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

New Jersey Latest State to Enact Pass-Through Entity Level Tax

On January 13, 2020, New Jersey Governor Phil Murphy signed into law a bill establishing an elective alternative business tax for pass-through businesses. New Jersey is the latest state to enact such legislation aimed at addressing the $10,000 federal cap on the state and local tax deduction enacted as part of the Tax Cuts and Jobs Act of 2017.

Opportunity Zones – A Worthwhile Tax Consideration?

The Tax Cuts and Jobs Act contains a new tax incentive program that can be an important planning tool in deferring federal and perhaps state income taxes that arise when a taxpayer incurs a capital gain.

An Update on the Meals and Entertainment Expense Deduction

One of the lingering areas of uncertainty resulting from the passage of the Tax Cuts and Jobs Act is the change to the meals and entertainment expense deduction.

Depreciation Changes Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 impacted nearly all levels of the Internal Revenue Code. Several code sections that govern the manner in which assets purchased for use in businesses are depreciated may have favorable implications for taxpayers.

Adjusting to Change: How the Wayfair Decision is Playing Out in the U.S. Market

Smart Business spoke with Thomas Frascella, Director, Tax Strategies at Kreischer Miller, about about the Wayfair decision and how the change is affecting both businesses and states’ sales tax collection practices.

Philadelphia Updates the Nexus Standard for Business Income and Receipts Tax

Philadelphia has adopted a more streamlined approach to nexus for the purposes of imposing the Business Income and Receipts Tax.

Research & Development Tax Credit: Do I Qualify?

The Research & Development Tax Credit has changed considerably since its introduction in 1981. Companies are increasingly unaware of their eligibility for the credit because the term R&D is often associated with the idea of scientists experimenting in labs and technicians developing new products.

Qualified Opportunity Zones Offer Potential Tax Benefits When Selling a Business

When owners are considering a sale of their business as an exit strategy, identifying how much will be remain after paying taxes can be a critical component of the decision processes.

Updates on 6 Business-Related Provisions of the Tax Cuts and Jobs Act

The IRS has begun to issue guidance on various components of the Tax Cuts and Jobs Act which may have an important impact on your 2018 year-end tax planning process and beyond. Here are updates on six key areas that affect many businesses.

What the Rules on the 20 Percent Pass-Through Deduction Mean for Your Business

On August 8, 2018 the IRS issued long-awaited proposed regulations related to the new 20 percent deduction for qualified business income flowing from pass-through businesses and sole proprietors. The proposed regulations provide answers to many questions that have existed since enactment of the Tax Cuts and Jobs Act, but in doing so, have made it clear that the calculation of the deduction will, in many cases, add significant additional complexity to tax returns.

Charitable Contribution Deduction Receives Haircut Under Proposed IRS Regulation

On Thursday, August 23, 2018 the IRS issued proposed regulations that would have a broad impact on reducing the amount of the deduction for charitable contributions when the individual receives a state tax credit, without regard to the timing of the origination of the credit program. For Pennsylvania residents that currently participate in the Pennsylvania EITC and OSTC programs, this would be a significant impact.

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.

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.