Federal Tax Reform

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Connecticut CPA magazine Federal Tax Reform Special Section

A Review of the Tax Cuts and Jobs Act – What You Need to Know Now

By Patrick J. Duffany, CPA, JD, Managing Partner – Tax, CohnReznick and
Edmund S. Kindelan, CPA, Regional Managing Partner – New England, CohnReznick

 


 
The AICPA Tax Section has sponsored a robust Tax Reform Resource Center, including videos, FAQs, and more. If you're asked to speak anywhere regarding the tax changes (for either businesses or individuals), you can also brand one of the AICPA's helpful PowerPoint presentations with your firm or company's logo and information. 



View on AICPA TV.
   
Download the "Business" PowerPoint.
   
Download the "Individual" PowerPoint.

 


  

Get the scoop.

Meals continue to be deductible under new IRS guidance
The IRS has issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and e
IRS to Host Crumbling Foundations Webinar Oct. 24
At 10 a.m. on Wednesday, October 24, the IRS will host a free one-hour web conference on "Claiming Casualty Losses on Deteriorating Concrete Foundations Caused by the Mineral Pyrrhotite." The web conference will include a discussion of the...
3 Revenue Opportunities for CPAs From the TCJA
As CPAs’ understanding of the Tax Cuts and Jobs Act (TCJA) begins to grow, so too do opinions on how to best take advantage of the revenue opportunities it provides.
IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to...
How to Reap Rewards From the New Tax Law
To borrow an old proverb from the farming community, it’s time for tax practitioners to “make hay while the sun shines.” What’s responsible for the favorable climate? The answer: the Tax Cuts and Jobs Act (TCJA). This monumental new tax...
IRS to propose regs on market discount for bonds
The Internal Revenue Service and the Treasury Department said Friday that, in response to taxpayer requests for guidance, they will issue proposed regulations clarifying that the market discount on a bond is not includible in income under Section...
IRS issues proposed regulations on global intangible low-taxed income for U.S. shareholders
The Internal Revenue Service issued proposed regulations today concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code.
Wall Street warns new federal tax rules could boost CT’s borrowing costs
The new federal cap on income tax deductions could translate into higher interest costs for Connecticut and other wealthy states when they borrow for school construction and other capital projects, a Wall Street credit rating agency warned...
AICPA recommends priorities for IRS tax guidance
On June 14, the AICPA submitted a letter to the IRS recommending priorities for guidance the Service should issue under the 2018-2019 IRS Priority Guidance Plan. In late April, the IRS in Notice 2018-43 asked the public to comment on items of tax...
Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits
Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding...

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Get educated.

The CTCPA is hosting a number of classes and webinars to get you up to speed.

           

   

   


Connecticut CPAs to Legislators: Newly Reached ‘Deal’ is No Deal for Connecticut Taxpayers

On December 13, the CTCPA submitted a letter signed by CTCPA President Bradley D. Kronstat and Executive Director Bonnie Stewart to each member of Connecticut’s Congressional Delegation. The letter expresses the Society’s concern regarding the likely negative impact upon Connecticut of the proposed tax reform bill as agreed upon in principal by consensus by the House and Senate.

Update: The bill was passed on December 20.

Read the letter in its entirety.