Category Archives: Tax Reform
The tax reform law includes a new Section 199A which creates a deduction for Qualified Business Income (QBI). For tax years 2018 through 2025, an individual Taxpayer may deduct 20% of QBI from a partnership, S corporation, or sole proprietorship. QBI is the net amount of qualified items of income, gain, deduction, and loss with […]
With the final Tax Cuts and Jobs Act now signed by President Trump—and many clients already asking their accountants what they should do this year in light of the bill’s provisions—Surgent’s internal team of tax experts has prepared an all-new professional education course, Critical Tax Reform Update for CPAs: The Tax Cuts and Jobs Act (TACT). This […]
Republican lawmakers released their conference committee report for The Tax Cuts and Jobs Act on December 15, 2017. This compromise tax reform package passed in both the House and Senate the week of December 18th. President Trump’s signature has heralded in the most substantive changes to the tax code in over 30 years. The basic […]
The Senate passed its version of the Tax Cuts and Jobs Act at approximately 2 a.m. on the morning of December 2, 2017, almost entirely along party lines. The final vote was 51-49 with only Senator Bob Corker (Republican, Tenn.) defecting. The House is scheduled to vote December 4, 2017 regarding conferencing with the Senate […]
As Tax Reform legislation works its way through Congress, we’ve mostly heard about its potential impact on personal or corporate income tax bills (i.e. “how will the GOP tax plan affect me?”) However, those involved in the financial reporting process should also be considering how potential tax reform could impact financial statements. Per ASC Topic 740, […]
By Nick Spoltore On November 9, 2017, the Senate released its Description of the Chairman’s Mark of the “Tax Cuts & Jobs Act,” detailing many proposed changes to the Code. The following highlights are major points of the proposed legislation. The changes apply to tax years beginning in 2018 unless noted. 2017 Tax Rates – […]
