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.

Articles

2 valuable year-end tax-saving tools for your business

Two Valuable Year-End Tax-Saving Tools for Your Business

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 […]

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What to do with my Required Minimum Distribution

What to Do with My Required Minimum Distribution

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 […]

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Year-end tax planning for businesses struggling with the TCJA

Year-End Tax Planning for Businesses Struggling with the TCJA

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 […]

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TCJA and 2019 Tax Law Issues

TCJA and 2019 Tax Law Issues

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 […]

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There's Still Time to Trim Your 2019 Tax Bill

There’s Still Time to Trim Your 2019 Tax Bill

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 […]

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The U.S. DOL Finalizes the New Overtime Rule

The U.S. DOL Finalizes the New Overtime Rule

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more […]

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Final QBI Real Estate Safe Harbor Rules Issued

Final QBI Real Estate Safe Harbor Rules Issued

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure […]

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Additional Guidance on Bonus Depreciation Under the TCJA

Additional Guidance on Bonus Depreciation Under the TCJA

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027. […]

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Transition Planning Part I (ESOPs_employees)

Transition Planning Part I (ESOPs/employees)

Eventually, the ownership of every privately-held business will be transitioned in one way or another.  There are many options available to transfer ownership, but they basically fall into one of the following categories: Sale/transfer to family Sale/transfer to other current owners Sale to outside parties Give to charity Initial public offering (i.e. “go public”) Liquidation […]

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Tax Benefits of Working from Your Home

Tax Benefits of Working from Your Home

Working from home has its perks – you can skip the commute, have a more flexible schedule, and forego “business professional” dress on many occasions.  If you work from home, you may also be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, so long […]

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Pros and Cons of S Corporations – is it right for you?

Pros and Cons of S Corporations – is it right for you?

For many years, the number of S corporations have been on the rise, due to high corporate tax rates and double taxation. Business owners were able to receive limited liability protection, avoid taxes on distributions, and save on Social Security and Medicare taxes on wages paid from the S corporation. But with the changes under […]

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The Gift of Business Valuations for Estate Planners

The Gift of Business Valuations for Estate Planners

By Miranda Aavatsmark In case you had not heard, never watch the news, or do not regularly check your Twitter, the estate and gift tax exemption doubled from about $5.5M to $11.2M starting in 2018. This change was included in The Tax Cuts and Jobs Act of 2017 that was passed on December 22, 2017. […]

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Complexities and Nuances of Qualified Opportunity Funds

Complexities and Nuances of Qualified Opportunity Funds (QOFs)

The Tax Cuts and Jobs Act of 2017 created an avenue for taxpayers to temporarily defer capital gains, potentially exclude up to 15% of those same deferred gains, and permanently exclude post-acquisition gains from the sale of a qualified opportunity fund (QOF) investment. This can be achieved by investing capital gains in a fund that […]

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Qualified Opportunity Zones: What are they, and how can they benefit you?

Qualified Opportunity Zones: What are they, and how can they benefit you?

The Tax Cuts and Jobs Act (TCJA) created qualified opportunity zones (QOZs), a significant new tax incentive, to encourage long-term, private investment in more than 8,700 economically distressed and low-income communities across the country. A QOZ business is a trade or business in which: Substantially all of the tangible business property is QOZ business property. […]

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Revoke or Not to Revoke – That Is The Question

Revoke or Not to Revoke – That Is The Question

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017, and we have had a full tax year, and the following tax season, to absorb the impact of the myriad of tax law changes that were the result. In response to this, many construction companies have asked if they should […]

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