As Valued Business Advisors, we are dedicated to keeping you abreast of significant tax reform proposals and enacted legislation. This body of insights focuses on what we know now and areas where planning opportunities may be available.
If you have questions regarding tax reform or any other tax matter we encourage you to reach out to your Baker Tilly tax specialist.
An updated W-4 means your payroll provider may be telling you to update your withholding allowances in the near future.
The new section 199A deduction provides an opportunity for all companies involved in the food and beverage supply chain to reduce their tax liability.
Find a path through tax reform with example financial statement disclosures. This easy to use sample disclosures document includes both U.S. generally accepted accounting principles (GAAP) and Statutory accounting standards.
What does the most significant overhaul of the tax code since 1986 mean to you and your tax and estate planning?
FASB issued an Accounting Standards Update (ASU) and the FASB staff has issued several Staff Q&As that address various financial accounting and reporting impacts from the Tax Cuts and Jobs Act (TCJA).
Jacque Lee and Rob Kane analyze some of the new tax rules created by the Tax Cuts and Jobs Act (TCJA) and explain how breweries can benefit from these new measures.
Cooperatives are taxed differently than other pass-through entities, and a deduction was added to the TCJA for both cooperatives and their members under section 199A.
The Tax Cuts and Jobs Act ushered in new code section 199A, which not only gives pass-through businesses a 20 percent deduction, but also is one of the more complex provisions in the Act.
The new tax reform law will subject certain tax-exempt organizations to a 21 percent excise tax on “excessive” executive compensation payments.
The recently passed tax reform law made massive changes to the deductions businesses can take for meals, entertainment and other benefit-related expenses.
Learn more about how the Tax Cuts and Jobs Act (TCJA) will affect law firms and other similar professional services firms.
FASB released an exposure draft related to the reclassification of certain tax effects from accumulated other comprehensive income. The change is specific to impacts from tax reform only. The comment period closes Feb. 2, 2018.
The Financial Standards Accounting Board released a proposed Accounting Standards Update related to reclassification of other comprehensive income and the Securities and Exchange Commission released Staff Accounting Bulletin 118 related to accounting and disclosures.
FASB, SEC and NAIC release additional guidance for insurance organizations on accounting for impacts of tax reform
FASB released a proposed Accounting Standards Update (ASU) related to reclassification of other comprehensive income (OCI), the SEC released Staff Accounting Bulletin (SAB) 118 related to accounting and disclosures, and the NAIC released several pieces of guidance applicable to insurance organizations, all specific to impacts from tax reform.
Tax reform changes that affect individual income, gift and estate tax
The new tax reform act ushers in new net operating loss rules for businesses and loss limitation rules for noncorporate taxpayers – significantly changing existing law.
The Tax Cuts and Jobs Act limits how much of deduction businesses can take for their interest expense.
Understand key provisions that could affect your financial institution with this detailed impact presentation.
This webinar highlights the tax reform provisions which impact manufacturing companies. The presentation also covers aspects of international tax reform that will affect multinational manufacturers
The hedge fund, private equity and alternative asset industries will be impacted by a number of tax provisions from the final tax reform bill, “Tax Cuts and Job Act,” signed into law on Dec. 22, 2017.
The IRS and Treasury Department’s first major guidance under the recent tax reform bill clarifies issues related to the new repatriation tax.
While the Act will simplify taxes for many Americans, many businesses and tax-exempt entities will find the computation of taxable income even more complex than in the past.
Since the Tax Cuts and Jobs Act was passed, many state and local officials, as well as commentators, have suggested prepaying such taxes by year-end to obtain a federal deduction prior to the limitation becoming effective.
The Tax Cuts and Jobs Act’s international tax provisions change the way U.S. multinationals are taxed and will conduct business abroad as well as how foreign companies will handle U.S. business.
In votes along party lines, Congress passed the most substantial tax reform since 1986. How will you and your tax bill be affected?
Companies will have little time to understand and react to the effects of the law. Planning should begin now to understand the potential impact to financial statements.
The following is a summary of the major insurance provisions included in both the Senate’s Tax Cuts and Jobs Act (TCJA) and the House’s tax reform bill.
Tax Cuts and Jobs Act (TCJA): selected insights and implications for U.S. manufacturers with foreign subsidiaries, the Senate version
The Senate’s version of the Tax Cuts and Jobs Act (TCJA) was passed on Dec. 2 and makes fairly consistent changes to the tax treatment of U.S. manufacturing companies with operations abroad.
The Senate passed its version of a tax reform bill with a vote along party lines, so what’s in it and what happens next?
The House officially passed the Tax Cuts and Jobs Act along party lines, and the Senate Finance Committee’s marked-up bill was approved and ready to send to the Senate floor for a vote after Thanksgiving, so how do the bills compare?
The House tax reform bill modifies certain accounting method provisions. See how your small business may benefit.
Baker Tilly compares provisions in the Senate Tax Cuts and Jobs Act (STCJA) proposed by the Senate and the Tax Cuts and Jobs Act (TCJA) currently being debated in the House.
The House issued the first draft of its tax reform bill, the Tax Cuts and Jobs Act, with major changes including cutting down the number of tax brackets, eliminating most itemized deductions and phasing out the estate tax.
With tax reform still in limbo, 2018 may offer a great opportunity to convert a traditional individual retirement account (IRA) into a Roth account.
Republican leaders revealed a new blueprint for tax reform, outlining principles expected to be used by the tax-writing committees in the House and the Senate.
Due to the challenges of enacting comprehensive tax reform, we expect that some alternative compromise will take shape in order to obtain a corporate rate reduction and some individual tax changes rather than a comprehensive tax reform package. We expect legislation to be drafted by late fall or early winter with a bill ready for the president’s signature early in 2018. In the meantime, we will continue to monitor and bring you any developments.
Learn about the advantages of performing a cost segregation study now and the potential impact of proposed tax reform on cost segregation.
President Trump released his blueprint for an overhaul to the tax system. The plan calls for major changes to the corporate tax rate and individual tax brackets.
Baker Tilly accounting methods and incentives specialists identify tax accounting method opportunities that may generate significant and potentially permanent cash tax savings for the 2016 tax year and beyond.
Baker Tilly international tax specialists discuss how U.S. tax reform is likely to address the challenges associated with corporate inversions and the worldwide tax system.
Baker Tilly national tax specialists review how carried interests would be taxed under proposed section 710 as well as the President’s and House’s tax reform proposals.
An accounting method change may reduce 2016 taxable income under current tax reform proposals. These potential savings are based on the assumption that any tax reform legislation is both enacted and effective in 2017 versus becoming effective in 2018.
“Carried interest,” is a tax benefit both the Trump and Clinton campaigns targeted for repeal. While the fate of carried interests is uncertain, early identification of exposure and planning may help to mitigate some effects if the benefit is eliminated.
Unpublished tax rules have been withdrawn in compliance with a new presidential memorandum. Read more on which tax regulations are impacted.
The Trump Administration’s proposed border tax could pose both advantages and disadvantages for companies. Baker Tilly’s Vadim Blikshteyn recently spoke to Insurance News Net about the potential effect of the tax on Texas organizations.
What does the Trump administration and Republican-controlled Congress mean for your fund’s tax planning?
Learn more about how your investors and investments may be affected by new administration’s tax proposals by listening in to this Baker Tilly podcast.
Specialists from our tax services practice speak to key proposals from the president-elect and the House including those on tax reform, repatriation and the Affordable Care Act.
Baker Tilly tax specialists at every professional level are prepared and ready to adapt to forthcoming tax reform.
What will the tax landscape look like in 2017 with Republicans taking control of the executive and legislative branches come January?
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.