Tax Reform

Historic Changes

The 2017 tax reform reconciliation act, also known as the Tax Cuts and Jobs Act, represents the most sweeping rewrite of the federal tax code in more than three decades. It includes significant changes for businesses and individuals alike. We can help you navigate key provisions and industry-specific changes with articles and webcasts that focus on what you need to know.

Key Provisions

A Deeper Dive

Accounting for Income Taxes (ASC 740)

FASB Staff Clarifies Certain Financial Reporting Considerations Related to Tax Reform
FASB staff addresses implementation issues related to GAAP financial reporting that stem from the Tax Cuts and Jobs Act. Read more in our Alert.
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New SEC Staff Guidance on Accounting and Disclosure for the Tax Cuts and Jobs Act
The SEC staff issued SAB 118 to provide guidance on the application of US GAAP in accounting for the income tax effects of tax reform.
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How Tax Reform Affects Accounting for Income Taxes (ASC 740)
Companies will need to consider the effects of President Trump’s tax reform in their 2017 financial statements and/or disclosures under ASC 740 requirements.
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Accounting Methods

How Contractors Can Prepare for the Next Recession
(UCON Magazine) Tax reform allows contractors to defer much of their tax burden, but the strategy may backfire during a recession.
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Bonus Depreciation Opportunity for Qualifying Improvement Property Placed in Service Before December 31, 2017
The law on qualifying improvement property has changed, but taxpayers may still be able to use bonus depreciation in some cases.
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New Tax Strategies for Tangible Property
We look at how tax reform may affect taxpayers with tangible property and potential tax-saving strategies in our Alert.
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Take Advantage of Higher Tax Rates—Before It’s Too Late
Learn about the potential tax strategies available to property owners and investors that could lower their tax burden.
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Compensation & Benefits

More Companies Are Subject to the Compensation Deduction Limitation
The IRS has provided clarification broadening the scope of application for the compensation deduction limitations outlined in IRC Section 162(m).
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Tax Reform Limits or Eliminates Several Deductions and Exemptions for Employee Fringe Benefits
Tax reform limits or eliminates most deductions and exemptions for employee fringe benefits. Our Insight has details.
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New Employer Tax Credit for Paid Family and Medical Leave Is Available for 2018, 2019
An employer tax credit created through tax reform for paid family and medical leave is available for 2018 and 2019. Our Alert has details.
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IRS Issues 2018 Withholding Tables Following Tax Reform
The IRS releases updated 2018 withholding tables that address how employers should satisfy workers’ tax obligations following tax reform.
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Credits & Incentives

Tax Reform Extends Credits for Renewable Energy Companies
Tax reform and the Bipartisan Budget Act of 2018 extends several expired tax credits for renewable energy.
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Seize Permanent Cash Savings for C Corporations and Pass-Through Entities Before 2018 Tax Rates Take Effect
Businesses may be eligible to seize permanent tax savings before new tax reform rates take effect.
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How Tax Reform Affects Companies Conducting R&D
Under President Trump’s tax reform, the Tax Cuts and Jobs Act changes how companies can claim R&D credits. Our Alert has details.
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International

How Technology Companies Can Benefit from the United States’ Move to a Hybrid Territorial Tax System
Learn about the new taxation system, and how under it, US companies are taxed only on their US income—with some important exceptions.
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Tax Reform’s New GILTI Tax May Hurt Individual Investors
The Tax Cuts and Jobs Act contains a new tax that’s easy to overlook, but may affect individual and other non-C corporation investors.
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Multinational Companies Should Start Preparing Now for Monumental Changes in New Tax Law
Multinational companies should start preparing now for significant tax reform changes. We cover the biggest implications.
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International Taxes Become More Complicated with Required Calculation of Transition Tax on Offshore Earnings
Taxing international operations—transition tax, in particular—is significantly more complicated with the Tax Cuts and Jobs Act.
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Pass-Through Entities

New Qualified Business Income Deduction Insight for Health Care Providers and Ancillary Health Care Businesses
The Treasury and IRS issued new proposed regulations on the application of the 20% QBI deduction, including caveats for the health care industry.
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IRS Explains Aggregation Rules Under Proposed Regulations for Pass-Through Income Deduction
The IRS issued proposed regulations clarifying a potentially significant tax break—aggregating your trades or businesses for a pass-through, or Section 199A, deduction.
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Proposed Regulations Provide Some Key Guidance for Taxpayers Benefiting from the New QBI Deduction
On August 8, 2018, the Treasury and the IRS issued new proposed regulations for the Qualified Business Income deduction under Section 199A.
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Tax-Savings Opportunities to Consider with the New Qualified Business Income Deduction
A new qualified business income deduction provides tax relief to owners of certain domestic trades or businesses operating as pass-through entities.
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New QBI Deduction Could Benefit Taxpayers Who Operate Businesses through Pass-Through Entities
Taxpayers who own and operate businesses through pass-through entities could benefit from a new qualified business income deduction.
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New Limitation on Losses from Pass-through Entities Could Result in Adjustments to Your Tax Strategy
Tax reform’s limitations on excess business losses and net operating losses from pass-through entities could prompt a tax-strategy change.
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Personal

Make the Most of Charitable Contributions this #GivingTuesday with Donor Advised Funds
Donor advised funds can help you retain benefits from charitable donations after new tax reform provisions.
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IRS Intends to Provide Guidance on Deductions for Estates and Trusts
New IRS guidance could provide significant tax savings for nongrantor trusts and estates.
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Impact of Tax Reform on Charitable Giving Opportunities
Tax reform will have a varying impact on the deductibility of charitable giving in 2018 and beyond.
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IRS Clarifies Deductions for Home Equity Loans Are Mostly Unchanged with Tax Reform
The IRS clarified that deductions for home equity loans, credit, and second mortgages are mostly unchanged with tax reform.
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Tax Reform’s New GILTI Tax May Hurt Individual Investors
The Tax Cuts and Jobs Act contains a new tax that’s easy to overlook, but may affect individual and other non-C corporation investors.
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New Provision Allows More Tax-Free Savings with 529 Plans for Education Expenses
New tax reform provision allows more tax-free savings for education expenses as well as increased flexibility with 529 plans.
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New Estate Planning Opportunities Created by Tax Reform
Tax reform may significantly affect tax strategies for estate planning. We look at key provisions—and opportunities—in our Alert.
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Tax Reform: Impact on Individual Taxpayers
Individuals will need to consider the effects of President Trump’s tax reform in their 2017 income taxes.
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State & Local Tax

Selling Property in 2018? You May Qualify for Tax Savings with the IRS Opportunity Zone Program
If you’re selling or exchanging property in 2018, investing in Qualified Opportunity Funds could lower your overall tax burden.
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IRC Section 965 and State Tax Compliance—Additional Attention Required
Taxpayers with IRC Section 965 adjustments must review their state tax reporting to help ensure accurate taxable income and apportionment. Our Insight has the details.
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State Income Tax Implications of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act has far-reaching implications for businesses and individuals that pay state income taxes. Our Insight has the details.
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Tax Structuring

New IRS Guidance on Business Meal Expenses Provides Some Clarity on Deductibility
The IRS’s Notice 2018-76 provides some clarity on the deductibility of business meal expenses.
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IRS Notice Provides Guidance on New Unrelated Business Income Code Section and Requests Feedback
The IRS has issued a notice related to IRS Code Section 512(a)(6) requesting feedback and providing interim guidance and transition rules.
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IRS Issues Proposed Bonus Depreciation Regulations, Clarifies Eligibility of Certain Property
The IRS issued proposed regulations that clarify the bonus depreciation eligibility of certain property under Section 168(k).
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Tax Reform: Impact on Business Interest Deduction
Tax reform brought significant changes to the federal tax code, including a limitation on business interest deduction. Our article has the details.
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Industry Focus

Construction

How Contractors Can Prepare for the Next Recession
(UCON Magazine) Tax reform allows contractors to defer much of their tax burden, but the strategy may backfire during a recession.
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Key Tax Reform Changes for Construction and Real Estate Companies
We look at industry-specific opportunities created by tax reform for companies in construction and real estate.
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Financial Institutions

Tax Reform Changes for Financial Institutions
The Tax Cuts and Jobs Act contains provisions specifically affecting financial institutions. Our Insight has the details.
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Health Care

New Qualified Business Income Deduction Insight for Health Care Providers and Ancillary Health Care Businesses
The Treasury and IRS issued new proposed regulations on the application of the 20% QBI deduction, including caveats for the health care industry.
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Top 10 Tax Reform Changes for Hospitals and Health Systems
We look at the 10 most important tax reform provisions affecting hospitals and health care systems.
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Higher Education

Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income
Under tax reform, fringe benefits provided by tax-exempt organizations may be classified as unrelated business income. Our Alert has the details.
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Tax Reform May Impact College-Athletics Event Seating Contributions and Deductions
Tax reform repealed the 80–20 charitable deduction rule for payment made in exchange for college-athletics event seating. Our Insight has the details.
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How the House and Senate Tax Reform Bills Could Impact Tax-Exempt Organizations
The tax reform bill released by House Republicans contains provisions specifically affecting tax-exempt organizations. Our Alert has the details.
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How Does the Trump Agenda Impact the Not-for-Profit Landscape?
We offer insight on how not-for-profit investment strategies might be affected by the Trump administration’s evolving agenda.
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Not-for-Profit

IRS Notice Provides Guidance on New Unrelated Business Income Code Section and Requests Feedback
The IRS has issued a notice related to IRS Code Section 512(a)(6) requesting feedback and providing interim guidance and transition rules.
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Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income
Under tax reform, fringe benefits provided by tax-exempt organizations may be classified as unrelated business income. Our Alert has the details.
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Impact of Tax Reform on Charitable Giving Opportunities
Tax reform will have a varying impact on the deductibility of charitable giving in 2018 and beyond.
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How Tax Reform Could Impact Tax-Exempt Organizations
The final version of the Tax Cuts and Jobs Act contains provisions specifically affecting tax-exempt organizations. Our Alert has the details.
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How the House and Senate Tax Reform Bills Could Impact Tax-Exempt Organizations
The tax reform bill released by House Republicans contains provisions specifically affecting tax-exempt organizations. Our Alert has the details.
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How Does the Trump Agenda Impact the Not-for-Profit Landscape?
We offer insight on how not-for-profit investment strategies might be affected by the Trump administration’s evolving agenda.
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Oil & Gas

Taxpayers in Oil and Gas Industry Face Key Changes with New Tax Law
Tax reform affects oil and gas companies on an individual and business level because they hold investments in a variety of entity types. We outline the details.
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Power & Utilities

Tax Reform Extends Credits for Renewable Energy Companies
Tax reform and the Bipartisan Budget Act of 2018 extends several expired tax credits for renewable energy.
Read More

Real Estate

Key Tax Reform Changes for Construction and Real Estate Companies
We look at industry-specific opportunities created by tax reform for companies in construction and real estate.
Read More

Renewable Energy

Tax Reform Extends Credits for Renewable Energy Companies
Tax reform and the Bipartisan Budget Act of 2018 extends several expired tax credits for renewable energy.
Read More
Taxpayers in Oil and Gas Industry Face Key Changes with New Tax Law
Tax reform affects oil and gas companies on an individual and business level because they hold investments in a variety of entity types. We outline the details.
Read More

Technology

How Technology Companies Can Benefit from the United States’ Move to a Hybrid Territorial Tax System
Learn about the new taxation system, and how under it, US companies are taxed only on their US income—with some important exceptions.
Read More
Tax Reform Extends Credits for Renewable Energy Companies
Tax reform and the Bipartisan Budget Act of 2018 extends several expired tax credits for renewable energy.
Read More
Top Tax Act Changes for Technology, Life Sciences, and Communications and Media Companies
Tax reform will have significant 2017 income tax implications for technology, life sciences, and communications and media companies.
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Tribal & Gaming

Tax Withholding Tables for 2018 and Provision Extensions Provide Tax Incentives for Tribes
Tax withholding tables can be used on 2018 gaming distributions, and provision extensions bring tax incentives for tribes.
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Wine, Beer & Spirits

How Tax Reform Could Impact the Wine, Beer, and Spirits Industries
The Tax Cuts and Jobs Act contains provisions specifically affecting the wine, beer, and spirits industries. Our Insight has the details.
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Webcasts on Tax Reform

2017 Developments


Alert
We give an overview of changes included in the Tax Cuts and Jobs Act, the biggest tax bill since 1986.

Alert
The US Senate passed its version of the Tax Cuts and Jobs Act, moving one step closer to tax reform.

Alert
On November 2, 2017, the US House released its sweeping bill to reform the federal tax code.

Article
President Trump and Republican congressional leaders have released an outline of their tax reform plan.

Webcast
How might new tax and economic policies impact you?