The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) affects nearly every business and individual in the country. The new law fundamentally changes the individual and business tax landscape.

Following are articles of interest related to the TCJA grouped based on area of impact. Look for regular additional e-Alerts and information from Warady & Davis LLP regarding the TCJA and how it may affect you, your business or not-for-profit organization.

key provisions of the tax cuts and jobs act

Featured Article

The pass-through provisions of the TCJA: The devil is in the details

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but determining just … Read More »

Overview

The Tax Cuts and Jobs Act (TCJA) affects nearly every business and individual in the country. The new law fundamentally changes the individual and business tax landscape and many changes became effective on January 1, 2018. This area contains TCJA law overviews and detailed summaries.

Businesses

The Tax Cuts and Jobs Act (TCJA), contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.

Individuals

In December, 2017 Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017, and before January 1, 2026.

Nonprofits

Provisions of the 2017 Tax Cuts and Jobs Act, H.R. 1, (TCJA), are expected to have significant impacts on charitable giving, among other changes that will affect not-for-profit organizations. The main provisions of the TCJA affecting nonprofits are discussed here.

Estates

The Tax Cuts and Jobs Act of 2017 (TCJA) doesn’t repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption, creating new estate planning challenges and opportunities.

Tax Planning

When Congress closes one door, another door often opens creating new planning opportunities and far-reaching tax implications.