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

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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The New Interest Expense Limitation & Manufacturers

The New Interest Expense Limitation & Manufacturers

When the Tax Cuts and Jobs Act (“TCJA”) was passed in late 2017, there was a lot for manufacturers to be excited about. The return of bonus depreciation, a lowering of the corporate tax rate, and the enactment of the 20% deduction for qualified business income all have the potential to drastically lower income taxes […]

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Business tax limitations to increase for 2019

Business Tax Limitations to Increase for 2019

Many business tax limitations are annually indexed for inflation, and a number of these have gone up for 2019. There are also new limitations related to section 199A, which were added with the Tax Cuts and Jobs Act (TCJA). Below are a few that could impact your taxes this year. Deductions Section 179 expensing: Limit: […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Should You Prepay Your Property Taxes?

Should You Prepay Your Property Taxes?

Prepaying property taxes related to the current year that are due the following year has long been one of the most popular and effective year-end tax-planning strategies. But, does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. […]

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Charitable gifts may or may not save you taxes this year

Charitable Gifts May or May Not Save You Taxes This Year

In past years, it has been the norm to make charitable donations to not-for-profit organizations at the end of the year as a tax savings strategy and in the spirit of the holidays. While most donations are not typically dependent on tax savings, individuals should know that the new tax law has changed the potential […]

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Guidance issued on business interest expense

Guidance Issued on Business Interest Expense

A major issue for large businesses is the business interest expense limitation, which was included in the Tax Cuts and Jobs Act (TCJA). The IRS has issued proposed regulations that taxpayers can rely on until final regulations are released. These regulations provide a broader definition of interest as well as many other notable provisions. The […]

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Bunching Charitable Contributions

Tax Strategy: Bunching Charitable Contributions

The Tax Cuts and Jobs Act (TCJA) passed late last year, bringing about some of the most comprehensive changes in tax law in decades. The most discussed and impactful changes for most individuals include the lowering of tax rates, increased standard deduction and suspension of personal exemptions, a higher phase-out threshold for the child tax […]

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Key Highlights from the TCJA for Healthcare Tax-Exempt Organizations

Key Highlights from the TCJA for Healthcare Tax-Exempt Organizations

The passing of the Tax Cuts and Jobs Act (TCJA) in December 2017 brought about some of the largest changes for exempt organizations since the reformatting of the Form 990 tax return in 2008. This is shown by some organizations now having unrelated business income tax liability that never did in the past. The list […]

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Estate & Trust 199A/TCJA Update

Estate & Trust 199A/TCJA Update

A lot of time has been spent examining the implications of tax reform as it relates individuals and businesses. Yet, estates and trusts were also significantly impacted by the Tax Cuts and Jobs Act (TCJA) and deserve some much-needed attention. As with other taxable entities, there are many opportunities for planning and tax savings available […]

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