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TCJA Impact

Home /TCJA Impact
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…

Featured

State and Local Tax Resources

By  Susan B. Anders, PhD, CPA/CGMA

November 2018 0

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…

Featured

Tax and Financial Aspects of Casualty and Disaster Losses under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James R. Grimaldi, CPA, James A.J. Revels, CPA and Thomas K. Lauletta, JD

November 2018 0

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…

Featured

Paying for Higher Education under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James R. Grimaldi, CPA, James A.J. Revels, CPA and Thomas K. Lauletta, JD

October 2018 0

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…

Featured

Tax Effecting and the Valuation of Pass-Through Entities

Considering the Impact of the Tax Cuts and Jobs Act

By  Daniel Tinkelman, PhD, CPA

October 2018 0

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…

Featured

Understanding the IRS’s Seven New Casualty Loss Safe Harbors

Disaster Recovery after the Tax Cuts and Jobs Act

By  Ramon Fernandez, CPA and Mark A. Turner, DBA, CPA, CMA

October 2018 0

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…

Featured

Deep Dive on the Tax Cuts and Jobs Act

Changes for Securities Investors

By  Sidney Kess, JD, LLM, CPA

October 2018 0

The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…

Featured

Unexpected Inequities in an Environment of Declining Tax Rates

Considerations in Using the IRC Section 1341 Credit

By  Linda Burilovich, PhD, CPA and William LaGore, PhD, CPA

October 2018 0

In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to…

Feature Articles

Deep Dive on the Tax Cuts and Jobs Act

QBI Deduction Issues for Professionals

By  Sidney Kess, JD, LLM, CPA

October 2018 0

Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…

Featured

Getting Married

A Tax Perspective Under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James A.J. Revels, CPA, James R. Grimaldi, CPA and Thomas K. Lauletta, JD

October 2018 0

More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their…

Featured

Getting Divorced

A Tax Perspective under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James A.J. Revels, CPA, James R. Grimaldi, CPA and Thomas K. Lauletta, JD

October 2018 0

Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…

Feature Articles

Selling and (Perhaps) Buying a Home under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James A.J. Revels, CPA, James R. Grimaldi, CPA and Thomas K. Lauletta, JD

October 2018 0

Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which…

Featured

Connecticut Enacts New Tax on Pass-Through Entities

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

September 2018 0

On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut…

News & Views

Letter to the Editor: TCJA Impact on Charitable Giving

By  Yigal Rechtman, CPA, CFE, CITP, CISM

September 2018 0

I read with interest “First Look at the Tax Cuts and Jobs Act: Impact on Individual Charitable Giving” by Mark A. Nickerson in the April…

Featured

First Look at the Tax Cuts and Jobs Act of 2017

Seven Questions about the Business Interest Expense Deduction

By  Kathryn Simms, PhD, CPA, Jeff Smith, PhD and Robert Moreschi, PhD, RF

August 2018 0

This article answers several questions taxpayers and their advisors will have about the new rules under the Tax Cuts and Jobs Act of 2017 (TCJA)…

Featured

Narrowing the Casualty Loss Deduction

TCJA Provisions Limit Scope of Tax Relief

By  Richard Lahijani, CPA/CGMA, MST

August 2018 0

Internal Revenue Code (IRC) section 165(c)(3) defines a casualty event to be a “fire, storm shipwreck, or other casualty.” As usually happens with ambiguous language…

Feature Articles

Tax Changes in the 2018/2019 New York State Budget

By  Corey L. Rosenthal, JD, Arvinder Kaur, CPA and Mark H. Levin, CPA, MST

July 2018 0

On March 30, Governor Andrew Cuomo and New York State legislators reached an agreement on the state's 2018/19 budget, which the governor executed on April…

Featured

First Look at the Tax Cuts and Jobs Act

Impact on Real Estate

By  Marc Wieder, CPA, CGMA

June 2018 0

The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, has brought significant changes for how real estate owners depreciate assets.…

Featured

Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions

A ‘Triple Play’ of Tax Benefits

By  David I. Gensler, MAAA, MSPA, EA and David M. Gelman, MAAA, MSPA, EA

June 2018 0

It is way too early to understand the full impact of the Tax Cuts and Jobs Act (TCJA) recently passed by Congress and signed into…

News & Views

First Look at the Tax Cuts and Jobs Act

Impact on Estate Planning

By  Joy Matak, JD, LLM and Steven Dane, CPA, ABV

May 2018 0

The Tax Cuts and Jobs Act (TCJA) has doubled the amount that can be exempted from federal estate tax to $11.18 million per individual, effective…

Featured

First Look at the Tax Cuts and Jobs Act

Questions and Answers about International Taxation

By  Sidney Kess, JD, LLM, CPA and Chaya Siegfried, CPA

May 2018 0

Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has…

Featured

Illegal Immigration and Tax Issues

Recent Changes Affect Available Deductions and Credits for Dependents

By  Joseph Foy, CPA, DPS and Frimette Kass-Shraibman, PhD, CPA

May 2018 0

Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal…

Featured

Post-TCJA Qualified Personal Residence Trust Planning

By  Martin Shenkman, JD, CPA/PFS, AEP

May 2018 0

In Brief The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning…

News & Views

First Look at the Tax Cuts and Jobs Act

Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities

By  Norman Lencz, JD

May 2018 0

The new IRC section 199A, with its complex terms and limits, will be part of almost every tax preparer's life until at least 2026. The…

Featured

The Impact of the Tax Cuts and Jobs Act on Life Insurance

Increased Exclusions, Reduced Rates, and Rule Changes

By  Sidney Kess, JD, LLM, CPA and Lee Slavutin, MD, CLU, AEP

May 2018 0

In Brief The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no…

Featured

First Look at the Tax Cuts and Jobs Act

The Impact on Individuals at Different Stages of Life

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

May 2018 0

The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of…

Featured

First Look at the Tax Cuts and Jobs Act

Impact of ‘GILTI’ on International Taxpayers

By  Lisa Goldman, CPA, MST, TEP

May 2018 0

One of the central features of the Tax Cuts and Jobs Act of 2017 (TCJA) is its reformation of the U.S. system for taxation of…

Featured

First Look at the Tax Cuts and Jobs Act: Impact on Donor Advised Funds

By  Ronald Ries, CPA, CGMA

May 2018 0

Most CPAs practicing in the not-for-profit sector understand what a donor advised fund (DAF) is and how it is used to benefit both donors, as…

Featured

First Look at the Tax Cuts and Jobs Act

Impact on Individual Charitable Giving

By  Mark A. Nickerson, CPA, CMA

May 2018 0

On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Numerous revisions to the tax code, most…

Featured

First Look at the Tax Cuts and Jobs Act

Impact on Exempt Organization Employers and Employees

By  David Trimner, CPA, MST and Karen A. Gries, CPA

April 2018 0

Since President Donald Trump signed the Tax Cuts and Job Act (TCJA) on December 22, 2017, not-for-profit and tax-exempt organizations have been analyzing the impact…

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