Tax returns filed in 2019 are the first to fall under the new regulations of the Tax Cuts and Jobs Act. Read more about our coverage on tax reform and its effects on businesses and individuals.
Tax Reform One Year Later: Winners and Losers | 11.27.2018
One year has passed since significant tax law changes were enacted. The overall impact of the Tax Cut and Jobs Act of 2017 on estate and tax planning for individuals and their families is close to what we expected — it’s been a mixed bag for taxpayers.
Qualified Opportunity Zones: An Introduction to New Opportunities under the 2017 Tax Cuts and Jobs Act | 11.05.2018
The Tax Cuts and Jobs Act of 2017 created new incentives for investment into certain communities throughout the United States designated as Qualified Opportunity Zones (QOZs). The newly released regulations explain how investors can take advantage of the statute’s unique opportunity for deferral and exclusion of capital gains taxes by investing in designated distressed communities or QOZs.
RS News Release on Prepaid 2018 Property Taxes is a Position Statement, Not Policy | 2.05.2018
News releases issued by the Internal Revenue Service declare the agency’s set position on a given policy, but do not have the power to amend a statute or regulation.
New Pass-Through Deduction Presents Tax Planning Opportunities for Pass-Through Owners | 1.22.2018
The owners of “pass-through” entities may deduct up to 20 percent of their “qualified business income” from their taxable income each year. The deduction also is available to sole proprietorships (including owners of single member limited liability companies) but does not apply to non-owner employees.
IRS Advisory May Limit Individuals’ Ability to Deduct 2017 Property Tax Prepayments | 12.28.2017
The IRS published guidance yesterday that may limit individuals’ ability to deduct prepayments in 2017 of real property tax not assessed until 2018 or later.
Final Tax Reform Bill Bars Taxpayers from Prepaying State and Local Income Tax | 12.19.17
The Tax Cuts and Jobs Act not only curtailed the deduction for state and local income taxes and property tax, but also eliminated individuals’ ability to claim an itemized deduction by prepaying their 2018 state and local income taxes in 2017.
Tax Reform: House and Senate Have Agreement in Principle on Tax Reform | 12.13.2017
U.S. House and Senate Republicans have reached a deal that reconciles the differences between the House and Senate tax reform plans, paving the way for a final vote. The deal will reduce the top individual income tax rate to 37 percent (from 39.6 percent) and reduce the corporate income tax rate to 21 percent (from 35 percent).