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.
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 […]
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. […]
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 […]
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 […]
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 […]
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. […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]