Tax Reform Update

Federal Tax Reform Guide

Dig into the Tax Cuts and Jobs Act By Topic and Industry


Presented by the 
Pennsylvania CPA Journal
Digital-Only Edition


State & Local Tax

SALT 

State Tax Considerations of Federal Tax Reform

By Matthew D. Melinson, CPA
Drew VandenBrul, CPA
Katherine M. Piazza, JD
While reform affects the entire nation, there are aspects that will have particular impact on Pennsylvania CPAs and relations with neighboring states.

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Federal Tax

Federal-Tax

Tax Cuts and Jobs Act’s Effect on Personal Income Tax

By Sean J. Brennan, CPA
Covers how tax changes affect individual tax filings, offering a refresher on tax-filer statistics and going in depth on changes to deductions and tax brackets.

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International Tax

International-Tax

U.S. Tax Reform’s Reach on International Tax

By Andrew M. Bernard Jr., CPA,
Julie Leighton, JD
Digs into the effect the Tax Cuts and Jobs Act will have on the international tax landscape, concentrating on concepts such as the mandatory repatriation “toll charge,” global intangible low-taxed income, and the base erosion and anti-abuse tax.

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Pass-Through Entities

pass-through-ent

The Pros and Cons of the New Section 199A Pass-Through Deduction

By Robert E. Duquette, CPA
Details the benefit the Tax Act offers many business owners via the 20 percent deduction of their qualifying business income from a pass-through entity, while discussing the high level of complexity and ambiguity that clouds what type of income qualifies.

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Accounting & Assurance

Accounting-and-Assurance

Financial Reporting Needs to Adjust to New Tax Act

By James J. Newhard, CPA
Discusses several provisions that have significant impact on financial statement reporting under U.S. GAAP, such as reduction of the U.S. corporate tax rate and the repeal of the corporate Alternative Minimum Tax.

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Business & Industry

Biz-and-industry

Tax Act Affects More in Business than Tax Rates

By Aaron R. Risden, CPA
Shines a light on how components of the new tax law are poised to impact company operations beyond tax rates and into areas like human resources and employee benefits.

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CPA Conversations Podcast on Impact on Business & Industry >

Practitioners

Practitioners

Managing Your Firm through Tax Reform Implementation

By Carl Peterson, CPA, CGMA
Tips on how small firms can keep their firms running smoothly while implementing tax reform provisions and making sure their clients are up to date on impacts.

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CPA Conversations Podcast on Impact on Practitioners >

Personal Financial Planning

Personal-Fin-Planning

Tax Reform’s Effect on Charitable Giving

By Laurie A. Siebert, CPA, CFP
Covers tax reform’s possible effect on charitable giving, encouraging financial planners to develop a menu of options for their clients that explains how they can continue to provide tax saving benefits while also helping to fulfill their philanthropic goals.

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Agribusiness

agro-biz

Tax Reform and Agribusiness: Opportunity and Controversy

By Barry D. Groebel, CPA
Bryanna L. Fredericks, CPA
Takes a look at how tax reform provides several benefits for Pennsylvania farmers, while also exploring the resolution of a controversy in the area of sales to cooperatives.

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Business Valuation

Biz-Valuation

Corporate Tax Reform and Its Impact on Private Company Valuation

By Michael A. Zaydon, CPA
Tony Diab
Jeffrey M. Dahlgren
Examines some of the tax reform changes that will impact future company valuations, including limitations on interest deductibility and accelerated depreciation.

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Not-for-Profit

not-for-profit

Being “Tax-Exempt” Doesn’t Make You Exempt from New Tax Law

By Kerri N. Bogda, CPA
Stephanie M. Hollick, CPA
Dives into the many direct changes to tax-exempt organization taxation, as well as changes to individual and corporate taxation and how they will affect tax-exempt organizations.

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