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)…
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.…
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…
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
The Impact on Individuals at Different Stages of Life
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…
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…
U.S. Macro Outlook for Tax Reform
A Plan That Doesn’t Get It Done
The sweeping changes to the tax code passed by the Trump administration and the Republican Congress will significantly impact the near-term economic outlook. The $1.5…
Congress and the SALT Deduction
Past, Present, and Future
The Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) represents the most significant overhaul of the tax system in decades. One of the most contested…
A Tax Reform Law for Our New Normal
Publisher’s Column
In The CPA Journal's December 1986 issue, authors Stanley Rier and Leonard Goodman summed up their analysis of how that year's major tax reform bill would…
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017,…
FASB News Plan to Amend U.S. GAAP’s Tax Disclosures Waiting on Tax Reform As the House and Senate advance their bills to overhaul the tax…