The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: Tax Cuts and Jobs Act

Opportunity Zones – What Are They and How They Provide Tax Savings

Recently, the Houston Business Journal published an article on their website authored by PKF Texas Tax Director, Martin Euson, JD, about Houston’s designated “opportunity zones.” What are opportunity zones? According to Euson’s article, opportunity zones are part of the U.S. Treasury Department’s new program, which was created by the federal Tax Cuts and Jobs Act… Continue Reading

Tax Break for Teachers in the New School Year

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the… Continue Reading

What is the Right Accounting Method for Your Tax Purposes?

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of… Continue Reading

The TCJA Prohibits Recharacterization, 2017 Conversions Still Eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts and Jobs… Continue Reading

How the TCJA Has Made the “Kiddie Tax” More Dangerous

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax… Continue Reading

A Closer Look at the New QBI Deduction Wage Limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of… Continue Reading

GILTI Tax – Who it Impacts and Restructure Planning

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to the Playbook. Frank: Thanks, Jen. It’s great to be back. Jen: Last time we talked about the GILTI tax. Remind our viewers, if they didn’t watch last time, what does it stand for? Frank: What GILTI stands for – it’s… Continue Reading

International Middle Market and Foreign (Repatriated) Funds

Jen:  This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemsamski, and I’m back with Frank Landreneau, one of our international tax directors. Frank, welcome back to the Playbook. Frank: Well, thanks for having me. I appreciate it. Jen: So, I’ve heard a little bit about a so-called toll or repatriation tax; can you explain… Continue Reading

How the TCJA Impacts Estate Planning

The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for… Continue Reading

Reconsidering Tax Planning Strategies for International Middle Market

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to the Playbook. Frank: Well, thanks, Jen. It’s great to be back again. Jen: Last time we talked a little bit about tax reform—how it impacts international businesses—and… Continue Reading

How the TCJA Affects International Middle Market Companies

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Frank Landreneau, one of our International Tax Directors at PKF Texas. Frank, welcome back to the Playbook. Frank: Thank you, Jen. It’s great to be back. Jen: So, tax reform has been in the news a lot. What are… Continue Reading

TCJA Rule Change Affects Deducting Pass-Through Business Losses

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct… Continue Reading

Start Planning for Your 2018 Taxes Now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for… Continue Reading

Mark these Tax Deadline Dates for the Rest of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,… Continue Reading

Bonus Depreciation in the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your… Continue Reading