2018 Tax Cuts and Jobs Act – Other Business Provisions

Posted by Valerie Middlebrooks, CPA NOL Deduction – Under the old law NOL utilization was not subject to limitations based on taxable income.  Under the new law NOL utilization will be limited to 80% of taxable income.  Also under old law NOL’s could be carried back 2 years and forward for 20 years.  Under the new law NOL’s can no … Continued

Understanding the Qualified Business Income (QBI) Deduction

Posted by : Jordon Rosen, CPA, MST, AEP® The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%.  This includes personal service corporations which were previously taxed at a flat rate of 35%.  However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or … Continued

Tax Cuts and Jobs Act: Itemized Deductions

The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.

Tax Cuts and Jobs Act: Withholding and Form W-4 Changes

With the tax reform bill signed into law it is time to prepare for changes to the existing withholding tables and systems. Although the new tax bill has initially taken effect as of January 1, 2018, the IRS is still working on developing and issuing the withholding guidance.