Tax Reform Resources
The Tax Cuts and Jobs Act of 2017 brought forth the biggest revision to federal tax code since the 1980s. Naturally, there are a lot of unknown effects stemming from the changes as tax policy experts continue to analyze the 1,097-page law.
As a CPA and trusted business adviser, it’s incumbent on you to be aware of the significant changes of the new tax law and its impacts, as well as identifying opportunities for both the individuals and businesses you represent.
This page, which will continuously be updated, provides articles, resources and educational opportunities related to the new tax law.
Articles and resources
Compliance challenges abound as taxpayers cope with new law
Despite the assurances of Congress when it unveiled the TCJA, the reality is that U.S. tax reform has not made taxes simpler. The corporate tax base is facing changes at the state, federal and international levels.
Cash versus accrual: What's right for you?
Unsurprisingly, most CPAs and clients have focused on the Section 199A deduction for business clients due to its complexity. However, it is also important to pay attention to a potentially very significant set of tax benefits available to small-business clients: the special accounting method simplifications found in the Tax Cuts and Jobs Act, Section 13012.
Opportunity Zones can provide big tax benefits
Qualified Opportunity Zones are a creation of the new Code Sections 1400Z-1 and 1400Z-2, enacted in the Tax Cuts and Jobs Act (TCJA) in December 2017. These provisions are intended to incentivize investment in economically challenged areas by giving tax benefits to investors.
6 highlights from tax reform
It's been a year since the Tax Cuts and Jobs Act was enacted and, while the IRS has issued sets of proposed regulations and notices to provide guidance, some provisions are far from clear.
New student loan benefits available on Minnesota tax returns
Among the new Minnesota tax provisions for 2017 are two benefits related to student loans, including a student loan credit, and a subtraction for discharge-of-indebtedness income arising from the cancellation of certain student loans.
Managing client expectations for tax reform (article)
This year, the Tax Cuts and Jobs Act of 2017 has tax service providers wondering whether their clients will similarly have expectations for tax planning and compliance services that go beyond the realm of possibility.
The R&D tax credit: All grown up (article)
The R&D tax credit has proven to be an effective tool at encouraging technological investment, increasing global competitiveness and creating jobs. However, it wasn't until the Protecting Americans from Tax Hikes (PATH) Act of 2015 that the "temporary" R&D tax credit finally became permanent. Now, see how the Tax Cuts and Jobs Act affects this popular tax credit.
Surprises in the new tax law: What every CPA should be aware of (article)
The major highlights of the recent tax reform law have been widely reported on since passing, but that's not the whole story. Mark Sellner highlights the lesser-known bill provisions that could impact your clients.
Travel expenses: By land, sea or air (article)
Understand how the Tax Cuts and Jobs Act affects business travel when it comes to tax-related expenses.
Exempt organizations' UBIT provisions under tax reform (article)
When the Tax Cuts and Jobs Act became law, two provisions altered the calculation of the not-for-profit sector's unique income tax -- the unrelated business income tax (UBIT) -- required by Internal Revenue Code (IRC or Code) section 511.
QSubs revisited (article)
Under the Tax Cuts and Jobs Act of 2017, a taxpayer other than a corporation generally is allowed a deduction of 20 percent of its qualified business income. This clearly applies to S Corporations.
C Corporation or S Corporation? (article)
While C Corporation status became relatively more attractive as a result of tax reform, there is no one-size-fits-all approach to entity selection.
What secrets are hiding in the new acronyms of tax reform? (article)
Every piece of major legislation introduces an onslaught of new acronyms that need to be committed to memory by policy wonks. Tax professionals are now scouring through the Tax Cuts and Jobs Act learning the lingo of the new day.
Meals and no entertainment: M&E deduction diminished (article)
The Tax Cuts and Jobs Act has revamped many different aspect of the tax law, including the widely-used M&E deduction.
Meals and no entertainment: Holiday parties, overtime dinners and pastries (article)
Find out what tax benefits are available for meals and expenses with changes in the federal Tax Cuts and Jobs Act. Meals and entertainment tax, Tax Cuts and Jobs Act
Net operating losses (NOLs) after the Tax Cuts and Jobs Act (article)
For net operating losses for corporate taxpayers, the carryover and carryback rules change and a new limitation on NOL utilization is used.
Tax reform legislation addresses UBIT and segregation of UBTI investments (article)
The new law does not require governmental pension plans to be subject to UBIT (unrelated business income tax); it also states tax-exempt entities that are “subject to tax on their unrelated business taxable income will be required to segregate their taxable income and loss for unrelated trade or business activity for purposes of determining their UBIT.”
Tax Reform Resource Center
The AICPA Tax Reform Resource Center offers coverage on tax reform, including news, resources, videos and podcasts.
For additional tax resources, including client letters, CCH Online Tax Research and more, please visit the MNCPA’s tax resources page.
AICPA PowerPoint presentations: Tax Cuts and Jobs Act
The AICPA put together two presentations on the new tax law provisions, and its impact on individuals and businesses.
CCH tax reform client letters
Address tax law changes with your clients through tax reform-specific client letters created by CCH.
Tax reform CPE
View all tax reform CPE or check out the list below for upcoming tax reform CPE programs.