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Tax Reform

 

Most taxpayers will see a significant impact from the Tax Cuts and Jobs Act passed on December 22, 2017. Many of the provisions included in the tax reform package apply beginning January 1, 2018  staying informed on this legislation and its potential impact is critical.

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Articles

How are tax-exempt organizations affected by the Tax Cuts and Jobs Act?

On December 22, 2017 President Trump signed the largest tax overhaul to the U.S. tax system in 30 years. But, what impact will tax-exempt organizations face?

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How are higher education organizations affected by the Tax Cuts and Jobs Act? 

When it comes to higher education institutions and the new tax legislation, it is important to keep in mind what affect it will have on not only the sector, but also the potential individual tax modifications.

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State and Local Impacts of Federal Tax Reform

The Federal tax reform signed into law by President Trump on December 22, 2017, not only puts the IRS and Federal tax practitioners into a new world that has to be interpreted, planned for and administered. It also has the potential for significant, but less certain, implications on the states and state and local tax (SALT) practitioners. The SALT team at Rehmann has been analyzing the Federal tax reform to understand these potential implications, and we want to share our thoughts regarding how your state taxes may be affected by the Federal tax reform.

 

President Trump signs sweeping tax bill

President Trump has signed the Tax Cuts and Job Act into law on Friday, December 22, 2017. The bill is the most significant overhaul of America's tax system in decades and is a legislative victory for Congressional Republicans. He also signed a spending bill that keeps the government open until January 19, 2018.

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Congress approves GOP tax plan

The House and Senate have voted and approved The Tax Cuts and Jobs Act and President Trump is expected to sign it into law when it reaches the White House. Congressional Republicans are celebrating their most significant legislative victory as the $1.5 trillion tax bill will have broad effects on the economy and taxpayers.

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Conference committee report provides clarity on status of tax reform and key provisions of the combined Tax Cuts and Jobs Act (H.R. 1)

On December 15, the House and Senate joint conference committee reached an agreement that reconciles the differences between the two versions of the tax reform bill passed by each respective House of Congress. Republicans have released the conference committee report that details the specifics of the final bill, which is scheduled to be voted on in the coming week. Here are the policy highlights from the report:

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How tax reform may affect financial reporting

As Congress and the Trump administration push for major changes to the U.S. tax code, large companies are encouraging the Financial Accounting Standards Board (FASB) to monitor how the changes may affect U.S. Generally Accepted Accounting Principals (GAAP). 

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Senate passes tax reform bill

Republicans passed – by a thin margin – the Senate’s version of tax reform. Although this is a significant step forward towards actual legislation, the House and Senate still must reconcile their differences before a bill can be sent to President Trump for signature into law.

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Unified Framework for Fixing our Broken Tax Code

On September 27, 2017, the Trump Administration, the House Committee on Ways and Means and the Senate Committee on Finance released a nine-page "Unified Framework for Fixing our Broken Tax Code," presenting goals to lower business and individual tax rates. No legislative language has been released. Click "Download" below for a CCH Wolters Kluwer Tax Briefing on the Framework.

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Details of GOP tax reform plan released

On Sept. 27, 2017, Republicans released their Tax Reform Unified Framework that they expected will improve and accelerate economic growth. 

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Webinars

Professional Service Company Impact 

Tuesday, February 20 | 10 - 11 a.m. 

Many of the provisions of the new tax legislation apply to medical, dental, legal, accounting, actuarial science, financial services, consulting firms and more. Join us on February 20 to learn:

  • Changes in the deductibility of your practice's expenses
  • How much the new tax bill will save/cost you
  • The potential restructuring needs of your practice

Recording Materials


Impact of New Tax Legislation 

Available on-demand 

Rehmann addressed common tax changes set to affect both individuals and businesses. This is just the beginning, and this legislation will affect everyone differently, here is what we covered:

  • The road to reform: A summary of the legislation
  • Changes impacting businesses and individuals
  • Likely outcomes and next steps 

Webinar Recording Materials

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