Tax Cuts and Jobs Act

Federal Business Interest Expense Limitation and State tax treatment

by Lora Ament
For purposes of the limitation on the deduction of business interest expense, the definition of interest is broadened and includes debt issuance costs, loan commitment fees and certain amounts associated with the time value of money. Read more

Nondeductible Employee Parking Expensing

by Lora Ament
The Tax Cuts and Jobs Act (TCJA) enacted into law in December 2017 added Internal Revenue Code Section 274(a)(4) to eliminate employers from deducting expenses paid after December 31, 2017 to provide employee parking. Read more

Tax Reform's Technical Errors on QIP

by Connie Wan
Due to a drafting error in the new tax law, the cost recovery for interior building improvements placed in service in 2018 is currently 39-years with no bonus depreciation. Read more

Qualified Business Income (Pass-Through) Deduction Update

Business man looking through magnifying glass
by Lora Ament
On August 8, 2018 the Internal Revenue Service released long awaited guidance in the form of proposed regulations on this new deduction which provides definitions and clarifies several points that are of special interest to many taxpayers. The following are the key points. Read more

Section 199A in Review

by Lora Ament
Passed on December 22, 2017, the new deduction referred to as the Section 199A deduction for qualified business income has limitations in terms of eligibility, the types of activities that qualify, and the amount that can be deducted. Read more