The IRS has provided additional guidance regarding changes that the Tax Cuts and Jobs Act (TCJA) made to the tax treatment of parking fringe benefits.
Significant changes made by the Tax Cuts and Jobs Act (TCJA) was to slash the top C corporate tax rate from 35% to a permanent flat 21% effective January 1, 2018.
Expenses for entertainment, amusement and recreation are no longer deductible starting in 2018. However, the wording in the TCJA was unclear on whether meals are now included in the overall definition of “entertainment.”
The Tax Cuts and Jobs Act (TCJA) made several significant changes to depreciation rules when it became law in December 2017. In addition to the longer recovery period, the new law and related guidance have created some uncertainty over what improvements may qualify for the same-year recovery provisions.
Tax Cuts and Jobs Act (“TCJA”) made healthcare providers wonder if there might be a tax advantage to changing their choice of entity. Here are a few questions to ask before you consider any restructuring.
In 2018, the IRS released proposed regulations addressing the Section 199A deduction, commonly known as the 20 percent pass-through deduction. The guidance clarified several aspects of Section 199A that are of particular interest to healthcare providers.
The federal tax reform package has many far-reaching effects for businesses. While the reforms only address federal taxes, the implications will also affect a large number of states depending on how strongly state relies on the federal law for its own tax revenue.
Many of the 2017 tax reform changes offer planning opportunities for 2018 and beyond. Consulting with your tax specialist is the best way to plan, but here are a sampling of opportunities should know about.
The largest re-write of US tax law in over 30 years is now complete. Most of these provisions are in effect starting January 2018, it is important now to understand the major changes for end-of-the-year tax planning.
Major changes to the current tax law occurred with the Tax Cuts and Jobs Act including credits and deductions for both individuals and businesses.
Meals and entertainment expenses have always been popular deductions for business owners, check out the new guidelines in the Tax Cuts and Jobs Act.
The new standard mileage rate for 2018, extended deadlines for supplying Affordable Care Act (ACA) Forms and updates to the IRS Income Tax Withholding Table
A comparison of the tax law for businesses following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions and accounting methods.
A comparison of the tax law for individuals following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions/exemptions, estate, gift and generation-skipping transfer (GST).
HORNE LLP discusses proposed Tax Cuts and Jobs Act, including the most relevant individual, pass-through, and corporate provisions of the legislation and how the impending changes will impact you in 2018 and beyond.