Tax Reform

On December 22, 2017, President Trump signed a historic bill (the “Tax Reform Bill”) that initiated sweeping tax changes for the first time in 30 years.  The bill imposes many changes for employers and business taxpayers alike. Below are resources that may provide guidance as you work to understand the impact of the Tax Reform Bill to you as an individual or your business. 

Please keep in mind that due to the evolving nature of tax reform, you should always check with your tax professional before making any changes. If you have questions regarding these matters, please contact us.

 

Key Changes Brought by the Tax Reform Bill

While many of the provisions are effective as of January 1, 2018 and are permanent, a number of provisions, especially on the individual side, sunset on or after December 31, 2025.  Check out the article for several key changes that are likely the most relevant to individuals and private business owners. 

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Tax Reform Bill: Meals and Entertainment Guide

One of the changes in the Tax Reform Bill is the deduction for meals and entertainment expenses. Organizations will have to change their processes for the new rules. Check out the article below for the tax treatment under the old law and the changes you must consider.

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Depreciation and Section 179 Changes with New Tax Law

One of the changes in the Tax Reform Bill is increased deductions for bonus depreciation and expensing under I.R.C. § 179. Check out the article below to become familiar with the potential affects these changes may have on your company.

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Tax Reform: What the New Deduction for Pass-Through Means for Businesses 

One of the more revolutionary changes was the creation of a deduction for owners of pass-through entities. Check out this article to understand the key points about the deduction along with a flow-chart which outlines the application of the deduction. 

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Webinar: Individual & Corporate Tax Law Changes 

Watch our webinar discussing the Tax Reform Bill. P&N professionals Brandon Lagarde, Kathryn Pittman and Bill Potter discussed the major components of this plan and how the changes could affect both individual and corporate taxpayers. You can also check out the presentation slides from the webinar. 

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What Employers Need to Know About Tax Reform 

Employers and business taxpayers should start becoming familiar with the potential effects the new tax laws may have on their organizations.

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Tax Cuts & Job Act Briefing 

The Tax Cuts and Jobs Act provides the most sweeping change to the U.S. tax code in decades. This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing and more. For highlights of the tax bill, see Wolters Kluwer’s latest Tax Briefing below.

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IRS Withholding Guidance on Tax Changes

On December 13, the IRS released a statement regarding 2018 withholding guidance, indicating that the agency expects to issue initial withholding guidance in January to implement tax reform legislation. This guidance could begin to impact taxpayers as early as February.

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Tax Reform Help 

As you review these new changes, please contact us for any questions about the tax reform changes apply to your situation. 

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