Tax Reform Archives

Sikich Series on Tax Reform: Guidance on Gifting – What It Means for Your Taxes

On November 20, 2018, the IRS issued proposed regulations which further clarified the taxation of past and future gifts under the new tax law. It provides guidance on how gifts will be…

Sikich Series on Tax Reform: Impact of Tax Reform on Choice of Entity

The question of entity choice is again top of mind for many business owners, given the many changes that became effective January 1, 2018….

Sikich Series on Tax Reform: IRS Issues Proposed Regulations on New Limits for Deducting Business Interest Expense

Among the stated principles in last year’s tax reform legislation, the “Tax Cuts and Jobs Act” (TCJA) was to promote economic growth, create new…

Sikich Series on Tax Reform: IRS Issues Guidance on New Opportunity Zone Incentive

Opportunity Knocks One of the lesser known provisions in last year’s Tax Cuts and Jobs Act (TCJA) may soon be a popular topic, as…

Sikich Series on Tax Reform: Changes NOT Included in Tax Cuts and Jobs Act Offer Opportunity – LIFO Inventory Method

An “Interest-Free Loan” from the Government – Compliments of LIFO Are you a manufacturer or distributor interested in an interest-free loan from the government? If so, then…

Sikich Series on Tax Reform: American Idle – Post Mid-Term Election Outlook on Taxes

The much anticipated 2018 mid-term elections are over. While there are still several unresolved races, there has been a change in Congress. As was…

Sikich Series on Tax Reform: IRS Guidance on New Credit for Paid Family and Medical Leave

Don’t “Leave” Money on the Table by Missing out on this New Tax Incentive The IRS issued guidance on September 24, 2018 related to…

How Will Like-Kind Exchanges (Trades) of Equipment Affect Farmers Under the New Tax Law?

Have you heard talk at the coffee shop or grain elevator that the new tax law will prevent you from a tax-free exchange of…

Sikich Series on Tax Reform: House Passes Three Bills as Part of “Tax Reform 2.0”

Tax Reform 2.0 Follow-up Earlier last month, the House Ways and Means Committee introduced and passed three separate tax bills referred to as “Tax Reform 2.0.” (Please click here for…

Sikich Series on Tax Reform: IRS Update on Tax Treatment for Meals and Entertainment

Delicious Deductions – IRS Provides Guidance on Tax Treatment of Meals and Entertainment You may recall that the “Tax Cuts and Jobs Act” (TCJA) last year eliminated the deduction for entertainment…

Sikich Series on Tax Reform: IRS Issues Guidance on New UBIT Rules for Exempt Organizations

The Internal Revenue Service (IRS) recently released Notice 2018-67 (Notice) providing guidance for tax-exempt organizations on the treatment of Unrelated Business Income Tax (UBIT)….

Sikich Series on Tax Reform – New Deduction for Pass-Through Entities and Recent Proposed Regulations

Twenty for 20 (20-4-20) On August 8, 2018 the IRS released its much anticipated proposed regulations under new Section 199A (the new 20% deduction for pass-through entities and sole proprietors)….

Sikich Series on Tax Reform: The Tax Reform Act and How It Affects Business Succession Planning

Many business owners are considering the impact of tax reform on their organizations. Deciding what changes to make—if any—can present challenges. Common questions revolve around choice of business entity…

Sikich Series on Tax Reform: Tax Reform 2.0 – Ways and Means Committee Releases Details of Plan

Many taxpayers and tax advisors are still digesting last year’s comprehensive tax reform bill, but Congress is set to begin its next round of tax legislation. Dubbed “Tax…

Sikich Series on Tax Reform: IRS Releases Guidance for Tax-Exempt Organizations on New UBIT Rules for Separate Trades or Businesses

The focus on last year’s “Tax Cut and Jobs Act” (“TCJA”) was on business tax matters. There were, however, also several significant changes impacting…

Real Estate and Tax Reform: A High Level Analysis

The recently enacted “Tax Cuts and Jobs Act” (The Act) features numerous tax provisions impacting businesses in all industries. The following is a brief…

Sikich Series on Tax Reform: Tax Reform’s Impact on the Construction and Real Estate Industry

The Tax Cuts and Jobs Act (the Act) was signed into law by the President on December 22, 2017. The comprehensive reforms contained in…

Tax Considerations for Real Estate Investors Mini Series: “The Land of OZ” Opportunities with the New Opportunity Zone Incentives

You may recall that the “Tax Cuts and Jobs Act” enacted last year was a comprehensive tax bill impacting businesses of all sizes in…

Sikich Series on Tax Reform: IRS Releases Proposed Regulations on New 20% Pass-through Deduction

One of the pillars of last year’s “Tax Cut and Jobs Act” (“TCJA”) was to make the tax code more competitive with the rest…

What Donors & Charities Need to Know About the 2017 Tax Reform Act

Download our guide on what donors and charities need to know about the 2017 Tax Reform Act and the tips they need to navigate…