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Tax Reform

Tuesday, 19 February 2019

The amount of your tax refund does not tell the whole story

Written by The Rehmann Team

Many taxpayers are receiving lower tax refunds on their 2018 income tax returns and are incorrectly assuming that Tax Cuts and Jobs Act (TCJA) did not benefit them. There exists a lot of misinformation and misunderstanding concerning the TCJA. The TCJA reduced individual tax rates and brackets beginning in 2018. The IRS also modified the federal income tax payroll withholding tables to reduce the amount of federal income tax withheld from paychecks...

Thursday, 14 February 2019

IRS Issues Guidance on Parking and Transportation Fringes

Written by Jeff Hert, CPA

On December 10, 2018, interim guidance (Notice 2018-99) was issued by the IRS amid rumblings of a technical corrections bill in the House to possibly eliminate unrelated business income tax on parking and other transportation benefits provided to nonprofit organization employees. Before the notice, many nonprofit organizations were evaluating their exposure to IRC Code Section 512(a)(7). An organization's unrelated business income will increase by any amount that does not qualify as a deduction under IRC Code Section 274. This also applies to expenses paid or incurred by the organization after December 31, 2017 for qualified parking fringe, parking facilities used in connection with qualified parking or any on-premise athletic facility...

Friday, 01 February 2019

Safe harbor arrives for real estate investors

Written by Andrew Rose, CPA

The IRS released Notice 2019-07, which offers taxpayers much needed guidance about section 199A as it relates to real estate ownership and income. If a taxpayer can satisfy all the requirements of this safe harbor, then they will qualify for the new 199A deduction. It is important to note that just because a taxpayer cannot satisfy the safe harbor requirements that real estate activities will not qualify as a trade or business. It will be based on facts and circumstances if outside the safe harbor...

Tuesday, 20 November 2018

Tax reform’s big savings opportunities – Here’s how

Written by Ryan Bryker, CPA

Business owners’ eyes usually roll when tax accounting methods dominate the discussion. However, since the federal tax overhaul, they matter a lot more because new opportunities exist to slash taxes — and some depend on tax accounting methods. So, it’s worth examining your company’s practices in 2018 because it could mean big savings. Expanded eligibility for cash accounting Companies generally use either cash or accrual accounting...

Tuesday, 20 November 2018

Tax reform implications on charitable donations

Written by Jeff Hert, CPA

Since the passage of the Tax Cuts and Jobs Act (TCJA) in late 2017, many taxpayers have focused on how it can impact their charitable giving. According to the Association of Fundraising Professionals, donations to charity decreased overall in the first three months of 2018 compared with the same quarter of 2017 – and cites tax reform as a possible cause. Though charitable giving is generally motivated by compassion, the TCJA includes several provisions that have left individuals and charitable organizations contemplating how charitable giving will be impacted. Here are a few areas to help you in maximizing your donations due to reform changes...

Friday, 09 November 2018

Tax Reform for Non-Profits

Written by Jeff Hert, CPA

Answered and Unanswered Questions Social club dues deductibility – The 2017 Tax Bill amended IRC Section 274 to disallow expenses paid on behalf of employees for membership dues for any club organized for business, recreation, pleasure or social purposes. The amount paid by the non-profit on behalf of an employee should either be added to their W-2 as taxable compensation or picked up as unrelated business income (UBI) on Form 990T. Meals and Entertainment deductibility – there is no change for tax-exempt organizations and the deductibility of meals. However, IRC Section 274 has been amended to say that entertainment expenses are completely non-deductible, whether they relate to taxpayer’s business with certain exceptions...

Tuesday, 24 July 2018

Estate planning after tax reform: Opportunities and challenges

Written by Cathy Shoemaker, CPA, MST and Steve Armstrong, JD, LLM

Last year’s Tax Cuts and Jobs Act (TCJA) is best known for its sweeping changes to the federal corporate and individual income tax laws. When it comes to estate planning, however, the act made one simple but significant change: It temporarily (through 2025) doubled the exemption amount for estate, gift and generation-skipping transfer (GST) taxes from $5 million to $10 million (adjusted annually for inflation). This year, the inflation-adjusted exemption is $11.18 million (a combined $22...

Monday, 23 July 2018

Tax benefits of homeownership after tax reform

Written by Forefield, Inc.

Buying a home can be a major expenditure. Fortunately, federal tax benefits are still available, even after recent tax reform legislation, to help make homeownership more affordable. There may also be tax benefits under state law. Mortgage interest deduction One of the most important tax benefits of owning a home is that you may be able to deduct the mortgage interest you pay...

Tuesday, 29 May 2018

Now’s the time to consider a Roth IRA conversion

Written by Ryan Sullivan, CFP and Joe Zaiter, AIF, AAMS

The Roth IRA is an attractive retirement savings tool, offering tax-free earnings, tax-free withdrawals, and no minimum distribution requirements. And now may be an ideal time to convert your traditional IRA into a Roth. The Tax Cuts and Jobs Act (TCJA) temporarily reduces individual income tax rates, enhancing the benefits of Roth IRAs and lowering the cost of conversion. No time like the present  Generally, you should consider converting to a Roth IRA if you expect your tax rate to be higher in the future...

Thursday, 17 May 2018

Let's talk about tax: How the new law may impact your business

Written by Chelsie Avery, CPA, Anthony Licavoli, CPA, Michael Patterson, CPA

Download a copy of this article   In December 2017, Congress and President Trump passed the most significant overhaul of America’s tax system in decades. And while many are familiar with the major provisions included in the Tax Cuts and Jobs Act (TCJA), once you dive a bit deeper, you’ll notice there are many more nuances to consider for your business. Let’s review a few of those items: Excess business loss limitation In the past, aggerate losses generated from business activities not subject to passive or basis limitations were generally available to offset all other types of income on a taxpayer’s individual return. A new provision included in the bill limits these losses per year to $250,000 for a single taxpayer and $500,000 for couples filing a joint return...

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