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.

IRS issues proposed regulations on global intangible low-taxed income for U.S. shareholders
The Internal Revenue Service issued proposed regulations today concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code.
Wall Street warns new federal tax rules could boost CT’s borrowing costs
The new federal cap on income tax deductions could translate into higher interest costs for Connecticut and other wealthy states when they borrow for school construction and other capital projects, a Wall Street credit rating agency warned...
AICPA recommends priorities for IRS tax guidance
On June 14, the AICPA submitted a letter to the IRS recommending priorities for guidance the Service should issue under the 2018-2019 IRS Priority Guidance Plan. In late April, the IRS in Notice 2018-43 asked the public to comment on items of tax...
Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits
Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding...
IRS Guidance Impacts Treatment of Parking Expenses
The IRS on Aug. 21 issued interim guidance on the provision in the new tax law that requires separate computation of unrelated business income tax (UBIT) for tax-exempt organizations with more than one unrelated trade or business.
How TCJA Changes for Section 168(k) May Adjust
The IRS has published in the Federal Register proposed regulations that provide guidance concerning the additional first year depreciation deduction under Section 168(k) of the Internal Revenue Code. The proposal reflects changes made under the...
IRS issues proposed regulations on new 20 percent deduction for passthrough businesses
We're ready and willing to work through this guidance with you... stay tuned for details on an upcoming program with Walter Nunnallee.
DRS Issues SN 2018(7), Treatment of Global Intangible Low-Taxed Income for Connecticut Corporation Business Tax Purposes
Treasury, IRS issue proposed regulations on new 100 percent depreciation
The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in...
IRS, Treasury issue proposed regulations implementing Section 965
The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the...

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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.