Tax reform resource center

As Valued Business Advisors, we are dedicated to keeping you abreast of significant tax reform proposals and enacted legislation. This body of insights focuses on what we know now and areas where planning opportunities may be available.

If you have questions regarding tax reform or any other tax matter we encourage you to reach out to your Baker Tilly tax specialist.

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IRS issues updated Form W-4, releases withholding calculator

An updated W-4 means your payroll provider may be telling you to update your withholding allowances in the near future.  

How the new section 199A could help food and beverage companies reduce their tax liability

The new section 199A deduction provides an opportunity for all companies involved in the food and beverage supply chain to reduce their tax liability.

Tax reform impacts: Financial statement example disclosures for insurance organizations

Find a path through tax reform with example financial statement disclosures. This easy to use sample disclosures document includes both U.S. generally accepted accounting principles (GAAP) and Statutory accounting standards.

Tax reform: individual and estate planning

What does the most significant overhaul of the tax code since 1986 mean to you and your tax and estate planning?

UPDATE: FASB releases additional guidance on accounting for impacts of tax reform

FASB issued an Accounting Standards Update (ASU) and the FASB staff has issued several Staff Q&As that address various financial accounting and reporting impacts from the Tax Cuts and Jobs Act (TCJA).

How will tax reform impact craft brewers?

Jacque Lee and Rob Kane analyze some of the new tax rules created by the Tax Cuts and Jobs Act (TCJA) and explain how breweries can benefit from these new measures.

Section 199A deduction for cooperatives

Cooperatives are taxed differently than other pass-through entities, and a deduction was added to the TCJA for both cooperatives and their members under section 199A.

Untangling tax reform: the basics of the new 20 percent qualified business income deduction

The Tax Cuts and Jobs Act ushered in new code section 199A, which not only gives pass-through businesses a 20 percent deduction, but also is one of the more complex provisions in the Act.

New excise tax on excess executive compensation by tax-exempt organizations

The new tax reform law will subject certain tax-exempt organizations to a 21 percent excise tax on “excessive” executive compensation payments.

Untangling tax reform: meals, entertainment and other benefits

The recently passed tax reform law made massive changes to the deductions businesses can take for meals, entertainment and other benefit-related expenses.

How the Tax Cuts and Jobs Act impacts professional services firms

Learn more about how the Tax Cuts and Jobs Act (TCJA) will affect law firms and other similar professional services firms.

FASB release proposed ASU accounting for impacts of tax reform on other comprehensive income

FASB released an exposure draft related to the reclassification of certain tax effects from accumulated other comprehensive income. The change is specific to impacts from tax reform only. The comment period closes Feb. 2, 2018.

Banking brief: FASB and SEC release guidance on accounting for impacts of tax reform

The Financial Standards Accounting Board released a proposed Accounting Standards Update related to reclassification of other comprehensive income and the Securities and Exchange Commission released Staff Accounting Bulletin 118 related to accounting and disclosures.

FASB, SEC and NAIC release additional guidance for insurance organizations on accounting for impacts of tax reform

FASB released a proposed Accounting Standards Update (ASU) related to reclassification of other comprehensive income (OCI), the SEC released Staff Accounting Bulletin (SAB) 118 related to accounting and disclosures, and the NAIC released several pieces of guidance applicable to insurance organizations, all specific to impacts from tax reform.

2018: New year, new limits

Tax reform changes that affect individual income, gift and estate tax

Untangling tax reform: business losses and NOLs for corporate and noncorporate taxpayers

The new tax reform act ushers in new net operating loss rules for businesses and loss limitation rules for noncorporate taxpayers – significantly changing existing law.

Untangling tax reform: business interest limitation

The Tax Cuts and Jobs Act limits how much of deduction businesses can take for their interest expense.

Detailed tax reform impact document for depository and lending institutions

Understand key provisions that could affect your financial institution with this detailed impact presentation.

Tax reform for manufacturers: What you should know

This webinar highlights the tax reform provisions which impact manufacturing companies. The presentation also covers aspects of international tax reform that will affect multinational manufacturers

How the final Tax Cuts and Job Act will impact hedge funds, private equity and alternative assets

The hedge fund, private equity and alternative asset industries will be impacted by a number of tax provisions from the final tax reform bill, “Tax Cuts and Job Act,” signed into law on Dec. 22, 2017.

Untangling tax reform: Repatriation tax and further guidance

The IRS and Treasury Department’s first major guidance under the recent tax reform bill clarifies issues related to the new repatriation tax.  

New tax law’s effect on tax-exempt entities

While the Act will simplify taxes for many Americans, many businesses and tax-exempt entities will find the computation of taxable income even more complex than in the past.

Year-end planning: IRS weighs in on prepaying state and local real estate taxes

Since the Tax Cuts and Jobs Act was passed, many state and local officials, as well as commentators, have suggested prepaying such taxes by year-end to obtain a federal deduction prior to the limitation becoming effective. 

U.S. international tax reform: the new global tax landscape

The Tax Cuts and Jobs Act’s international tax provisions change the way U.S. multinationals are taxed and will conduct business abroad as well as how foreign companies will handle U.S. business. 

Tax reform: The Tax Cuts and Jobs Act passes

In votes along party lines, Congress passed the most substantial tax reform since 1986. How will you and your tax bill be affected?

2017 financial reporting impacts from tax reform

Companies will have little time to understand and react to the effects of the law. Planning should begin now to understand the potential impact to financial statements.

Tax reform: Comparison of key insurance company provisions

The following is a summary of the major insurance provisions included in both the Senate’s Tax Cuts and Jobs Act (TCJA) and the House’s tax reform bill.

Tax Cuts and Jobs Act (TCJA): selected insights and implications for U.S. manufacturers with foreign subsidiaries, the Senate version

The Senate’s version of the Tax Cuts and Jobs Act (TCJA) was passed on Dec. 2 and makes fairly consistent changes to the tax treatment of U.S. manufacturing companies with operations abroad.

Tax reform: The Senate bill passes

The Senate passed its version of a tax reform bill with a vote along party lines, so what’s in it and what happens next?

Tax reform: The journey continues ...

The House officially passed the Tax Cuts and Jobs Act along party lines, and the Senate Finance Committee’s marked-up bill was approved and ready to send to the Senate floor for a vote after Thanksgiving, so how do the bills compare?

Tax reform bill modifies and simplifies accounting methods for small businesses

The House tax reform bill modifies certain accounting method provisions. See how your small business may benefit.

The Senate releases its version of tax reform

Baker Tilly compares provisions in the Senate Tax Cuts and Jobs Act (STCJA) proposed by the Senate and the Tax Cuts and Jobs Act (TCJA) currently being debated in the House. 

House releases tax reform bill

The House issued the first draft of its tax reform bill, the Tax Cuts and Jobs Act, with major changes including cutting down the number of tax brackets, eliminating most itemized deductions and phasing out the estate tax.

With tax reform on the horizon is it time to make a Roth conversion?

With tax reform still in limbo, 2018 may offer a great opportunity to convert a traditional individual retirement account (IRA) into a Roth account.

Tax reform framework released

Republican leaders revealed a new blueprint for tax reform, outlining principles expected to be used by the tax-writing committees in the House and the Senate.

The status of tax reform

Due to the challenges of enacting comprehensive tax reform, we expect that some alternative compromise will take shape in order to obtain a corporate rate reduction and some individual tax changes rather than a comprehensive tax reform package. We expect legislation to be drafted by late fall or early winter with a bill ready for the president’s signature early in 2018. In the meantime, we will continue to monitor and bring you any developments.

The future of cost segregation?

Learn about the advantages of performing a cost segregation study now and  the potential impact of proposed tax reform on cost segregation.

White House announces tax plan

President Trump released his blueprint for an overhaul to the tax system. The plan calls for major changes to the corporate tax rate and individual tax brackets.

Tax accounting method opportunities

Baker Tilly accounting methods and incentives specialists identify tax accounting method opportunities that may generate significant and potentially permanent cash tax savings for the 2016 tax year and beyond.

International tax reform on the horizon

Baker Tilly international tax specialists discuss how U.S. tax reform is likely to address the challenges associated with corporate inversions and the worldwide tax system.

Carried interest update

Baker Tilly national tax specialists review how carried interests would be taxed under proposed section 710 as well as the President’s and House’s tax reform proposals.

Accounting method change opportunity to reduce 2016 taxable income

An accounting method change may reduce 2016 taxable income under current tax reform proposals. These potential savings are based on the assumption that any tax reform legislation is both enacted and effective in 2017 versus becoming effective in 2018.

The carried interest debate

“Carried interest,” is a tax benefit both the Trump and Clinton campaigns targeted for repeal. While the fate of carried interests is uncertain, early identification of exposure and planning may help to mitigate some effects if the benefit is eliminated.

Presidential moratorium on federal regulations

Unpublished tax rules have been withdrawn in compliance with a new presidential memorandum. Read more on which tax regulations are impacted.

GOP, Trump taxes ding Texas, boost rich investors

The Trump Administration’s proposed border tax could pose both advantages and disadvantages for companies. Baker Tilly’s Vadim Blikshteyn recently spoke to Insurance News Net about the potential effect of the tax on Texas organizations.

What does the Trump administration and Republican-controlled Congress mean for your fund’s tax planning?

Learn more about how your investors and investments may be affected by new administration’s tax proposals by listening in to this Baker Tilly podcast.

2016 year-end business tax planning webinar

Specialists from our tax services practice speak to key proposals from the president-elect and the House including those on tax reform, repatriation and the Affordable Care Act.

Proposed tax reform its implications on individual and business tax

Baker Tilly tax specialists at every professional level are prepared and ready to adapt to forthcoming tax reform.

What Republican control means for tax legislation in 2017

What will the tax landscape look like in 2017 with Republicans taking control of the executive and legislative branches come January?

The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely.  The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.