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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

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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.) […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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