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.
Read More
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.
Read More
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.
Read More

Accounting Methods

Tax and Accounting Changes May Impact Your Company’s Financial Statements
Revisions to lease accounting, revenue recognition, and tax law could significantly affect your company’s Financial Statements. Discover details and effective dates.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More

Compensation & Benefits

Tax Reform Limits Deductions on Meals and Snacks Provided to Employees
Employers that meet certain qualifications may be able to deduct their expenses for meals and snacks provided to employees. Our Alert has details.
Read More
Revise Your Employee Parking Arrangements Before the March 31 Deadline
The IRS announced it intends to issue proposed regulations clarifying unrelated business taxable income from qualified transportation fringe benefits. Get the details.
Read More
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).
Read More
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.
Read More
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.
Read More
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.
Read More

Credits & Incentives

Trends and Tips for Tax Advantages in Opportunity Zones Based on Early Activity
Early investments in Qualified Opportunity Zones provides insight into tips, trends, and best practices for other investors to consider.
Read More
Calculating Employer Paid Family and Medical Leave Credits
IRS guidance on the Employer Paid Family and Medical Leave Credit IRC 45S could affect employer’s policies, qualified wages, and credit reporting.
Read More
Proposed IRS Regulations Provide Guidance for Investing in Qualified Opportunity Zones
Proposed IRS guidance can help provide benefits for taxpayers invested in qualified opportunity zones. New guidance was released in early 2019.
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
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.
Read More
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.
Read More

International

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
Form 8858 Filing Requirements: Updates for Owners and Operators of Foreign Entities
US tax owners who own or operate foreign entities are now required to file Form 8858. Discover filing requirements, penalties for failure to file, and more.
Read More
Proposed Regulations Provide Foreign-Use Documentation Requirements for FDII
The sale of foreign-use property and services will likely require detailed documentation to sustain the FDII deduction.
Read More
New Guidance May Affect Tax Standings of Companies with Foreign Branches
New guidance related to foreign branches should cause taxpayers to evaluate the impact on their overall tax position. Our professionals can help.
Read More
Proposed Regulations Offer Deductions to Individuals with GILTI Inclusions
Proposed regulations under Section 250 provide a deduction for individuals with GILTI income if they make a Section 962 election.
Read More
Owning Foreign Subsidiaries Now Requires Significant Additional Reporting
Global intangible low-taxed income (GILTI) could mean a significant amount of additional reporting and preparation for companies and individuals that own foreign subsidiaries.
Read More
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’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.
Read More
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.
Read More
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.
Read More

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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More

Personal

How to Reduce the Tax Impact of Your Stock Options or Restricted Stock Units
With companies turning to stock options to compensate their employees and personal tax rates on the rise, understanding how they’re taxed is critical.
Read More
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.
Read More
IRS Intends to Provide Guidance on Deductions for Estates and Trusts
New IRS guidance could provide significant tax savings for nongrantor trusts and estates.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
Tax Reform: Impact on Individual Taxpayers
Individuals will need to consider the effects of President Trump’s tax reform in their 2017 income taxes.
Read More

State & Local Tax

Insight for California Businesses and Individuals Navigating the 2019 Tax Season
Prepare for the 2019 tax season with our Tax Season Tool Kit, which covers tax reform, new California tax laws, and more.
Read More
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.
Read More
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.
Read More
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.
Read More

Tax Structuring

Form 8858 Filing Requirements: Updates for Owners and Operators of Foreign Entities
US tax owners who own or operate foreign entities are now required to file Form 8858. Discover filing requirements, penalties for failure to file, and more.
Read More
2019 Q1 Tax Update for Technology, Communications, and Life Sciences
This 2019 first-quarter update covers some of the most important issues for companies in the technology, communication and media, and life sciences industries.
Read More
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.
Read More
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.
Read More
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).
Read More
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.
Read More

Industry Focus

Automotive & Dealer

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
How to Prepare to Buy or Sell a Dealership Business
Few business transactions are as complex as buying or selling auto dealerships. Knowing what surprises and complications you may encounter is a large part of making any potential transaction go smoothly.
Read More

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.
Read More
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

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.
Read More

Health Care

Qualified Opportunity Zones May Offer Tax Strategies for Long-term Care Investors
Investing in Qualified Opportunity Zones may provide tax benefits for long-term care investors and operators.
Read More
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.
Read More
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.
Read More

Higher Education

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
Reduce Unrelated Business Taxable Income on Reserved Employee Parking
Employers with reserved employee parking spots may potentially reduce unrelated business taxable income—but only if they act soon.
Read More
Qualified Transportation Fringe Guidance
New IRS guidance addresses the tax treatment of qualified transportation fringe benefits, as modified under tax reform.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More

Not-for-Profit

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
Reduce Unrelated Business Taxable Income on Reserved Employee Parking
Employers with reserved employee parking spots may potentially reduce unrelated business taxable income—but only if they act soon.
Read More
Qualified Transportation Fringe Guidance
New IRS guidance addresses the tax treatment of qualified transportation fringe benefits, as modified under tax reform.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More

Oil & Gas

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
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

Power & Utilities

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
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

Real Estate

Trends and Tips for Tax Advantages in Opportunity Zones Based on Early Activity
Early investments in Qualified Opportunity Zones provides insight into tips, trends, and best practices for other investors to consider.
Read More
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

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
Tax Reform Creates Unexpected Consequences for Renewable Energy Companies
Renewable energy projects are now classified as manufacturers under new tax law and may face interest expense limitations and base-erosion anti-abuse tax.
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

Technology

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
2019 Q1 Tax Update for Technology, Communications, and Life Sciences
This 2019 first-quarter update covers some of the most important issues for companies in the technology, communication and media, and life sciences industries.
Read More
Tax and Accounting Changes May Impact Your Company’s Financial Statements
Revisions to lease accounting, revenue recognition, and tax law could significantly affect your company’s Financial Statements. Discover details and effective dates.
Read More
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.
Read More

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.
Read More

Wine, Beer & Spirits

Section 958(b)(4) Repeal and Potential for Increased 1099 Reporting Obligations
The repeal of Section 958(b)(4) has caused many non-US payers to be converted into US payers for purposes of 1099 reporting and backup withholding.
Read More
New Tax Reform Offers Key Opportunities for Wineries and Vineyards
Tax reform provides several tax-planning opportunities for winery and vineyard companies. Learn about the biggest changes and how they affect your business.
Read More
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.
Read More

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?