Archive: TCJA

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IRS Releases Draft 2019 Form 1040 and Schedules

The Internal Revenue Service (IRS) has released a draft of the 2019 Form 1040 and its associated schedules. After splitting the individual income tax return into six schedules as part of the Tax Cuts and Jobs Act (TCJA), the IRS’s draft Form 1040 for 2019 further reduces the number of schedules to three, eliminating Schedules […]

Junk Food Good, Nutritious Meals Bad?

The Tax Cuts and Jobs Act (TCJA) made significant changes to a company’s ability to deduct meal and entertainment expenses. Prior to the TCJA, meals provided by an employer to employees on the business premises, when the employer needed employees to remain on-site, were 100% deductible. Effective under the new tax law, such meals are […]

Maximizing Tax Benefits from Charitable Contributions after Tax Reform, Part II

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or impacted many aspects of individual income tax deductions, including the much-cherished charitable contribution deduction. Fortunately for the philanthropic and their chosen charities, Congress did not eliminate the charitable contribution deduction and even expanded the limitation to 60% of adjusted gross income. As the second […]

Maryland Comptroller Clarifies GILTI Treatment

On April 17, 2019, the Comptroller of Maryland issued a Tax Alert to provide guidance to taxpayers on the state’s taxation of global intangible low-taxed income (GILTI), a new category of foreign earnings subject to federal income tax as a result of provision enacted by The Tax Cuts and Jobs Act (TCJA). The Tax Alert […]

State Legislatures Tackling TCJA Conformity or Nonconformity

States have had a year to consider the impact of the Tax Cuts and Job Act of 2018 (TCJA), and now many state legislatures are making decisions regarding which provisions they want to follow. This is certainly the case in our region. Both Maryland and Virginia have proposed legislation addressing conformity with federal tax reform, […]

IRS Issues Guidance on Parking Benefit Expenses to Be Included as UBTI for Nonprofits

The Internal Revenue Service (IRS) has issued Notice 2018-99, Parking Expenses for Qualified Transportation Fringes Under Section 274(a)(4) and 512(a)(7) of the Internal Revenue Code, which provides some clarity to nonprofits for determining the amount of increase to unrelated business taxable income (UBTI) for parking benefits provided to employees. This new UBTI is a result […]

IRS Announces Enhanced Penalty Relief for Some 2018 Taxpayers

The first year of the Tax Cuts and Jobs Act (TCJA) has caused confusion for both tax professionals and taxpayers. One of these areas of concern for taxpayers is withholding. An employee – a taxpayer who receives a paycheck and a W-2 at the end of the year – typically has taxes withheld by their […]
January 29, 2019

Let Uncle Sam Help You Expand Your Real Estate Portfolio by Utilizing the 1031 Like-Kind Exchange

There are many tax-deferral strategies used by successful investors. One of those tax instruments is the code Section 1031 Like-Kind Exchange. Businesses are able to exchange assets used in a trade or business and defer paying taxes on gains from the sale of real property. Previously, businesses were able were able to exchange personal property […]