Tag Archives: TCJA

How Tax Reform Directly–and Indirectly–Impacts Not-for-Profits

By PKF Texas on November 30, 2018 Posted in PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Annjeanette Yglesias, one of our tax managers and a member of our not-for-profit team. Annjeanette, welcome back to The Playbook. Annjeanette: Thanks, Jen. It’s good to be here. Jen: So, tax manager, tax reform is a hot topic this… Continue Reading

Should You Prepay Property Taxes Anymore?

By Becky Leong on November 27, 2018 Posted in Tax and Accounting Desk

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But… Continue Reading

Potential Benefits of Catch-Up Retirement Plan Contributions

By Alicia Welshimer on November 20, 2018 Posted in Tax and Accounting Desk

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions… Continue Reading

New Opportunity Zone Program Provides Tax Incentives

By PKF Texas on November 19, 2018 Posted in PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Martin Euson, a director on our tax team. Martin, welcome back to the Playbook. Martin: Thanks, Jen. I’m glad to be here. Jen: So, I’ve heard a little bit about the Opportunity Zone Program. What is it? Martin: The Opportunity… Continue Reading

Buying Business Assets Before Year End Can Reduce 2018 Tax Liability

By Gary Voth on November 6, 2018 Posted in Tax and Accounting Desk

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability… Continue Reading

Can You Save Taxes from “Bunching” Medical Expenses into 2018?

By Renee Kroesch on October 23, 2018 Posted in Tax and Accounting Desk

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into… Continue Reading

What Are the Tax Consequences of Making Gifts to Loved Ones?

By J. Del Walker on October 16, 2018 Posted in Tax and Accounting Desk

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple… Continue Reading

How Can Charitable IRA Rollover be Beneficial in 2018?

By Annjeanette Yglesias on October 2, 2018 Posted in Tax and Accounting Desk

The considerations involved in deciding whether to make a direct IRA rollover have changed in light of the Tax Cuts and Jobs Act (TCJA). If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the… Continue Reading

How Tax Reform Affects Pass-Through Entities

By PKF Texas on October 1, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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: We spent some time talking about tax reform and how it impacts international corporations and individuals,… Continue Reading

Investment Tax Planning Just Got More Complex…

By Emily Phillips on September 25, 2018 Posted in Tax and Accounting Desk

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell an investment before year end to save taxes. This year, you also need to keep in mind the impact of… Continue Reading

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

By PKF Texas on September 20, 2018 Posted in Tax and Accounting Desk

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

Understand Tax Consequences with Gambling Wins and Losses

By Renee Kroesch on August 21, 2018 Posted in Tax and Accounting Desk

If you gamble, be sure you understand the tax consequences. Both gambling wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and Taxable Income You must report 100% of your winnings as taxable income. The value of complimentary goodies… Continue Reading

What is the Right Accounting Method for Your Tax Purposes?

By Daniel Travis on August 14, 2018 Posted in PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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

By Emily Smikal on August 7, 2018 Posted in Tax and Accounting Desk

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

What to Consider About Alternative Minimum Tax (AMT)

By Renee Kroesch on July 31, 2018 Posted in Tax and Accounting Desk

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize… Continue Reading

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

By Graham Brooks on July 24, 2018 Posted in Tax and Accounting Desk

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

By Gary Voth on July 17, 2018 Posted in Tax and Accounting Desk

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

By PKF Texas on July 2, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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

How the GILTI Tax Impacts Your Business

By PKF Texas on June 25, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®

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: Thank you. It’s great to be back. Jen: So last time we had you here, you were talking a little bit about tax reform, how… Continue Reading

International Middle Market and Foreign (Repatriated) Funds

By PKF Texas on June 18, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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

By J. Del Walker on June 13, 2018 Posted in Tax and Accounting Desk

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

By PKF Texas on June 11, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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

By PKF Texas on June 4, 2018 Posted in International Desk, PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

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

By Christopher Dodd on May 22, 2018 Posted in Tax and Accounting Desk

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

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