Typically, the sale of a capital asset held by an individual is a straightforward affair from a tax accounting perspective. Under the most common scenario,…
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…
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…
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…
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…
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…
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…
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…
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…
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…
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
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…
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
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…
Deep Dive on the Tax Cuts and Jobs Act
Changes for Securities Investors
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.…
Narrowing the Casualty Loss Deduction
TCJA Provisions Limit Scope of Tax Relief
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…
First Look at the Tax Cuts and Jobs Act
Impact on Real Estate
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.…
Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions
A ‘Triple Play’ of Tax Benefits
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…
First Look at the Tax Cuts and Jobs Act
Impact on Estate Planning
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…
First Look at the Tax Cuts and Jobs Act
Questions and Answers about International Taxation
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…
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…
First Look at the Tax Cuts and Jobs Act
Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities
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…
The Impact of the Tax Cuts and Jobs Act on Life Insurance
Increased Exclusions, Reduced Rates, and Rule Changes
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…
First Look at the Tax Cuts and Jobs Act
Impact of ‘GILTI’ on International Taxpayers
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…
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…
First Look at the Tax Cuts and Jobs Act
Impact on Exempt Organization Employers and Employees
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…
U.S. Tax Residency
Some Black-and-White Rules, Some Gray
When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts…
First Look at the Tax Cuts and Jobs Act
Questions and Answers on the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced a new write-off for owners of pass-through entities that runs from 2018 through 2025. This…