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Your Resource for Understanding Tax Changes

Changes to the way businesses and individuals are taxed arise from many sources, whether from legislation, judicial rulings or administrative updates. The recent passage of comprehensive tax reform in December 2017 will have a significant impact on tax considerations for years to come. Eye on Washington will help you prepare for the new tax law and other developments that impact your individual and business tax concerns. Our insights, media coverage and webinars are designed to inform and assist you with strategic planning that will enable you to address these tax changes while meeting your objectives.

 

Overview of Major Tax Changes

Bill Smith of the CBIZ National Tax Office explains how the new tax law affects businesses and individuals.

Understanding the New Tax Law: Pass-Through Entities

Bill Smith goes through the main provisions of the tax reform law that affect pass-through entities.

Understanding the New Tax Law: Cash Method of Accounting

Bill Smith explains how the new eligibility threshold for the cash method of accounting may affect small businesses. Depending on the situation, businesses may want to make the accounting method switch.

Understanding the New Tax Law: New Bonus Depreciation Rules

Bill Smith walks through the new bonus depreciation provision and the Section 179 expensing election available to businesses.

Understanding the New Tax Law: Business Interests Deductions

Bill Smith explains how businesses and individuals can prepare for the new limitation on business interest deductions.

Understanding the New Tax Law: Audit and Accounting Impacts

Mark Winiarski of MHM's Professional Standards Group, outlines how the new tax law impacts 2017 financial statements.

Understanding the New Tax Law: Business Losses

Bill Smith explains how businesses can prepare for the new limitations on deductions for business losses.

Understanding the New Tax Law: Estate and Gift Tax

Bill Smith explains how tax reform affect gift and estate tax planning.

Insights for Implementing the New Tax Law

CBIZ keeps you up-to-date on tax reform. Tax Reform And Its Impact Explained
Our special report delves into the provisions of the tax reform bill and how they may impact businesses, individuals and not-for-profit organizations. Learn More
CBIZ monitors tax reform. Trust and Estate Income Tax Considerations After the Tax Cuts and Jobs Act of 2017 - 6/12/18
The new tax law will impact income tax planning for trusts and estates, at least until Dec. 31, 2025 when many of the provisions are scheduled to expire.
CBIZ keeps you up-to-date on tax reform. Tax Reform and Your Business: Domestic Manufacturing - 6/12/18
Now is the time for domestic manufacturers to explore the potential benefits and drawbacks under the new tax law.
CBIZ keeps you up-to-date on tax reform. Revisit Decisions to Expense or Capitalize Property under New Tax Law - 6/4/18
Because the QBI deduction rules reward a taxpayer's possession of "unadjusted basis" in tangible property, businesses should explore strategies that result in an increased QBI deduction arising from routine purchases and other expenditures a business would make anyway.
CBIZ monitors tax reform. IRS Responds to State Tax Deduction Workarounds - 5/29/18
The IRS recognizes that states are passing workaround legislation to try to ensure taxpayers won't lose the benefit of deducting all state and local income tax on their federal returns.
CBIZ keeps you up-to-date on tax reform.

Are Qualified Opportunity Zones a Golden Opportunity for Avoiding Capital Gains Tax? - 5/29/18
Included in the tax reform law is a new and unique tax incentive program for investments in low-income communities. 

CBIZ keeps you up-to-date on tax reform. Tax Reform and Your Business: Athletes and Performing Artists - 5/7/18
The TCJA, and the QBI deduction in particular, was not designed to provide a major tax break to those who provide specialized services such as athletes and performing artists. 
CBIZ keeps you up-to-date on tax reform. Tax Reform and Your Business: Automobile Dealerships - 4/24/18
Automobile dealerships (auto dealers) are among those who were impacted significantly by the TCJA. 
CBIZ keeps you up-to-date on tax reform. IRS Provides Guidance on Qualified Transportation Fringe Benefits - 4/4/18
Deductions for meals and entertainment expenses were changed, as were deductions for qualified transportation fringe benefit expenses.
Additional Guidance on Foreign Earnings Transition Tax Issued - 4/3/18
The transition tax, which was enacted as part of the TCJA, imposes a transition tax on the untaxed foreign earnings of U.S. companies' foreign subsidiaries by deeming those earnings repatriated. 
Guidance Addresses Withholding on Transfers of Certain Partnership Interests by Foreign Persons - 4/3/18
The Treasury Department and the IRS have announced their intention to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in the amount of withholding, on transfers of non-publicly traded partnership interests.
CBIZ keeps you up-to-date on tax reform. Does the New Tax Law Make Entity Structuring More Complicated? - 3/29/18
The 20 percent corporate tax rate may have some pass-through entities reconsidering their entity structure. Although the rates may have changed, the same entity structure analysis will still apply. Learn More
CBIZ keeps you up-to-date on tax reform. How the Broad Definition of Tax Shelter Affects Business Interest Deductions and Cash Method Accounting Under New Tax Law - Updated 3/30/18
The broad definition of "tax shelter" may result in more small businesses qualifying as tax shelters than companies may realize, which makes them ineligible for small business benefits in the new tax law. Learn More
CBIZ keeps you up-to-date on tax reform. Should Everyone CO-OP-erate? - Updated 3/30/18
The so-called "grain glitch" may help entities ineligible to use the qualified business income deduction qualify for the deduction. The potential solution? Restructuring as a cooperative. Learn More
CBIZ keeps you up-to-date on tax reform. 9 Major Tax Reform Provisions Affecting Manufacturers - 3/12/18
Manufacturers have a host of benefits to defray tax costs in the new legislation, but some provisions that were previously unrestricted now have limits so planning is essential. Learn More
CBIZ keeps you up-to-date on tax reform. Domestic and International Changes Make New Tax Law Complex for Life Sciences Companies - 3/12/18
Changes in the law introduced as the Tax Cuts and Jobs Act present a mixed bag for life sciences companies. Learn More
CBIZ monitors tax reform.
Deducting Interest on Home Equity Debt Under the New Tax Law - 3/5/18
One of the biggest changes in the new tax law for individuals came from the update to mortgage interest deductions. Our article breaks down the limitations on the deduction and how individuals can still maximize its benefit. Learn More.
CBIZ monitors tax reform.
New Tax Law Clarifies Grecian Issue for Foreign Investors in U.S. Partnerships - 2/27/18
The new tax law clarified an issue that's been plaguing international partners in U.S. partnerships since this summer. It addresses the Grecian decision and how international interests should be treated for international tax purposes. Learn More.
CBIZ monitors tax reform.
Audit and Accounting Impacts of Tax Reform - 2/20/18
Changes in the new tax law will trigger accounting changes under guidance for income taxes that will affect financial reporting for periods that include the law’s effective date, Dec. 22, 2017. These accounting changes will affect financial statements. Learn More.
CBIZ monitors tax reform.
The Impact of the New Tax Law on Private Equity and Venture Capital Companies - 2/9/18
Several domestic and international tax changes in the new law will have an impact on private equity and venture capital companies, including bonus depreciation, sourcing the gain from the sale of partnership interest and the repatriation tax. Learn More.
CBIZ monitors tax reform.
Tax Planning for Effective Dates and Expiration Dates under the New Tax Law - 2/7/18
It's too early to tell how the new tax law will impact individuals, but having a solid understanding of start and end dates is important to understanding its provisions. Learn More.
CBIZ helps you identify what tax updates could affect your business.
Meals & Entertainment Expenses Under Tax Reform - 2/5/18
The new tax law places limitations on the deductibility of meals and entertainment expenses. Businesses will need to carefully evaluate the new rules to determine whether they can deduct those expenses under the new legislation. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Impact of the New Tax Law on Not-for-Profits - 2/5/18
Not-for-profit organizations were not among the winners of the new tax law. Several provisions may affect organizations, from new requirements for unrelated business income to individual tax changes. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Valuation Implications of the New Tax Law - 1/25/18
Several of the changes in the new tax law will affect how businesses are valued, from changes that affect cash flow to updates that impact discount rates. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Impact of the New Tax Law on M&A Activity - 1/19/18
Mergers, acquisitions and other complex transactions will be affected by the new tax law introduced as the Tax Cuts and Jobs Act. Deal structuring and other considerations will need close consideration. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Impact of the New Tax Law on Pass-Through Entities - 1/16/18
Pass-through entities stand to benefit under the new tax law, but changes to tax rates and business deductions come with some planning considerations that are important to evaluate early on in 2018. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Impact of the New Tax Law on Real Estate Investment -1/9/18
Real estate companies will be significantly affected by the new tax law, in part because many are structured as pass-through companies and in part because of the enhanced business deductions that are available. Learn More.
CBIZ helps you identify what tax updates could affect your business.
The Precarious Fate of Qualified Improvement Property - 1/9/18
What appears to be a legislative error could have a significant impact on businesses that have made qualified improvements to property since September and puts the fate of bonus depreciation for qualified improvement property at risk. Learn More.

How U.S. Tax Reform Affects International Tax Considerations - 1/3/18
International tax changes that came as part of the tax reform bill are designed to minimize base erosion, but they also make international tax planning more complicated. Read more about the key changes in our quarterly international tax update.
CBIZ helps you identify what tax updates could affect your business.
Top 5 Accounting Issues Related to Tax Reform - 1/2/18
Changes to the corporate tax rate and other provisions could affect Dec. 31, 2017, financial statement. Corporations and SEC registrants should take note of the accounting changes coming to their 2017 financial statements. Learn More.
CBIZ monitors tax reform.
Tax Reform And Year End Strategy: Do Not Prepay 2018 State Income Taxes - 12/22/17
Certain provisions in the tax reform bill potentially impact year-end tax planning strategies, such as prepayments of individual state income taxes. Learn More.

Tax Law Media Coverage

CBIZ monitors tax reform.
It's Now Easier to Qualify for the Medical Expense Deduction
The new tax law decreases the threshold for the medical expense deduction, which may help more individuals use it in 2018. Learn more from our coverage in CNBC.
CBIZ helps you identify what tax updates could affect your business.
Key Takeaways from Tax Reform's First Quarter
The first quarter has been a whirlwind as individuals and businesses sort through the provisions in the new tax law. Learn more by watching our coverage in TD Ameritrade.
CBIZ helps you identify what tax updates could affect your business.
Understanding the New Tax Law
The new tax law has a wide-reaching impact, affecting tax strategies for both individuals and businesses. Learn more from our coverage in the Memphis Journal.
CBIZ helps you identify what tax updates could affect your business.
Pass-Through Entities Impacted By New Tax Law
Pass-through entities have a lot to consider in the new law, from identifying qualified business income to structuring decisions. See our analysis in the Memphis Journal.
CBIZ helps you identify what tax updates could affect your business.
Trump Plugs Tax Cuts and Jobs Actin State of the Union
President Trump called the new tax law the biggest tax cut in history, but that may be a stretch says Bill Smith of CBIZ's National Tax Office. See more in Accounting Today.
CBIZ helps you identify what tax updates could affect your business.
Tax Reform Changes Affecting Contractors
Several provisions in the new bill have specific ramifications for the construction industry. See more in CFMA.
CBIZ monitors tax reform.
The New Tax Law and Your Financial Future
There are more questions than answers about how the new tax reform law will affect 2018 planning. Learn more in 1A from NPR.
CBIZ monitors tax reform.
Tax Reform Bill Has Some Hidden Gotchas
The new tax reform bill deserves a close read, as it has some provisions that could make 2018 tax planning extremely complicated for businesses. Learn more in Accounting Today.
CBIZ monitors tax reform.
Making Sense of the New Cap on State Tax Deductions
Under the new tax plan, individuals will be able to itemize their state individual income, sales, and property taxes up to $10,000. Get a look at how the new provisions updates the old processes in our interview with CNN Money.
CBIZ keeps you up-to-date on tax reform. Tax Reform and the Law of Unintended Consequences
The tax reform bill was drafted rapidly, and so we can expect further technical corrections to help clarify reform provisions. President Trump's executive order about removing regulations for every new one added will make further clarifications complicated. Learn more in Accounting Today.

Understanding the New Tax Law Webinar Series

CBIZ helps you identify what tax updates could affect your business.
Tax Reform's Impact on Manufacturers
Several of the provisions in the new tax law open up unique opportunities for manufacturers to reduce their tax liabilities. View our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
The Impact of the New Tax Law on Closely Held Businesses
Our webinar will focus on the manner in which closely held businesses are impacted by the new law and how closely held businesses and their investors should respond to the new provisions. View our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
Tax Reform's Impact on Mergers & Acquisitions 
Businesses and their owners will have new and unique considerations to take into account to optimize M&A under the new tax law. View our free webinar here.
CBIZ helps you identify what tax updates could affect individuals.
Tax Reform's Impact on High Net Worth Individuals
Our webinar focuses on how the new tax law affects individual tax rates, alternative minimum tax, popular itemized deductions, carried interests, and estate and gift tax changes. View our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
Executive Education Series: Eye on Washington Q4 Update
Our fourth quarter 2017 webinar discusses administrative, legislative and judicial updates that could have an effect on business tax planning. View our free webinar  here.
CBIZ helps you identify what tax updates could affect your business.
Tax Reform and the Effect on the Construction Industry
Many provisions in the new tax law will have a significant impact on the construction sector, including the expansion of the threshold to use the cash method of accounting. View our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
How the Real Estate Sector Can Prepare for Tax Reform Changes
The new tax law brings tax changes to the real estate sector. Changes to taxes for pass-through entities and other depreciation changes could have a significant impact on tax planning. Learn more by viewing our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
Financial Reporting Impact of the Tax Cuts and Jobs Act
Audit and financial reporting implications are coming as a result of the Tax Cuts and Jobs Act. Learn more by viewing our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
The Impact of Tax Reform on International Businesses and Investments
International taxation received significant changes in the new tax law, with provisions related to participation exemption, mandatory repatriation tax, U.S. base erosion, global intangible low-taxed income, foreign-derived intangible income, foreign tax credits, Subpart F, and sale of partnership interests. Learn more by viewing our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
What Not-for-Profits Stand to Gain (or Lose) Under Tax Reform
Not-for-profit organizations are not exempt from changes in the new tax legislation. To learn more about the specific impact of tax reform on the tax-exempt sector, view our free webinar here.
CBIZ helps you identify what tax updates could affect your business.
Tax Reform is Here: A Comprehensive Analysis of the New Law
Our webinar explores the key provisions of the tax reform bill for individuals, businesses, trusts, and estates to help you prepare for the changes. View our free webinar here.