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.

Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern
When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A? That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act.
The 10 biggest tax breaks for individuals
The overhaul of the US tax code was supposed to make taxes simpler and more streamlined. Nearly doubling the standard deduction was a move in that direction. But the changes did very little to reduce the number of so-called tax expenditures...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects...
IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings
The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax...
IRS Issues Notice on State, Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice...
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment...
Federal spending bill includes tax provisions
The Consolidated Appropriations Act, 2018, H.R. 1625, which is the $1.3 trillion spending bill that Congress passed on Friday, contains a few tax-related provisions, including funding for the IRS and technical corrections to various recent pieces...
IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding; special week focuses on changes
Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their...
What Tax Reform Means for Small Business Owners
The new Tax Cuts and Jobs Act has the business world, including smaller companies, scrambling to figure out the implications and opportunities. One of the major changes is a steep drop in the corporate tax rate, from 35% to 21%, but that only...
IRS Lowers 2018 Family HSA Contribution Limit by $50
The 2018 contribution limit for health savings accounts (HSAs) linked to family coverage will be $6,850 - not $6,900, as the IRS had previously announced.

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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.