Stay up to date with the latest developments in tax reform by listening to our featured video. Learn what is going on in Washington that may impact you and your clients, and what to expect with potential tax law changes. We will update our featured video frequently so you'll have the latest insight at your fingertips.

Additional Videos

  • Qualified Business Income, Sec. 199A, April 4, 2018
  • Meals, Entertainment & Transportation Fringe Benefits, April 4, 2018
  • Tax Reform Update, Feb. 5, 2018 
  • Tax Policy & Advocacy Efforts After Tax Reform Enacted, Jan. 10, 2018
  • Tax Reform Bill Approved by Congress, Dec. 21, 2017
  • Tax Reform: Then and Now, Parts 1-3, July 14, 2017

 

This series of frequently asked questions (FAQs) provides answers to questions we are hearing from our members about the Tax Cuts and Jobs Act (TCJA).

General

Individuals

Passthroughs

Corporations

International

Estates, gifts and trusts

Qualified business income (QBI) deduction (Sec. 199A)

The AICPA is committed to being your home for all guidance and resources related to tax reform. Below are a variety of resources and other tools to keep you informed.

Read up-to-the-minute news articles and blogs published in the Journal of Accountancy, The Tax Adviser, AICPA Insights Blog, Tax Section Newsletter and The CPA Advocate — AICPA's premier publications that provide superior content for today's CPA.

News Articles

Bonus depreciation safe-harbor rules for vehicles issued, The Tax Adviser, Feb. 13, 2019
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

Small business taxpayer exceptions under tax reform — Gross receipt aggregation rules, Tax Section Newsletter, Jan. 25, 2019
Small business taxpayers benefit from several tax reform provisions that simplify tax reporting. In order to be eligible, a taxpayer must not be a tax shelter and can't have average annual gross receipts of greater than $25 million. The gross receipt aggregation rules look beyond the gross receipts of the tax return filer, which presents unique challenges for practitioners.

Paid preparer’s checklist expands to include head-of-household, other tax credit questions, The Tax Adviser, Jan. 23, 2019
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.

Qualified business income deduction regs. and other guidance issued, The Tax Adviser, Jan. 22, 2019
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.

Some individual taxpayers get relief from underpayment penalty, The Tax Adviser, Jan. 17, 2019
The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.

Final regulations govern Sec. 965 transition tax, The Tax Adviser, Jan. 16, 2019
The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.

Sec. 199A: Questions and answers, The Tax Adviser, Dec. 20, 2018
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.

Proposed regs. govern tax on base-erosion payments, The Tax Adviser, Dec. 17, 2018
The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.

IRS explains disallowance of qualified transportation fringe benefits for parking The Tax Adviser, Dec. 11, 2018
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.

Accounting method change procedures for book-tax conformity rule, The Tax Adviser, Nov. 30, 2018
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.

Proposed foreign tax credit regulations issued, The Tax Adviser, Nov. 30, 2018
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.

Proposed regs. outline new business interest expense limitation, The Tax Adviser, Nov. 27, 2018
The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.

Estate and gift exclusion clawback addressed in proposed regs., The Tax Adviser, Nov. 21, 2018
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.

UNICAP rules on negative adjustments finalized, The Tax Adviser, Nov. 19, 2018
The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

Proposed rules would exempt corporate US shareholders from Sec. 956, The Tax Adviser, Oct. 31, 2018
The IRS issued proposed regulations providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders.

How the suspension of personal exemptions affects health-care-related provisions, The Tax Adviser, Oct. 18, 2018
IRS guidance clarifies what it means to claim a personal exemption deduction.

Proposed regs. reflect amendments to all-events test and advance payments, The Tax Adviser, Oct. 12, 2018
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.

Meals continue to be deductible under new IRS guidance, The Tax Adviser, Oct. 3, 2018
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

Rules issued on paid family and medical leave credit, The Tax Adviser, Sep. 24, 2018
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.

IRS issues proposed regs. for GILTI inclusions, The Tax Adviser, Sep. 14, 2018
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.

Deemed personal exemption amount introduced for various tax benefits, The Tax Adviser, Aug. 28, 2018
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.

Proposed rules would curb avoidance of SALT deduction limit, The Tax Adviser, Aug. 24, 2018
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.

IRS provides initial guidance on new Sec. 162(m), The Tax Adviser, Aug. 22, 2018
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.

Qualified business income deduction regs. proposed, The Tax Adviser, Aug. 8, 2018
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.

IRS issues proposed regs. on 100% bonus depreciation, The Tax Adviser, Aug. 6, 2018
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017

Proposed regs. address several transition tax issues, The Tax Adviser, Aug. 1, 2018
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.

States sue over state and local tax deduction cap, The Tax Adviser, July 17, 2018
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.

Coping with the new entertainment expense and transportation fringe benefit rules, The Tax Adviser, July 12, 2018
The changes to entertainment expenses and transportation fringe benefits in the new tax law are significant and little understood. Here’s what to do until the IRS issues guidance.

Sec. 965 transition tax penalty relief issued, The Tax Adviser, June 5, 2018
The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings.

Tax reform and the IRS: Five takeaways for tax practitioners, The Tax Adviser, June 1, 2018
Tax administration, post-tax reform, is markedly different than before, for several reasons. Here are five quick takeaways.

It's important for CPAs to stay up-to-date with legislative changes, the dynamic political environment, and the profession's tax reform advocacy efforts. Our tax leadership and dedicated AICPA staff are regularly involved in a wide range of tax policy and advocacy activities, including discussions with Congressional offices, Treasury officials, IRS executives, and key stakeholders. Using AICPA’s Principles of Good Tax Policy as our foundation, we also regularly submit comments, including the following submissions that provide valuable suggestions on ways to improve our tax system:

Troy Lewis meets Senate Finance Chair Orrin Hatch
(Left to right): Mary Strong, AICPA Board of Directors member, Alabama Rep. Terri Sewell, and Jeannine Birmingham, Alabama Society of CPAs, discuss role of sound tax principles in tax reform
Annette Nellen testifying at Senate Small Business and Entrepreneurship Committee hearing
Troy Lewis testifying at House Small Business Committee hearing

Visit the AICPA Tax Policy & Advocacy for additional AICPA comment letters.

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Reviewed Feb. 13, 2019