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.
There is still time to reduce your 2018 tax liability by purchasing qualifying business assets, but you need to act soon! The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these tax-saving measures, you must purchase qualifying assets and […]
Many taxpayers have utilized charitable deductions to help minimize their tax liability. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 Benefits from 1 Gift Appreciated publicly […]
Prior to the new tax law, many taxpayers were limited in their ability to utilize federal tax credits associated with the Research & Experimentation Tax Credit. The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As […]
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions, which may help to reduce your tax burden in the coming year. These new, along with some of the surviving, provisions create a wealth of year-end planning opportunities. Choose the Right Approach to Deductions Many taxpayers who’ve traditionally itemized their deductions […]
The cost of healthcare has been on an upward trajectory for years. With proper planning, taxpayers could take advantage of deducting medical expenses in 2018, but only if you itemize and have enough expenses to exceed 7.5% applicable floor. At the same time, several taxpayers might not benefit from the deduction due to the increase […]
The Opportunity Zone Tax incentives are a new community development program established by the Tax Cuts and Jobs Act (TCJA). The incentive program allows taxpayers to defer tax on capital gains by investing in Opportunity Funds that are dedicated to investing in Opportunity Zones. Just recently, the IRS has released proposed regulations for this tax […]
This time of year, taxpayers with investments should be reviewing their portfolio to determine year-to-date gains and losses. If you are projecting large capital gains, it might be a good time to sell a failing investment to counter the gains. This is not only helpful with tax planning, but also with making sure you understand […]
The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses several related issues, including eligibility, types of leave covered, and calculation of the credit amount. […]
Do you reimburse your employees for business travel expenses? If you don’t, you may want to consider implementing a reimbursement plan, because changes under the Tax Cuts and Jobs Act (TCJA) make these reimbursements even more attractive to employees. Many businesses who do reimburse for business travel expenses find that it helps attract and retain […]
Assuming you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable donations from a tax perspective. Donating appreciated property has two benefits, first, a valuable tax deduction and second, you can avoid the capital gains taxes you would owe if you sold the property. The second benefit is amplified […]
The Child Tax Credit was introduced in 1997 under the Taxpayer Relief Act. The credit has gone through many changes over the past 20 years, starting out as a $400 nonrefundable credit and increasing all the way up to $1,000 per qualifying child under the age of 17. Now the tax credit under the Tax […]
Tax Reform 2.0 is making its way through Congress. On September 13, the House Ways and Means Committee passed three separate bills that focus on making several provisions of the Tax Cuts and Jobs Act (TCJA) permanent. The provisions affect individuals, families, and small businesses. The bills also promote family and retirement savings and new […]
If you own a vacation home that you both rent out and use personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses are not subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the […]
The Tax Cuts and Jobs Act (TCJA) opened up the eligibility guidelines for using the cash method of accounting, making the cash method available to more businesses than was previously allowed. The IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. […]
The Tax Cuts and Jobs Act made many changes to the meals and entertainment deduction. The largest change is that entertainment is no longer deductible. Below is a summary of what will and what will not qualify for deduction: Entertaining Clients: Meals will continue to be 50% deductible as long as they are not considered […]