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The Tax Cuts and Jobs Act: Lessons Learned e-book

It’s Deja Vu All Over Again: New Tax Forms for 2019
By Beth Logan, EA
Form 1040 changed significantly for the 2018 tax season. It is changing again for the 2019 tax year. This article reviews the changes to Form 1040, the family of 8995 forms, Form W-4 and others and discusses the impact of these changes.

Effects of the TCJA on SALT Refunds
By Sarah N. Gaymon, CPA
For taxable years beginning after December 31, 2017, the Tax Cuts and Jobs Act (TCJA) placed a $10,000 limitation on the amount of SALT deductions that are allowed as an itemized deduction. In the early part of 2019, the IRS released Revenue Ruling 2019-11 to offer guidance on this issue. This article examines four situations to help taxpayers assess whether any SALT refunds received will be included in gross income.

Demystifying §199A and Rental Activities
By Thomas A. Gorczynski, EA, USTCP
The Tax Cuts and Jobs Act (TCJA) introduced the §199A business income deduction. Since there has been much practitioner confusion about when a rental activity qualifies for the §199A deduction, this article provides additional explanation and discussion.

Disposing of IRC 197 Intangibles: It’s All or Nothing
By James P. Swanick, CPA, and Michael J. Tighe, CPA
This article discusses the factors and situations that has resulted in more asset deals among mergers and acquisitions as a result of certain changes brought on by the Tax Cuts and Jobs Act of 2017.

Minimizing Tax Liability without QIP Guidance
By Lisa Haffer, CPA, JD, and David DesRoches, CPA
Restaurant owners who invested in interior improvements in 2018 were surprised when they received their 2018 tax returns and saw higher than expected tax liabilities. This is a result of an inadvertent drafting error in the Tax Cuts and Jobs Act (TCJA) relating to the depreciation of restaurant improvements.

The New United States Expat Tax Reform Draft for 2019
By Nathalie Goldstein, EA
This article highlights the new United States expatriate (expat) tax reform draft coming in effect for the 2019 tax season.

The Foreign Income Exclusion 2019 Rules for United States Expats
By Nathalie Goldstein, EA
United States expats cannot escape the tax responsibility that comes with living abroad. This article provides guidance on the rules for saving money through the 2019 foreign income exclusion for U.S. expats.

Updates for Nonprofits under the New Tax Act
By Chris Consoletti, JD, and Joshua England, JD
Tax exempt organizations should be aware of recent legislative and regulatory updates related to the Tax Cuts and Jobs Act (TCJA) and how these may affect charitable nonprofits. This article provides guidance on the unrelated business income tax (UBIT).

Checked the Box? Feeling GILTI Now?
By Lou Vlahos, JD, USTCP
Every U.S. person that owns a controlled foreign subsidiary that is treated as a corporation (or association) for U.S. tax purposes (a “CFC”) must understand the new anti-deferral rules and be able to develop a plan for managing their impact.

Earning Real Income from Fantasy Sports: Tax Opportunities and Pitfalls under the TCJA
By Andrew D. Gross, CPA; Jamie Hoelscher, Marc Ortegren, and William E. Maas, CPA, JD
The Tax Cuts and Jobs Act of 2017 (TCJA) offers some tax opportunities and pitfalls that fantasy players should understand. This article explores those opportunities and pitfalls, showing that the benefits and potential drawbacks depend on whether fantasy sports is classified as gambling or a hobby for the casual player who does not meet the criteria of a professional fantasy player.

2019 & 2020 Key Numbers
By David L. Mellem, EA
Many numbers tax professionals use in the profession are indexed for inflation. This article provides the amounts for 2019 and 2020 for many items tax professionals deal with on a regular basis.