The AICPA Tax Reform Resource Center is your home for comprehensive coverage on tax reform. This page is your go-to for news, resources, videos, podcasts, learning, and AICPA advocacy positions. Bookmark this page and visit often for updates.
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.
- 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
The proliferation of new income tax provisions since the 1986 tax reform effort has led to compliance hurdles for taxpayers, administrative complexity, and enforcement challenges for the IRS. The AICPA encourages Congress to examine all aspects of the tax code to improve the current rules. We stand for a code that is simple, practical, and administrable (AICPA Guiding Principles of Good Tax Policy). The AICPA has consistently supported tax reform simplification efforts because we are convinced such actions will significantly reduce taxpayers’ compliance costs and encourage voluntary compliance through an understanding of the rules.
Now that the legislation has been passed by Congress and signed by the President, you may want to consider advising your clients on changes to their taxes. The legislation as passed has the corporate tax rate at 21%, effective in 2018. The legislation repeals the corporate alternative minimum tax (AMT) and provides for pass-throughs, a 20% income deduction.
Eliminating the estate tax was high up on the Republican tax agenda and was part of the Republican Blueprint and the House November 16, 2017 version of the Tax Cuts and Jobs Act. However, the legislation, as passed by Congress and signed by the President (enacted on December 22, 2017), does not eliminate the estate tax. Rather, the tax exemption amount is doubled from $5.6 million to $11.2 million per person for 2018 through 2025.
The impact of the bill from 2018 through 2025 on individual taxpayers include:
- the top individual rate is 37%;
- the individual AMT remains but with increased exemption amounts and increased phase-out levels;
- the mortgage interest deduction limit is reduced to $750,000 on new mortgages and no home equity loan interest deductibility;
- individuals are allowed to deduct up to $10,000 in total state and local taxes, which include income or sales tax plus property taxes;
- the child tax credit is increased to $2,000, with up to $1,400 refundable;
- medical expenses in excess of 7.5% of AGI are deductible in 2017 and 2018 and then 10% of AGI thereafter;
- no personal exemptions deductible;
- no moving expenses deductible;
- no alimony taxable or deductible starting in 2019;
- no miscellaneous itemized deductions; and
- no PEASE phase-out of itemized deductions.
With any new tax bill comes the need for new guidance from the IRS. And with legislation the size of current tax reform, the need for clear explanations and guidance is immense.
We've put together some resources to give you that guidance, direct from the IRS, as you navigate the new tax bill and discover more about the impact it will have on you and your clients.
- IRS Resources for Tax Law Changes
- IRS Publication 5292, How to Calculate Sec. 965 Amounts and Elections Available to Taxpayers
- Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns
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.
Guides, Tools and Templates
- Tax Reform Planning Letters for Individual and Business Clients: Leverage tax reform opportunities by communicating with your clients on the recent changes and initiating planning conversations with these letters.
- Sec. 199A Flowchart: Use this flowchart for determining the Sec. 199A qualified business income deduction.
- Tax Reform Changes Chart for Individuals and Businesses: Use these charts as a reference for the individual and business tax changes that resulted from the Tax Cuts and Jobs Act as well as practitioner tips for client considerations based on the changes. This resource is available to Tax Section and PCPS members.
- Tax Reform Snapshot for Clients: With this brochure, communicate the recent tax law changes to your clients and encourage them to contact you for tax planning help. This resource is available to Tax Section, PPF Section, and PCPS members.
- Presentations on Tax Reform Updates for Individuals and Businesses: Use these presentations to add value to your client communications by highlighting key points of the new tax legislation. This resource is open to everyone.
Video and Webcast Archives
- Washington Tax Brief, Jan. 24, 2018: Stay informed on what is going on in Washington that may affect you, your practice, and/or your clients. Download slides.
- Tax Cuts and Jobs Act: Latest Developments in Tax Reform, Dec. 22, 2017: Annette Nellen and Don Zidik run through the recent tax reform legislation that was passed.
- Tax Reform – Critical Update, Dec. 6, 2017: Get the latest update on the state of tax reform.
- Tax Reform: What CPAs Need to Know, Oct. 18, 2017: Hear about the current state of tax reform, including the political environment, specific proposals being considered, and prospects for passage.
- Tax Reform: Are You and Your Clients Ready?, May 9, 2017: Tax Policy & Advocacy senior leadership discuss the current state of tax legislation, and the impact to taxpayers, businesses, and the economy. Download slides.
- Like-kind Exchange Considerations Under Tax Reform, June 11, 2018
- Opportunities in Accounting Methods Thanks to Tax Reform, June 11, 2018
- Sec. 199A: Application to Non-specified Service Businesses, June 11, 2018
- Sec. 199A: What Is It and to Whom Does it Apply?, June 11, 2018
- Tax Reform Changes Affecting Electing Small Business Trusts (ESBTs), June 1, 2018
- Tax Reform Impacts on the Preparation of Form 1041, June 1, 2018
- How to Communicate with Clients the Impact of Tax Reform, May 24, 2018
- Sec. 199A Real Estate Trade or Business Considerations, May 24, 2018
- Tax Reform and Itemized Deductions: Charitable Contributions, May 24, 2018
- Tax Reform and Itemized Deductions: Mortgage Interest, May 24, 2018
BKD Simply Tax Podcasts: The AICPA Tax Policy & Advocacy team highlight several tax reform issues in this podcast series.
- IRS Reform & Guidance on the New Tax Law with Edward Karl, May 1, 2018
- No Such Thing as a Deductible Lunch with Kristin Esposito, April 14, 2018
- TRPs After Tax Reform with Ogo Eke-Okoro, March 12, 2018
- Omnibus & the Grain Glitch with Edward Karl, March 19, 2018
- Raise Your Hand If You’re Confused – A Tax Reform Q&A with Edward Karl, March 19, 2018
- AICPA’s 199A Task Force with Amy Wang, March 6, 2018
- Ed Karl’s Tax Reform Carnival Update, Feb. 6, 2018
- Tax Bill Whack-A-Mole with Edward Karl, Dec. 12, 2017
- Turkey Tax Talk with Edward Karl, Nov. 27, 2017
- Latest from Tax Reform Roller Coaster with Edward Karl, Oct. 23, 2017
- Tax Framework with Edward Karl, Sept. 27, 2017
- Talking Tax Reform with Edward Karl, Sept. 13, 2017|
- How National Tax Reform is Impacting State Taxes, March 12, 2018: Eileen Sherr, Senior Manager – AICPA Tax Policy & Advocacy, addresses some key issues on how the new tax legislation affects state taxes.
- Tax Reform Impact on Planning, March 7, 2018: Lyle Benson interviews Steve Siegel on some commonly asked questions related to tax reform and its impact on tax planning.
- An Overview of the Sec. 199A, Feb. 27, 2018: Bob Keebler provides insight into the 20% tax deduction for qualified business income.
- Tax Reform and the Estate Tax, Dec. 22, 2017: Bob Keebler provides an overview of the final tax reform provisions passed under the Tax Cuts and Jobs Act.
- How Tax Reform Will Impact Individual Taxpayers, Feb. 9, 2018: Amy Wang, senior manager – AICPA Tax Policy & Advocacy, highlights key elements from The Tax Cuts and Jobs Act that affects individual taxpayers.
- H.R. 1 – An Act to provide for reconciliation pursuant to titles II and IV of the concurrent resolution on the budget for fiscal year 2018 (Text and PDF), Dec. 22, 2017: The final enrolled bill became Public Law No. 115-97.
- Joint Explanatory Statement of the Committee of Conference, Dec. 18, 2017: Learn more about the differences between the House bill, the Senate amendment, and the substitute agreed to in conference.
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.
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.
IRS issues more guidance on withholding rules for new tax law, The Tax Adviser, Jan. 29, 2018
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.
Practitioners need immediate guidance on tax reform act, AICPA says, The Tax Adviser, Jan. 29, 2018
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.
Q&A on tax reform, Tax Section Newsletter, Jan. 26, 2018
Don Zidik, Director of Tax & Business at Marcum, LLP and Chair of the AICPA’s Individual and Self-Employed Technical Resource Panel sheds some light on the changes coming to tax.
Government funding bill postpones some health care taxes, The Tax Adviser, Jan. 23, 2018
The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.
What to expect from the IRS during the government shutdown, The Tax Adviser, Jan. 20, 2018
The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.
FASB proposes corporate reporting change related to new tax law, The Tax Adviser, Jan. 18, 2018
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
New tax withholding tables are issued, The Tax Adviser, Jan. 11, 2018
The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.
FASB addresses financial reporting impacts of new tax law, The Tax Adviser, Jan. 10, 2018
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
Next step for tax reform: Busy season, AICPA Insights, Jan. 4, 2018
As busy season approaches, it’s important that CPAs are aware of how this bill affects their clients.
SEC permits reasonable estimates in corporate tax reporting, The Tax Adviser, Jan. 2, 2018
Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.
Congress passes tax package; AICPA sees pros and cons, CPA Advocate Newsletter, Dec. 21, 2017
Congress approves the most significant rewrite of the nation’s tax code in more than three decades.
President signs tax overhaul into law, The Tax Adviser, Dec. 20, 2017
President Donald Trump signed H.R. 1, the Tax Cuts and Jobs Act legislation, thereby making it law.
Congress passes tax reform, The Tax Adviser, Dec. 20, 2017
The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.
Senate passes tax reform bill; House must revote, The Tax Adviser, Dec. 20, 2017
The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.
What the tax reform bill means for individuals, The Tax Adviser, Dec. 17, 2017
The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.
Conference committee approves tax reform legislation, The Tax Adviser, Dec. 15, 2017
The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.
Tax reform: Steps to implementation, AICPA Insights, Dec. 14, 2017
Edward Karl, CPA, CGMA, AICPA Vice President – Taxation discusses the next steps as the tax reform bill moves closer to passage.
A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!, The Tax Adviser, Dec. 14, 2017
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
Senate passes tax reform bill, The Tax Adviser, Dec. 2, 2017
In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.
Senate tax reform bill contains more changes, The Tax Adviser, Nov. 17, 2017
The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.
House passes tax reform bill, The Tax Adviser, Nov. 15, 2017
The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205.
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:
- The AICPA's questions and answers about reporting related to Sec. 965 on 2017 Tax Returns, April 19, 2018
- The AICPA commented on House Ways and Means Discussion Draft - Taxpayer First Act Draft, April 6, 2018
- The AICPA requested additional guidance related to reporting Sec. 965 repatriation tax on 2017 tax returns, April 4, 2018
- The AICPA requested immediate guidance regarding IRC Sec. 274 – disallowance of certain entertainment, etc., expenses, April 2, 2018.
- The AICPA, along with 40 national trade associations, commented on the need to permit pass-throughs to aggregate business entities when claiming the Sec. 199A deduction, March 19, 2018
- The AICPA requested regulatory relief from unintended consequences created by the repeal of Sec. 958(b)(4), March 13, 2018.
- The AICPA recommends that Congress address technical corrections on various provisions under the Tax Cuts and Jobs Act, Feb. 22, 2018.
- The AICPA requested immediate guidance regarding the new Sec. 199A deduction for qualified business income (QBI) of pass-through entities, Feb. 21, 2018.
- The AICPA is ensuring Treasury/IRS has the appropriate resources to provide taxpayer services and guidance regarding Pub. L. No. 115-97, Jan. 30, 2018.
- The AICPA submitted a list of immediate guidance needed on various provisions regarding Pub. L. No. 115-97, which revised many sections of the IRC, Jan. 29, 2018
- The AICPA and CEO Barry C. Melancon, CPA, CGMA released a statement addressing concerns about the disparity in the treatment of accounting firms versus other pass-throughs, Dec. 14, 2017
- The AICPA submitted comments to the Conference of the House and Senate-passed versions of the Tax Cuts and Jobs Act, Dec. 8, 2017
- The AICPA submitted comments on the Senate Finance Committee’s approved version of the Tax Cuts and Jobs Act (“Chairman’s Mark”), Nov. 21, 2017
- The AICPA submitted a letter supporting Senator Portman’s Amendment #3 which would repeal the nonqualified deferred compensation provision of the Tax Cuts and Jobs Act (“Chairman’s Mark”), Nov. 14, 2017
- The AICPA submitted comments on the SFC Tax Cuts and Jobs Act applauding the efforts of the Committee and highlighting key issues for consideration, Nov. 13, 2017
- The AICPA submitted comments on the Ways and Means Committee Tax Cuts and Jobs Act, applauding the efforts of the committee and highlighting key issues for consideration, Nov. 10, 2017
- The AICPA submitted its latest thinking on tax reform to the “Big 6” Republican leaders on their “Unified Framework for Fixing Our Broken Tax Code,” Oct. 25, 2017
- The AICPA testified, and submitted a statement for the record, at the Senate Finance Committee hearing on "Business Tax Reform," Sept. 19, 2017
- The AICPA issued a press release, “AICPA Commends Lawmakers’ Important Work on Tax Reform and Urges Simplification of Tax Code,” following introduction by House GOP leaders of a broad tax reform bill, Nov. 2, 2017
- The AICPA submitted a statement for the record of the HW&M Tax Policy Subcommittee hearing on "How Tax Reform Will Simplify Our Broken Tax Code and Help Individuals and Families,” August 1, 2017
- Visit the AICPA Tax Advocacy Comment Letters website for additional AICPA comment letters
The AICPA strongly believes in preserving the cash basis method of accounting and has many resources in support of this position.
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.
- Getting to the Heart of Tax Reform: Individual Income Tax Changes and Planning Strategies, multiple dates available, 1-5pm ET, 4 CPE credits – Get a comprehensive overview of the changes impacting individuals and families as well as critical financial planning considerations and strategies.
- Tax Practice Quarterly: Hot Topics in Tax Practice Management, May 9, 1-2:45pm ET, 2 CPE credits - Don’t miss this interactive webcast on the top practice management issues facing tax practitioners coming out of busy season and gain insights on how to improve your own practice. This webcast is free for Tax Section members.
- Tax Reform: The New Qualified Business Income (QBI) Deduction, multiple dates available, 1-3pm ET, 2 CPE credits – The Sec. 199A qualified business income deduction is one of the most talked about areas of the new tax law. Learn more about the new pass-through deduction and how to apply it.
- Tax Reform Readiness: Effectively Hold a Client Tax Planning Meeting, June 19, 1-2:45pm ET, 2 CPE credits – Engage your clients with tax planning discussions. Learn how to educate your clients on the new rules and provide them with valuable tax planning opportunities.
- Tax Reform Readiness: Reevaluating Clients’ Choice of Entity, multiple dates available, 1-2:45pm ET, 2 CPE credits – Understand how the new rules affect your client’s entity selection. See real-life examples that compare the tax consequences of each entity type.
- Tax Reform’s Impact on Corporations and Pass-Throughs, multiple dates available, 1-5pm ET, 4 CPE credits – Learn about the tax changes and planning considerations for corporations and pass-through entities as we also analyze tax planning strategies after tax reform.
- Tax Reform’s Impact on International Business, multiple dates available, 1-5pm ET, 4 CPE credits – Get a comprehensive overview of the changes and guidance on how businesses can identify opportunities and reduce their risks with international tax strategies.
- Washington Tax Brief – This webcast series keeps members informed on what is going on in Washington that may affect you, your practice, and your clients. AICPA staff will provide updates on major-tax related advocacy initiatives. This event is free for everyone (no CPE available).
- Getting to the Heart of Tax Reform: Individual Tax and Estate Planning Strategies, CPE self-study, 5 CPE credits – Get an overview of tax reform’s impact on individuals, small businesses, and estates and trusts. You will learn some essential planning considerations and strategies for dealing with the new tax reform legislation.
- Tax Reform’s Impact on Corporations and Pass-Through Entities, CPE self-study, 5.5. CPE credits – Gain insight on how tax reform will impact corporations and pass-through entities along with tax planning strategies to help advise your clients.
- Tax Reform’s Impact on International Business, CPE self-study, 5.5 CPE credits – What are the changes that will affect international tax provisions? Dive into planning strategies that U.S. multinationals and foreign corporations doing business in the U.S will need to consider. For a more focused look, dive into these international topics:
- Tax Reform's Impact on Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, CPE self-study, 2 CPE credits
- Tax Reform's Impact on Other Subpart F Modifications and Inbound Transactions, CPE self-study, 2 CPE credits
- Tax Reform's Impact on Outbound Taxation, CPE self-study, 3 CPE credits
- AICPA ENGAGE, Las Vegas, NV or Virtual, June 11-14, 2018 – There’s no time for the ordinary. What you will find at AICPA ENGAGE: four days of thought-provoking questions, candid insights, deep technical dives and even some radical ideas. It’s your time to absorb, reflect, challenge and apply the best of what the CPA profession has to offer.
- AICPA National Tax, Washington, D.C. or Virtual, Nov. 12-13, 2018 – This event brings leading tax practitioners and key government officials together to present differing and shared positions for a thoughtful review of potential scenarios, tax priorities, and a pulse check of the ever-changing tax landscape.
This page is sponsored by the AICPA Tax Section. The AICPA Tax Section is leading tax forward through tax reform guidance. Get access to exclusive member-only content, tools, guides, webcasts, and news. Join today!
Reviewed April 27, 2018