Category Archives: CPA & Business Advisory

What to Know About New Limitations on the Deduction of Business Interest

Posted on Wednesday, February 21, 2018 by

The Tax Cuts and Jobs Act made sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings. One of the major provisions of the Act changes the deductibility of business interest expense.

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Estate and Gift Tax: Key Tax Reform Takeaways

Posted on Tuesday, February 20, 2018 by

Congress pushed through massive changes to the federal tax law, most of which are effective beginning in 2018. One of the most significant changes made was to the estate and gift tax law.

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What Business Owners Should Know About the New Qualified Business Income Deduction

Posted on Monday, February 19, 2018 by

The recently enacted Tax Cut and Jobs Act provides a significant deduction in 2018 for qualified business income” that comes from a pass-through entity, which includes S corporations, LLCs, or sole proprietorships. Fair warning—this new tax-saving opportunity is a bit complex.

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Tax Reform Expands Section 529 Deductions for Education to Include K-12 Costs

Posted on Thursday, February 15, 2018 by

Until now, 529 distributions were tax-free only for college expenses. The enactment of the Tax Cuts and Jobs Act in December expands the tax-free withdrawals for K-12 private school and home schooling costs.

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Tax Reform Law Comparison

Posted on Wednesday, February 14, 2018 by

The Tax Cuts and Jobs Act of 2017 has far-reaching implications for both individuals and taxpayers. We provide this easy tax law comparison guide, which provides the highlights of what changed and how.

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2017 Updates on Loss Reserve and Salvage Discount Factors

Posted on Monday, February 12, 2018 by

Every year, the U.S. Treasury Department releases discount factors by accident year and for each line of business. Under certain circumstances, a company may elect to create its own discount factors based on its own experience for unpaid losses and loss adjustment expenses (LAEs). However, this is not an option for salvage and subrogation.

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Taxpayers Must Weigh New Deemed Repatriation Provisions When Calculating 2017 Taxes

Posted on Monday, February 12, 2018 by

One of the major changes by The Tax Cuts and Jobs Act is deemed repatriation (also called the “transition tax”) which, for certain taxpayers, will affect their 2017 tax returns, and therefore require immediate attention.

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The Cost Segregation Secret to Permanent 2017 Tax Savings

Posted on Monday, February 5, 2018 by

With the change in the tax law that became effective January 1, 2018, many taxpayers will benefit from lower income tax rates beginning in 2018.

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Tax Refund Opportunity — Ohio Business Income Deduction Extended to Payments Made to Pass-Through Owners Through a PEO

Posted on Monday, February 5, 2018 by

If you are a business owner and your compensation was paid through a professional employer organization (PEO), you may be entitled to a tax refund.

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Tax Reform Increases Long-Term Construction Contract Exception Limit

Posted on Monday, February 5, 2018 by

There is great news for certain construction company contractors in the tax reform package. The 2017 Tax Cuts and Jobs Act increases the gross receipts limit to qualify for the small construction contract exception to the percentage of completion method by $15 million.

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