Tax Consulting + Compliance
Taxes change. A lot! They’re also complex. Did you know the federal tax code is more than 74,000 pages? Who has time to look at that? Lucky for you, we do. You want CPAs who keep up with changing tax laws and new legislation, so you can make smart tax planning moves that maximize your wealth while minimizing your current and future tax liabilities.
With more than 75 CPAs and over 50 tax team members, you will have access to specialists who have more than 500 years’ experience with tax return preparation and planning. They specialize in:
- Business tax
- Cost segregation
- Estate, gift + trust
- Individual tax
- International tax
- Research + development
- State + local tax
Legislation from the COVID-19 pandemic and the Tax Cuts and Jobs Act (the biggest tax overhaul in 30 years) have dramatically changed the tax landscape. From tax rates to the 20% deduction for pass-through income, there’s a lot to think about as you’re getting your information ready for your CPA. That’s why we’re making it easy for you to find all the tax information you need in one place on this page.
20% Pass-through deduction
One of the most talked-about changes to come out of tax reform is the 20% deduction of qualified business income for pass-through entities. It’s a big deal for taxpayers like you because it could lead to substantial tax savings for a lot of business owners. Here are the top five things you should know about this deduction.
- Section 199A: The pass-through deduction explained, plus final regulations
- Section 199A: Unadjusted basis of qualified property
- Section 199A: You still have questions about QBI?
- Section 199A: Deduction aggregation rules
- Section 199A: Does a rental real estate business qualify?
Want to read more? Check out our Tax Insights blog. We’ve covered a ton of other aspects of Section 199A. Keep in mind, the exceptions and limitations are complex. So, be sure to talk to your CPA about this to find out if you qualify.
Just about every taxpayer is impacted by revamped tax rates and tax brackets both on an individual and a business level.
The C Corporation tax rate stands at a flat tax rate of 21%. But that doesn’t necessarily mean you should restructure. Check out these blogs for more details on the considerations before you make a decision.
- New corporate tax rate under tax reform law
- New top corporate tax rate of 21% incentivizes loophole
- Guidance on switching from an S Corp to a C Corp
You can write off 100% of business assets that meet the bonus depreciation qualifications and your asset can be new or used.
Other business tax impact
There are many other tax benefits you need to consider for your business such as net operating losses, the deductibility of business meals and the $10,000 cap on the deduction for state and local income tax or sales tax, real estate and personal property taxes included in itemized deductions.
- Changes to net operating losses under tax reform
- Business meals deduction clarified by IRS
- Changes to itemized deductions
The loss of itemized deductions and the increase in the standard deduction changed how taxpayers donate to charity but there are great strategies to give back which allow you to receive tax benefits.
- Strategies to maximize your charitable contributions tax benefits
- The QCD, the new best friend of your IRA RMD
- Charitable donations deduction limitation
- Changes: state tax credit and federal charitable deduction
Other individual tax impact
Don’t forget about the kiddie tax and interest expense deduction.
- Kiddie tax rules revamped under tax reform
- Interest expense deduction rules are changing in 2018
- Tax reform impact on the mortgage interest deduction
Get the latest tax news every week
Any time there’s a major tax change, you can expect you’ll need more guidance or clarification from the IRS or Congress. But who has time to follow all that? It’s easy for you to stay on top of the latest tax news with our Tax Insights blog. Subscribe now to receive updates three times a week.
Questions on tax planning for business or individuals? Our tax professionals help clients in a variety of industries including construction, dealerships, restaurants, technology and more. Fill out the form to the left and we’ll put you in touch with the right tax professional.
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