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

Construction Tax Alert: New $25M Average Gross Receipts Threshold

Construction Tax Alert: New $25M Average Gross Receipts Threshold

The new Tax Cuts and Jobs Act (TCJA) has brought many changes to the tax law. However, there is one area not drawing a lot of attention that is worth discussing: the change to a $25 million average gross receipts threshold. The new $25 million average gross receipts threshold will have a huge impact on […]

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Making sense of the new IRS rules on company cars

Making Sense of the New IRS Rules on Company Cars

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles, including light trucks and vans, used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The Role of the […]

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IRS Updates Rules for Personal Use of Employer-Provided Vehicles

IRS Updates Rules for Personal Use of Employer-Provided Vehicles

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs […]

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Now is the Time to Check your Withholding

Now is the Time to Check your Withholding

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Many filers who received refunds in past years wound up owing money. The IRS reported that the number of refunds paid this year is down from last year — and the average refund is lower. […]

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New electric vehicle purchase can provide a generous tax credit.

New Electric Vehicle Purchase Can Provide a Generous Tax Credit

The market for plug-in electric vehicles (EVs) is still small compared with other cars on the road, but it’s growing thanks in part to a federal tax credit offering. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on […]

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Can't Itemize? Maximize Your Above The Line Deductions

Can’t Itemize? Maximize Your Above The Line Deductions

The limitations on itemized deductions have gotten a lot of attention under the new Tax Cuts and Jobs Act (TCJA). More individuals will take advantage of the standard deduction instead of itemizing due to the deduction almost doubling. While the TCJA law made changes to itemized deductions, it left most of the above the line […]

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Am I able to itemize for 2018?

Am I able to itemize my taxes for 2018?

The Tax Cuts and Jobs Act (TCJA) limits or eliminates several itemized deductions that have been available to many individual taxpayers. Here are five deductions reduced or eliminated by the new tax reform and could impact your income tax return: State and local tax deduction. For 2018 through 2025, your total itemized deduction for all […]

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What’s the Difference? Actual Home office expenses vs. the simplified method

What’s the Difference? Actual Home Office Expenses vs. the Simplified Method

Small business owners who work from home could save money on their taxes by taking the home office deduction, as long as they meet the requirements set forth by the IRS. There are now two methods to choose from when considering your home office deduction: the actual expenses method and the simplified method. Basics of […]

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LLC members & self-employment taxes

LLC Members & Self-Employment Taxes

When it comes to self-employment taxes, an LLC member is not necessarily in the same boat as a limited partner. The IRS is cracking down on LLC members who underreport their SE income by erroneously claiming they are similar to a limited partner of a Partnership. Facts and circumstances play a key role in making […]

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Dissecting the New Business Interest Expense Limitation

Dissecting the New Business Interest Expense Limitation

By Miranda Aavatsmark Iceberg!  Straight ahead!  Although there are many theories why the unsinkable ship, the Titanic, sank, ultimately the piercing claws of the iceberg underwater was the cause of her untimely fate.  When The Tax Cuts and Jobs Act of 2017 (TCJA) rolled out a new limitation on business interest expense, it appeared, at […]

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Good News for the Craft Beverage Industry

Good News for the Craft Beverage Industry

A recently proposed bill could make the Craft Beverage Modernization and Tax Reform Act of 2017 permanent. Senators Roy Blunt (R-Mo.) and Ron Wyden (D-Ore.) had good news for the craft beverage industry on Wednesday, February 6, 2019. The Senators announced a bipartisan bill, which if passed, would amend the Internal Revenue Code to make permanent […]

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Understanding C Corporations Post TCJA

Understanding C Corporations Post TCJA

With the recent changes under the Tax Cut and Jobs Act (TCJA), tax rates for C corporations have come down to a flat 21%, making it very appealing for many business owners. However, there are still several important factors that need to be taken into account before making the decision to become a C corporation: […]

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Investment Interest Expense is Still Deductible, but that Doesn’t Mean You’ll Benefit

Investment Interest Expense is Still Deductible, but that Doesn’t Mean You’ll Benefit

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment (such as margin debt used to buy securities). But, just because […]

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Depreciation Deductions on Business Real Estate_ What You Need to Know When You File Your 2018 Return

Depreciation Deductions on Business Real Estate: What You Need to Know When You File Your 2018 Return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But, special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by […]

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IRS Provides QBI Deduction Guidance in the Nick of Time

IRS Provides QBI Deduction Guidance in the Nick of Time

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities (the income from these entities is “passed through” to owners and taxed […]

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