The Tax Cuts and Jobs Act signed into law on Dec. 22 made a number of sweeping changes to the tax code. Included in the bill was a provision which allowed families to make tax-free withdrawals of up to $10,000 per year from a 529 plan to pay for children attending private schools. Show More Summary
Donald Trump signed the Tax Cuts and Jobs Act of 2017 late last year. Americans and corporations are feverishly reading news summaries of the bill, trying to figure out how the new bill will affect their taxes. In this post, I will summarize the major provisions of the bills as they apply to medical residents […]
Homeowners are still trying to wrap their heads — and tax plans — around the many Tax Cuts and Jobs Act (TCJA) changes to the Internal Revenue Code that are related to personal real estate. There's the new limit on federal deductions...Show More Summary
Traders eligible for trader tax status (TTS) are considering to restructure their business for 2018 to take maximum advantage of the "Tax Cuts and Jobs Act." Two tax benefits catch their eye: The 20% deduction on pass-through qualified business income, and the C-Corp 21% flat tax rate.
Walmart announced Thursday that it would be handing out raises and bonuses almost across the board in response to the GOP’s much-vaunted Tax Cuts and Jobs Act, which was signed by President Donald Trump and heralded as one of the … More » The post Walmart Raises Wages, Hands Out Bonuses Due To Tax Reform appeared first on EveryJoe.
Samuel A. Donaldson (Georgia State), Understanding the Tax Cuts and Jobs Act: This manuscript summarizes key provisions of the so-called "Tax Cuts and Jobs Act" affecting United States individuals, small businesses, estates, and trusts. It does not cover changes made to pension and retirement accounts, provisions applicable only to certain...
The Tax Cuts and Jobs Act (TCJA) will shrink the number of households claiming an itemized deduction for their gifts to non-profits from about 37...
The long-debated changes to America's tax code are now law. President Trump closed out 2017 by signing the Tax Cuts and Jobs Act, bringing sweeping changes to how much individuals and companies will pay in tax beginning this year. What does the new tax law mean for you? Here are some key...
The recently passed Tax Cuts and Jobs Act is controversial, to say the least. However you feel about it though, the fact is it’s here to stay, affecting everyone by 2018. However, in looking at our own situation as a two physician couple (purely from the medical income standpoint), at first glance, it seems as […]
Stephen E. Shay (Harvard), Treasury Can Close a Potential Loophole in the Treatment of Deferred Foreign Income in the Tax Cuts and Jobs Act – Will It Act?: This paper points out a potential TJCA loophole allowing a reduction in aggregate foreign cash subject to the 15.5% rate unless Treasury...
A number of measures impact housing In December, President Donald Trump signed the Tax Cuts and Jobs Act, the tax bill that delivers a massive corporate tax cut. A number of housing measures are directly or indirectly impacted.
The dust has begun to settle since the passing of last month’s tax bill, which is informally known as The Tax Cuts and Jobs Act. Being neither an accountant nor a tax specialist, It’s difficult to discern what remains in...
Among the most complex provisions of the Tax Cuts and Jobs Act (TCJA) is its special tax deduction for income earned by pass-through businesses. In...
Shares of Deutsche Bank fell more than 5% after the German firm said it would take a $1.8 billion hit from President Donald Trump's newly enacted tax reform. "As a result of the recent enactment of the Tax Cuts and Jobs Act, Deutsche...Show More Summary
Though the focus has been on the Tax Cuts and Jobs Act, there are other federal changes that took place on January 1, 2018 which are also worth reviewing.
The recently passed Tax Cuts and Jobs Act caps the federal deduction for state and local taxes (the SALT deduction) at $10,000. That’s bad news for people who pay a significant amount in such taxes and relied on the SALT deduction to reduce their federal-tax liability. Show More Summary
Fourth-quarter home sales in Manhattan slumped as buyers considered the impact of the new tax law. The Tax Cuts and Jobs Act caps the amount of state and local tax deductions at $10,000, and rich taxpayers who itemize their deductions...Show More Summary
While rumors flew around Washington in the fall that the Tax Cuts and Jobs Act would dramatically impact retirement savings accounts, the plan has made only a few minor modifications.
Global intangible low-taxed income (“GILTI”) is a new type of income inclusion under the Tax Cuts and Jobs Act. Under the new GILTI rules, a U.S. shareholder of a controlled foreign corporation (“CFC”) must include in gross income for a taxable year its GILTI income in a manner generally similar to inclusions of subpart F income. Show More Summary
ANALYSIS: Apple has been actively preparing to repatriate over $200 billion of overseas cash since 2016. With the Tax Cuts and Jobs Act of 2017 cutting the repatriation tax rate to 15.5 percent, Apple can now bring all of its foreign profits back to the U.S. at a nearly 20 percent discount. How will it spend all that […]