Federal Tax Reform

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Connecticut CPA magazine Federal Tax Reform Special Section

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. 



View on AICPA TV.
   
Download the "Business" PowerPoint.
   
Download the "Individual" PowerPoint.

 


  

Get the scoop.

Do You Have the Skills to Benefit From the TCJA?
The Tax Cuts and Jobs Act (TCJA) may represent the biggest current growth opportunity for your firm, but it’s going to take some hard work on your part to reap the rewards. Notably, you’re going to have to educate yourself about the new law,...
Get Ready for Taxes: Learn how the new tax law affects tax returns next year
The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. This is the first in a series of reminders to help taxpayers...
Reduced 24-percent withholding rate applies to small businesses and other payers; Revised backup withholding publication features helpful FAQs
The Internal Revenue Service today urged small businesses and other payers to check out the agency’s newly-revised backup withholding publication, now available on IRS.gov. Publication 1281, Backup Withholding for Missing and Incorrect...
How the TCJA is Changing Your Client Profile
There has been little difference in most CPAs’ client profiles from year-to-year but the Tax Cuts and Jobs Act (TCJA) has begun to change all of that. Under the TCJA, the tax rules for individuals have been completely overhauled, including tax...
Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive
The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to...
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small...
Meals continue to be deductible under new IRS guidance
The IRS has issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and e
IRS to Host Crumbling Foundations Webinar Oct. 24
At 10 a.m. on Wednesday, October 24, the IRS will host a free one-hour web conference on "Claiming Casualty Losses on Deteriorating Concrete Foundations Caused by the Mineral Pyrrhotite." The web conference will include a discussion of the...
3 Revenue Opportunities for CPAs From the TCJA
As CPAs’ understanding of the Tax Cuts and Jobs Act (TCJA) begins to grow, so too do opinions on how to best take advantage of the revenue opportunities it provides.
IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to...

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Get educated.

The CTCPA is hosting a number of classes and webinars to get you up to speed.

           

   

   


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.