The Tax Cuts and Jobs Act of 2017 (TCJA) overhauled federal taxation for individuals and businesses. There were numerous changes made to the tax law,…
Tax professionals will be pleased to discover that the IRS is slowly but surely adding Tax Cuts and Jobs Act of 2017 (TCJA) resources to…
Qualifying Expenses for the Expanded Research and Development Credit
A Closer Look at the TCJA Impact
In Brief Research and development (R&D) produce innovations that drive growth and prosperity. Recent legislation, including the Tax Cuts and Jobs Act and the Protecting…
The New Qualified Business Income Deduction
Concerns and Strategies for Real Estate Professionals
One of the most significant consequences of the Tax Cuts and Jobs Act of 2017 (TCJA) for taxpayers is the new Internal Revenue Code (IRC)…
Several northeastern states are finally in agreement with regard to the imposition of state and local taxes (SALT). To this end, Connecticut, New Jersey, and…
Changing Domicile for Tax Benefits and Asset Protection
The TCJA and Recent Court Decision Change the Calculus
WCPAs talk to individuals about moving out of high-tax states such as New York, the focus of the conversation has typically centered on how to…
The Death Knell for SALT Cap Workarounds?
Treasury’s Final Regulations Uphold the $10,000 Cap
The itemized deduction for state and local taxes (SALT) under Internal Revenue Code (IRC) section 164 had long provided relief to taxpayers residing in high…
Earning Real Income from Fantasy Sports
Tax Opportunities and Pitfalls under the TCJA
According to the Fantasy Sports Trade Association (FSTA), fantasy sports is a $7 billion industry, with 59.3 million people in the United States and Canada…
The Tax Cuts and Jobs Act of 2017 (TCJA) will have broad-ranging effects on all kinds of individuals. Taxpayers with a personal connection to gambling…
Financial Planning Using Qualified Opportunity Zones
The Integration of Estate Tax and Income Tax Planning Is Now Complete
In Brief The Tax Cuts and Jobs Act of 2017 expanded the federal estate, gift, and generation-skipping transfer tax exemption amounts, dramatically changing the landscape…
Changes Affecting Connecticut Personal Income Taxes
A Refresher of Key Revisions
The Tax Cuts and Jobs Act of 2017 made significant revisions to federal personal income taxation. In response, the Connecticut General Assembly enacted legislative changes…
How Collectors Can Utilize the Opportunity Zone Program
Investors See a Potential Replacement for Like-Kind Exchanges
For many investors in art, coins, or fine wine, their investments are their passion. The pride of ownership and the beauty they bring into the…
The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Some of the implications are obvious, but…
New York State Decouples from Certain Federal Personal Income Tax Changes
An Overview of Key Changes
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made…
In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…
Many industry publications indicate that the Tax Cuts and Jobs Act of 2017 (TCJA) is high on CPAs' concern list, especially now that the new…
Real estate developers and investors need to address estate planning. This need is likely not urgent, as it is unlikely that a Democratic House and…
One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn…
In Brief One of the most discussed changes in the Tax Cuts and Jobs Act of 2017 is the pass-through entity deduction created by the…
Homeownership After the Tax Cuts and Jobs Act
Making the Most of the Mortgage Interest Deduction
In the aftermath of the Tax Cuts and Jobs Act of 2017 (TCJA), home buyers may be disappointed by the diminishment of tax benefits that…
Examining the 2017–2018 Tax Law Changes
One Firm’s Before-and-After Comparison of Actual Taxpayers
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the tax code in decades. It promised to put more…
The IRS reports that approximately 70% of taxpayers have taken the standard deduction on their federal income tax return in recent years. Under the Tax…
The IRS Shutdown of SALT Deduction Workarounds
A Comparison of States
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New…
Estate Planning after the Tax Cuts and Jobs Act
Opening the Dialogue
Many articles have been written about how the changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) will affect estate planning. These…
Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Two major state and local tax (SALT) issues on the minds of tax professionals and taxpayers are the Tax Cuts and Jobs Act's (TCJA) changes…
Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
Tax Effecting and the Valuation of Pass-Through Entities
Considering the Impact of the Tax Cuts and Jobs Act
In Brief One of the key elements of the Tax Cuts and Jobs Act of 2017 is its lowering of corporate tax rates. As a…
Understanding the IRS’s Seven New Casualty Loss Safe Harbors
Disaster Recovery after the Tax Cuts and Jobs Act
In Brief Losses from natural disasters are generally tax deductible, but taking the deduction requires properly valuing the amount of the loss. The IRS recently…