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.
With rising healthcare costs, claiming tax deductions for these expenses can be more important than ever. However, there is a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced this threshold. What expenses are eligible? Medical expenses may be deductible if they […]
The recently enacted Tax Cuts and Jobs Act (TCJA) includes a number of changes to the rules governing the choice of accounting methods by taxpayers. In certain situations, the TCJA raises the gross receipts limit used to determine which taxpayers can use the cash method of accounting: The exception from the uniform capitalization (UNICAP) rules […]
A brief overview of changes by the Tax Cuts and Jobs Act Lawmakers recently passed the largest reform of tax law since the Tax Reform Act of 1986 and it will affect almost every individual and every business. For years, itemized deductions have allowed taxpayers, if they qualified, to reduce their taxable income by claiming […]
Working from home has become commonplace, but just because you have a home office space doesn’t mean you can deduct expenses associated with it. For 2018, even fewer taxpayers will be eligible for a home office deduction as a result of the Tax Cut and Jobs Act (TCJA). Changes Under the TCJA For employees, home […]
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two areas where the Tax Cuts and Jobs Act (TCJA) changes the rules are expenses for meals/entertainment and transportation. Meals and Entertainment Prior to the […]
Highlights of the New Law The “Tax Cuts and Jobs Act” (the Act) is the largest overhaul of the United States Tax Code in over 30 years and will have an impact on nearly everyone. Below are some of the highlights of the new law. Individual Tax Provisions The new law changes the modified tax […]
The Tax Cuts and Jobs Act (TCJA) is hot off the presses and contains many provisions which will impact taxpayers in 2018. In addition, the change in corporate tax rates could also impact many regular (or “C”) corporations immediately. Regular corporations recognize deferred tax assets and liabilities related to temporary differences between book and tax […]
On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (P.L. 115-97), a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. There were four main changes specifically for tax-exempt entities including excise tax on excessive compensation, […]
Congress and the President are enacting the biggest tax reform law in 30 years, one that will make fundamental changes in the way you, your family, and your business calculate your federal income tax bill, and the amount of federal tax you will pay. However, since most of the changes will not go into effect […]
On December 13th, the Senate and House Republicans announced they have reached agreement on a unified tax reform proposal. However, it may still be a bumpy road as we await finality on the current tax reform bill. It is always difficult to advise taxpayers at year end, and this year is even more challenging. If […]
December 4, 2017: Congress has set a priority to reform the tax code for 2018 and onward. The House of Representatives and Senate have passed separate pieces of legislation. At this point, many differences exist between the House and Senate Bill, which must be reconciled before legislation can be signed into law. Major provisions at […]
You could be eligible for the Work Opportunity tax credit (WOTC) if you hired new employees in 2017, or are hiring new employees in 2018, that are members of a “target group”. If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return. Whether or […]
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly […]
Certain transactions between your organization and interested persons — including excess benefit transactions, loans, grants, and business transactions — are required to be reported on the Form 990, Schedule L. Ideally, an organization would have a conflict of interest policy that provides guidance to interested persons on reportable transactions with timely disclosure. Documenting any potential […]