On December 20, 2017, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.
The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. And it makes major changes related to the taxation of foreign income.
We understand that keeping on top of the changes can be daunting, so below we have provided all our articles written that discuss TCJA. The page is updated as new information is released, and we highly recommend you use it as an informational resource. For more information or questions, please contact our Tax Director, Rob Keasal.
The IRS Just Released Its First Fact Sheet Detailing Tax Reform for Real Estate (Published April 26, 2018)
IRS Sheds Light on New Limit on Business Interest Expense Deductions (Published April 19, 2018)
The New Tax Act: How it Affects Nonprofits – Updated! (Published April 6, 2018)
Manufacturers: Where Are Your IC-DISCs? (Published March 26, 2018)
The New Repatriation Tax for Owners of Foreign Corporations (Published March 26, 2018)
The Pass-Through Provisions of the TCJA: The Devil is in the Details (Published March 21, 2018)
Home Equity Borrowers Get Good News From the IRS (Published Feb. 27, 2018)
New Budget Agreement Brings Additional Tax Changes (Published Feb. 14, 2018)
Professional Services and the New 20% Pass-Thru Deduction (Published Jan. 26, 2018)
How Will Tax Reform Affect Your 2017 Financial Statements (Published Jan. 25, 2018)
Business-Related Meals and Entertainment Under Tax Reform (Published Jan. 23, 2018)
Summary of the 2017 Tax Cuts and Jobs Act for Tax Exempt Organizations (Published Jan. 17, 2018)
The New Tax Act: How it Affects Nonprofits (Published Jan. 3, 2018)
Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Businesses (Published Jan, 2, 2018)
How Will the Tax Cuts and Jobs Act Affect Your Estate Plan? (Published Dec. 29, 2017)
The New Tax Law: Top Five Things to Consider Before 2017 Ends (Published Dec. 27, 2017)
Congress Passes Biggest Bill Since 1986 (Published Dec. 20, 2017)