H.R. 1: Tax Cuts and Jobs Act - Resources for You and Your Business

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, the most significant tax legislation to be enacted in more than 30 years. The Act will affect all taxpayers, including individuals and businesses. While it has the potential to create a great deal of opportunity for you and your business, it also brings a level of uncertainty.

We are committed to providing information and resources to help you understand what the law means for you, as well as to keeping you informed as developments occur throughout the year. So be sure to check back over the next several months, as we will be adding to this page.

We invite you to contact our Tax Strategies team with any questions or for a conversation about how the legislation will impact you specifically.

Articles and Alerts

The U.S. Supreme Court Hands States a Pre-Recess Summer Gift

On June 21, 2018, the United States Supreme Court issued its decision in South Dakota v. Wayfair, which overturned decades of physical presence precedent regarding sales tax nexus.

Eenie, Meenie, Miney, Mo – Is Physical Presence Necessary, Yes or No?

It is difficult to determine whether the Court is leaning toward a pro-taxpayer or a pro-state position on the issue of whether physical presence is required to create sales tax nexus for out-of-state sellers.

 

Confused About the New Rules for Tax Deductions on Meals and Entertainment? You’re Not Alone

Is a meal with an employee or a customer considered “entertainment” or a “business meal?” Should it make a difference? Provisions within the Tax Cuts and Jobs Act enacted in December have raised an issue for which a clear answer to this question does not currently exist, and it could have a material economic impact on businesses.

 

C Corporation vs. Pass-Through in a Post Tax Cuts and Jobs Act World

The flat 21 percent rate on C Corporation income that was enacted as part of the Tax Cuts and Jobs Act  has led many pass-through business owners to question whether a conversion makes sense. However, there are numerous factors to consider beyond the tax rate, and they are highly dependent on your company’s individual circumstances.

 

Tax-Exempt Organizations and H.R. 1: Tax Reform Impacting Unrelated Business Income

One of the most important impacts of the tax reform legislation involves unrelated business income, which will certainly affect a tax-exempt organization’s tax filings and potentially require additional disclosure in its financial statements. Here are the key points in question for unrelated business income.

 

State and Local Tax Alert: Pennsylvania’s EITC Program Provides Taxpayers with Safety Net
As part of the federal tax reform bill, the state and local tax itemized deduction was limited to $10,000. Fortunately, Pennsylvania has been a pioneer in the area of creating an alternative structure for the payment of tax liabilities through its Educational Improvement Tax Credit Program.

 

The Tax Cuts and Jobs Act – What It Means For You and Your Business
A summary of the major provisions that could impact your business and personal tax liability.

 

Tax Planning Guide for Tax Year 2017
Strategies to make the tax laws work for you when filing your 2017 taxes.

 

Events

Tax Cuts and Jobs Act Webinar: What Not-For-Profit Organizations Need to Know
Held on Tuesday, February 13

Watch the rebroadcast:

Tax Reform Seminar
Held on Monday, January 22

Watch the videos from the seminar:

 

Information contained here should not be construed as the rendering of specific tax, accounting, or other advice. Material may become outdated and anyone using this information should research and update to ensure accuracy. In no event will the firm be liable for any damages, direct, indirect, or consequential, claimed to result from use of the materials contained here. Readers are encouraged to consult with their advisors before making any decisions.