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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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Resources

ARTICLE | Now’s the time to consider a Roth IRA conversion

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 recently enacted Tax Cuts and Jobs Act (TCJA) temporarily reduces individual income tax rates, enhancing the benefits of Roth IRAs and lowering the cost of conversion.

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ARTICLE | The new deal on employee meals (and entertainment)

The Tax Cuts and Jobs Act will phase in a wide variety of changes to the way businesses calculate their tax liabilities — some beneficial, some detrimental. Revisions to the treatment of employee meals and entertainment expenses fall in the latter category.

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

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.

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ARTICLE | Opportunity is knocking: Big incentives available for Opportunity Zone investments

The latest tax reform passed in the Tax Cuts and Jobs Act (TCJA) enacted sweeping changes to the U.S. tax code. Among them is a program with the potential to provide a powerful boost to low-income communities and significant tax incentives for investors.

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ARTICLE 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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CHART | Section 199A Pass-through deduction

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ARTICLE | IRS provides guidance on section 965 transition tax

The most significant component of the Act that impacts 2017 income tax filings is the deemed repatriation of deferred foreign income. The statute is a one-tax tax on certain income earned outside the U.S. The one-time income inclusion related to offshore earnings denotes a point of demarcation from the historic taxing regime to the new taxing regime.

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ARTICLE | The Impact of the Tax Cuts and Jobs Act on Financial Institutions

The TJCA will not only cause corporate taxpayers to evaluate the impact on year-end financial and regulatory reporting, but will have a great effect on financial institutions across the country.

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WEBINAR | Professional Service Company Impact 

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

 

ARTICLE | 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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ARTICLE | 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.

 

WEBINAR | Impact of New Tax Legislation 

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 

Recording Materials

 

ARTICLE Key Provisions of Tax Cuts and Jobs Act (H.R. 1)

What could the Tax Cuts and Jobs Act mean for businesses and individuals? 

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ARTICLE 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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