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TCJA Impact

Home /TCJA Impact
Featured

ICYMI | Analysis of the Initial Financial Statement Impact of the Tax Cuts and Jobs Act

By  Kim Honaker, DBA, CPA and Paula B. Thomas, CPA, DBA

February 2020 0

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…

Featured

ICYMI | The Status of the ‘Marriage Penalty’

An Update from the Tax Cuts and Jobs Act

By  Allen J. Rubenfield, JD, CPA and Ganesh M. Pandit, DBA, CPA (inactive), CMA

February 2020 0

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…

Featured

The Impact of the Tax Cuts and Jobs Act’s Repatriation Tax on Financial Statements

By  Yi Ren, CPA, PhD, Jomo Sankara, PhD, CGMA, ACMA and Madeline Trimble, PhD

February 2020 0

In Brief The Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate, but not all of its provisions reduced the effective corporate…

Featured

The Further Consolidated Appropriations Act’s Tax Changes for Individuals

By  Sidney Kess, JD, LLM, CPA

January 2020 0

To fund the government through the end of its 2020 fiscal year and provide funding for various projects and purposes, Congress passed a massive spending…

TCJA Impact

ICYMI | Proposed Regulations Clarify the IRC Section 199A Deduction

By  Thomas M. Dalton, PhD, CPA

January 2020 0

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…

Featured

Reducing Federal Income Tax with Qualified Charitable Distributions

How to Preserve a Tax Write-Off

By  Peg Horan, PhD, CPA and Alexis Ferro

November 2019 0

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,…

Featured

IRS Tax Reform Resources

By  Susan B. Anders, PhD, CPA/CGMA

November 2019 0

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…

Featured

Qualifying Expenses for the Expanded Research and Development Credit

A Closer Look at the TCJA Impact

By  Richard Ray, PhD, CPA and Nicholas C. Lynch, PhD

November 2019 0

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…

Featured

The New Qualified Business Income Deduction

Concerns and Strategies for Real Estate Professionals

By  Paige D. Bressler, PhD, CPA and Michael Killey, PhD, CPA

November 2019 0

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)…

Featured

The Continuing Fight over the SALT Deduction Cap

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

November 2019 0

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…

Featured

Changing Domicile for Tax Benefits and Asset Protection

The TCJA and Recent Court Decision Change the Calculus

By  Martin Shenkman, JD, CPA/PFS, AEP, Lance E. Rothenberg, JD, LLM and Joy Matak, JD, LLM

October 2019 0

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…

Featured

The Death Knell for SALT Cap Workarounds?

Treasury’s Final Regulations Uphold the $10,000 Cap

By  Kevin M. Flynn, JD

October 2019 0

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…

Featured

Earning Real Income from Fantasy Sports

Tax Opportunities and Pitfalls under the TCJA

By  Andrew D. Gross, PhD, CPA, Jamie Hoelscher, PhD, CFE, CIA, Marc Ortegren, PhD and William E. Maas, JD, CPA

June 2019 0

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…

Featured

TCJA Clarifies Wagering Loss Deduction Rules

By  Eric Zilber, CPA, John W. McKinley, JD, LLM, CPA, CGMA and Matthew Geiszler, PhD

June 2019 0

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…

Featured

ICYMI—Financial Planning Using Qualified Opportunity Zones

The Integration of Estate Tax and Income Tax Planning Is Now Complete

By  Kevin Matz, JD, CPA, LLM

June 2019 0

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…

Featured

Financial Planning Using Qualified Opportunity Zones

The Integration of Estate Tax and Income Tax Planning Is Now Complete

By  Kevin Matz, JD, CPA, LLM

June 2019 0

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…

Featured

Changes Affecting Connecticut Personal Income Taxes

A Refresher of Key Revisions

By  Corey L. Rosenthal, JD and Cynthia Galamgam, JD, LLM

May 2019 0

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…

Featured

How Collectors Can Utilize the Opportunity Zone Program

Investors See a Potential Replacement for Like-Kind Exchanges

By  Sidney Kess, JD, LLM, CPA and Michael Kelley

April 2019 0

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…

Featured

New Risks and Potential Rewards in Roth IRAs

By  Sidney Kess, JD, LLM, CPA and James R. Grimaldi, CPA

March 2019 0

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…

Featured

New York State Decouples from Certain Federal Personal Income Tax Changes

An Overview of Key Changes

By  Corey L. Rosenthal, JD and Benjamin Wexler, JD

March 2019 0

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…

Featured

An Analysis of the Initial Financial Statement Impact of the Tax Cuts and Jobs Act

By  Kim Honaker, DBA, CPA and Paula B. Thomas, CPA, DBA

February 2019 0

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…

Featured

Tax Cuts and Jobs Act Tools

By  Susan B. Anders, PhD, CPA/CGMA

February 2019 0

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…

Featured

Estate and Related Planning for Real Estate Developers under the TCJA

By  Steven M. Cohen, CPA and Martin Shenkman, JD, CPA/PFS, AEP

February 2019 0

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…

Featured

The Status of the ‘Marriage Penalty’: An Update from the Tax Cuts and Jobs Act

By  Allen J. Rubenfield, JD, CPA and Ganesh M. Pandit, DBA, CPA (inactive), CMA

February 2019 0

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…

Featured

Homeownership After the Tax Cuts and Jobs Act

Making the Most of the Mortgage Interest Deduction

By  Dana L. Hart, PhD, CPA and Robert Slater, PhD, CPA

January 2019 0

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…

Featured

Examining the 2017–2018 Tax Law Changes

One Firm’s Before-and-After Comparison of Actual Taxpayers

By  David B. Mirsky, CPA/PFS, CFP, CMA

January 2019 0

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…

Featured

New Opportunities Can Create New Revenue Streams

By  Sidney Kess, JD, LLM, CPA

January 2019 0

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…

Featured

The IRS Shutdown of SALT Deduction Workarounds

A Comparison of States

By  Corey L. Rosenthal, JD and Annie Yang

December 2018 0

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…

Featured

Estate Planning after the Tax Cuts and Jobs Act

Opening the Dialogue

By  Martin Shenkman, JD, CPA/PFS, AEP and Lamarr Butler-Parker, CFP

November 2018 0

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…

Featured

Finding the Right Tax Software

2018 Annual Survey of New York State Practitioners

By  Susan B. Anders, PhD, CPA/CGMA and Carol M. Fischer, PhD, CPA, CGMA

November 2018 0

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…

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