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? Contact your local Blue & Co. tax advisor.
Join Blue & Co. Join us for a recording and materials from a webinar entitled The Biden Administration Tax Plan – What We Know Today. The speakers will discuss: A legislative update – where we are after the November and the Georgia runoff elections A review of the Biden Administration proposed tax plan and what we […]
The IRS has issued final regulations regarding Internal Revenue Code section 512(a)(6). These regulations have been published in the Federal Register and are effective as of December 2, 2020. Section 512(a)(6) was enacted with the 2017 Tax Cuts and Jobs Act and requires tax-exempt organizations to calculate unrelated business income tax (UBIT) separately for each […]
By Derek Gray, CPA Director With a change of administration taking place in January, many Americans are wondering what this might mean for future tax bills. While keeping in mind the complexities of making campaign promises into law, it is imperative to begin preparing for any implications a new administration may have on your tax […]
The most significant tax-related executive action is the “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” Taxpayer be wary, this order does not revoke your obligation to pay payroll taxes; it merely postpones the taxes to be due at a later date. The tax deferral period is from September 1, […]
COVID-19 has added several new tax challenges to everyone’s plate this year. One of the less commonly discussed problems has been the impact of the sudden increase of remote workers on the company’s various state income and sales tax obligations. Nexus, a business’s economic connection with a tax jurisdiction, is determined by several different factors […]
For most individuals, a hobby is a great way to spend free time, and if you are fortunate, you might even make some money while enjoying your hobby. Determining whether your activity is considered a “hobby” or “legitimate business” can have an impact on your tax strategies and savings. Before the TCJA, individuals could deduct hobby […]
On April 17, 2020, the Treasury Department released additional guidance for taxpayers seeking to take advantage of recently passed legislation included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A long-awaited fix for Qualified Improvement Property was retroactively provided for in the CARES Act, and taxpayers have been eager to find out […]
Even though the New Year is just upon us, and we are working diligently to get our taxes filed for 2019, it is also time to start looking ahead to the 2020 tax year. As it happens, just before the holidays, two important pieces of tax legislation were passed as part of a year-end appropriations […]
Income taxes can be a major driving force in key business decisions on a daily basis. Income taxes have significant impact on cash flow, can influence decisions on how to price jobs, and can impact how much employees are paid. Taking advantage of tax credits can help strengthen cash flow and increase the ability to […]
The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement […]
The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem […]
Congress reached an agreement on a massive government-wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. […]