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.
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.
Hidden inside the Pension Protection Act is a provision regarding Employer-Owned Life Insurance (EOLI) that could cost your business hundreds of thousands of dollars.
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.
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.
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.
As a result of the Tax Cuts and Jobs Act of 2017, alimony payments will no longer be deductible under divorce agreements entered into after December 31, 2018. So, what does this change mean for divorcing spouses and their counsel? Simply put, alimony payments will no longer be taxable to recipients.
Recent federal reform changes have already had many effects on state income taxation. As states scramble to measure the impact on their bottom line, we can expect many states to begin making changes accordingly.
When the Tax Cuts and Jobs Act became law on December 22, 2017, most taxpayers were focused on the individual and business tax reform changes. However, international taxpayers may have overlooked the less televised international tax provisions included in this bill, which could have a significant impact on these taxpayers.
The recently passed Tax Cuts and Jobs Act of 2017 has far-reaching impacts in many areas of tax law. One of those areas is business-related entertainment expenses. The rules have changed—and if you or your business engages in business entertaining of any kind, take note.