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

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.

IRS guidance addresses limitations on business interest expense, The Tax Adviser, April 3, 2018
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.

The Sec. 199A qualified business income deduction and fiscal years, The Tax Adviser, March 15, 2018
Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.

IRS issues new tax rate tables, inflation adjustments for 2018, The Tax Adviser, March 5, 2018
The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

IRS releases updated withholding calculator and 2018 Form W-4, The Tax Adviser, March 1, 2018
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

Switching to a C corp? Think twice about it, AICPA Insights, Feb. 26, 2018
Given the lower corporate tax rate, it might be better for CPA firms to organize as C corps instead of pass-throughs. This reasoning requires treading with extreme caution.

Forensic and valuation pros: 4 ways tax reform affects you, AICPA Insights, Feb. 26, 2018
Tax reform affects more than just taxes. It has lasting implication for all CPAs and introduces some uncertainty for financial forensics and business valuation.

Planning for individual clients this tax season, Tax Section Newsletter, Feb. 23, 2018
Our profession is in a time of transformation. Recent changes in tax law, rapid technology innovations, and evolving client expectations serve to challenge our "SALY" way of operating.

Bipartisan Budget Act contains several tax provisions, The Tax Adviser, Feb. 9, 2018
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

The AICPA and the ongoing tax reform process, Journal of Accountancy, Feb. 7, 2018
In this Q&A, AICPA policy experts discuss advocacy efforts before passage, implementation challenges and members' role in advocating for guidance and technical corrections.

IRS announces 2018 pension contribution limits under tax reform act, The Tax Adviser, Feb. 6, 2018
The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

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.

Take advantage of the latest learning opportunities, including webcasts, conferences, and other CPE opportunities. As areas emerge, you can entrust the AICPA to sponsor superior events to help you remain the premier providers of tax services.

Reviewed Oct. 25, 2018