The Tax Cuts & Jobs Act


Highlights of the Tax Cuts and Jobs Act

Posted: March 9, 2018
Among the major tax law changes are reform of individual tax rates, treatment of business income of individual taxpayers, repeal of individual tax deductions, reduction in the corporate tax rate and increase in deductions for business capital investment.​

Taxpayers Should Review W-4s Amid Release of New IRS Withholding Calculator

Posted: March 6, 2018
The IRS has a new version of Form W-4 and a new withholding calculator with the 2018 changes to assist taxpayers. NJCPA is reminding taxpayers to review their W-4s amid the release of the new IRS withholding calculator.

NJ Lawmakers Lay Out Plan to Help Small Businesses, Partnerships Preserve Deductibility of State Income Taxes

Posted: March 6, 2018
Four New Jersey Senators have announced a bipartisan legislative initiative that will preserve the federal deductibility of an estimated $23 billion in state income taxes for New Jersey’s small businesses and partnerships.

Almost 50 Percent of CPAs Say New Jersey Corporations to Benefit from Tax Reform

Posted: February 26, 2018
Almost 50 percent of the CPAs surveyed recently said that their company/their client companies will see tax savings from the Tax Cuts and Jobs Act of 2017.

AICPA Sends Congress Recommended Technical Corrections to New Tax Law

Posted: February 22, 2018
Recommendations include clarifying the effective date for net operating losses for fiscal year filers, clarifying the property class life on qualified improvement property and correcting a section concerning charitable deductions that reduces the allowed charitable deduction if assets other than cash are donated.

AICPA Requests Immediate Guidance from IRS and Treasury Department on Deduction for Qualified Business Income of Pass-through Entities

Posted: February 22, 2018
The American Institute of CPAs has requested immediate guidance from the IRS and U.S. Department of the Treasury on various issues regarding section 199A of the new Internal Revenue Code, the deduction for QBI of pass-through entities.

Interest on Home Equity Loans Often Still Deductible Under New Law

Posted: February 22, 2018
Despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit or second mortgage, regardless of how the loan is labelled.

FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act

Posted: February 14, 2018
The Financial Accounting Standards Board has issued an Accounting Standards Update that helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax

Posted: February 13, 2018
The Treasury Department and the IRS have announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.