Are you ready for the new tax reform?

New Tax Reform

Here’s what you need to know about tax reform right now: Your take-home probably changed, even slightly. You might need to see if you’re withholding the right amount for taxes. Your ability to itemize deductions and write off job-related expenses…

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Vacation home rentals and the Tax Cuts and Jobs Act

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, may have unforeseen indirect consequences for taxpayers with dwellings used for both short-term rental and personal purposes, often referred to as mixed-use vacation homes. The TCJA’s increase in the standard deduction and limitations on itemized deductions for state and local taxes (SALT) and home mortgage interest may affect the vacation home rental expense allocation under Sec. 280A(c)(5)(B) between personal and rental use, particularly for a dwelling that is unused for significant periods.

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Federal spending bill includes tax provisions

The Consolidated Appropriations Act, 2018, H.R. 1625, which is the $1.3 trillion spending bill that Congress passed on Friday, contains a few tax-related provisions, including funding for the IRS and technical corrections to various recent pieces of tax legislation. It also…

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Congress Enacts Tax Reform

The Tax Cuts and Jobs Act, P.L. 115-97, which President Donald Trump signed into law on Dec. 22, enacted a large overhaul of many parts of the Internal Revenue Code. Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses.

(Text and featured image courtesy of Journal of Accounting)

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