Federal Tax Reform
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A Review of the Tax Cuts and Jobs Act – What You Need to Know Now
By Patrick J. Duffany, CPA, JD, Managing Partner – Tax, CohnReznick and
Edmund S. Kindelan, CPA, Regional Managing Partner – New England, CohnReznick
The AICPA Tax Section has sponsored a robust Tax Reform Resource Center, including videos, FAQs, and more. If you're asked to speak anywhere regarding the tax changes (for either businesses or individuals), you can also brand one of the AICPA's helpful PowerPoint presentations with your firm or company's logo and information.
Get the scoop.
- IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
- I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax...
- Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
- Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
The new QBI deduction,...
- Connecticut pays the most in federal taxes and gets the least back in return
- Connecticut is ranked first in the nation for paying the most in federal income taxes and getting the least federal dollars in return.
That’s the finding of the latest survey by the New York-based Rockefeller Institute of...
- Democrats Concerned About IRS Shutdown Plan
- The Treasury Department this week released a new contingency plan to deal with the ongoing partial government shutdown, but Democratic lawmakers have doubts about the agency’s ability to handle the upcoming tax-filing season.
Treasury’s shutdown...
- The government has shut down, but tax season doesn’t stop
- Busy season is still expected to start on time, but key IRS functions may not be operational. The potential effects of a prolonged government shutdown could make things interesting for CPA tax practitioners.
- Charitable Giving, Business Structure, and Estate Plans Top List of Adjustments Post Tax Reform: Survey of CPA Financial Planners
- As 2018 comes to a close, CPAs are working with their clients to harvest losses, bunch charitable contributions and make other year-end financial planning moves to put them in the best possible position for when they file their taxes. However,...
- AICPA Sends Recommendations to Treasury and IRS about Proposed GILTI Regulations
- The American Institute of CPAs (AICPA) today submitted recommendations to the U.S. Department of the Treasury and the Internal Revenue Service (IRS) regarding proposed regulations to implement Internal Revenue Code section 951A, commonly referred...
- The government has shut down, but tax season doesn’t stop
- The IRS has confirmed release that filing season will start on time – January 28 - and that it will be issuing refunds.
- AICPA Asks for Estimated Tax Penalty Relief
- A powerful ally of taxpayers, the American Institute of CPAs (AICPA) has formally asked the IRS to grant relief from certain estimated tax penalties triggered by the Tax Cuts and Jobs Act (TCJA).
Generally, individual taxpayers must pay...
- IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act
- The Internal Revenue Service issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). These rules, as amended by the Tax Cuts and Jobs Act (TCJA) in...
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Get educated.
The CTCPA is hosting a number of classes and webinars to get you up to speed.
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Connecticut CPAs to Legislators: Newly Reached ‘Deal’ is No Deal for Connecticut Taxpayers
On December 13, the CTCPA submitted a letter signed by CTCPA President Bradley D. Kronstat and Executive Director Bonnie Stewart to each member of Connecticut’s Congressional Delegation. The letter expresses the Society’s concern regarding the likely negative impact upon Connecticut of the proposed tax reform bill as agreed upon in principal by consensus by the House and Senate.
Update: The bill was passed on December 20.
Read the letter in its entirety.
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