tax Cuts and Jobs Act (TCJA), Net Operating Losses (NOLs) generated allowed taxpayers to carry back the loss two years and/or carry it forward up to 20 years. In addition to the carryback/carryforward provisions, taxpayers could fully offset taxable income if not limited by the IRC section 382 limitations. However, now the […]

Learn More
How to Calculate Parking Expenses Additions to Unrelated Business Income

How to Calculate Parking Expenses Additions to Unrelated Business Income

One of the biggest questions arising from the passing of the Tax Cuts and Jobs Act (TCJA) involves the add-back of disallowed fringe benefit deductions to an exempt organization’s unrelated business income (UBI) – in particular, parking expenses paid or incurred by the exempt organization for its employees. The IRS has recently released Notice 2018-99 […]

Learn More

Individual Federal Income Tax Planning

By Miranda L. Aavatsmark Originally published in The Kentucky CPA Journal. It’s beginning to look a lot like….tax time! Looking back at all of the tax law changes, interpretations and developments each month, this has been quite an interesting and eventful year. Between changes to the Federal tax code, Kentucky income and sales taxes, and […]

Learn More
Holiday Gifts and Parties: When are They Deductible or Taxable?

Holiday Gifts and Parties: When are They Deductible or Taxable?

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s […]

Learn More