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07.18.18

VIEWpoint Issue 2 | 2018

01.08.18

Tax Cuts and Jobs Act – Highlights of What is Ahead for You...

10.16.17

VIEWpoint Issue 3 | 2017

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With President Trump’s seal of approval, the Tax Cuts and Jobs Act was signed into law — representing one of the most significant revisions to the Internal Revenue Code in more than 30 years. A tax reform of this magnitude has broad implications on both businesses and individuals.

To help you better understand the changes, Doeren Mayhew’s tax advisors are working to interpret the more than 1,000 pages of the new legislation. Although we are still awaiting much needed guidance from the Internal Revenue Service on each provision, we understand time is of the essence, and are committed to providing you with expert insight on all facets of the new legislation. Leverage this Tax Reform Resource Center as your go-to resource for expert commentary, news, events and other resources. Bookmark this page to check back regularly for updates.

If you have any questions or concerns, please contact our tax advisors. We stand ready to help!

Tax Reform Overview


Tax Cuts and Jobs Act – Highlights of What is Ahead for You and Your Business
Jan. 5, 2018
Check out some highlights of the Tax Cuts and Jobs Act as it relates to corporations, international businesses and individuals in this e-paper.

Latest VIEWpoints


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FASB Addresses Tax Reform Accounting Changes
March 20, 2018
The Financial Accounting Standards Board has issued guidance to help stakeholders better understand tax reform accounting changes.

7 Key Ways Manufacturers Benefit from the New Tax Bill 
March 15, 2018
Doeren Mayhew’s tax advisors specializing in manufacturing accounting highlight seven key ways manufacturers can expect to benefit from the new tax bill.

19 Key Changes for Domestic Businesses in the Tax Cuts and Jobs Act
Feb. 6, 2018
Gain insight on 19 key changes impacting domestic businesses as a result of the recently enacted Tax Cuts and Jobs Act.

Businesses to Receive Employer Credit for Paid Family and Medical Leave
Jan. 31, 2018
The Tax Cuts and Jobs Act created a federal tax credit for employers who provide paid leave under the Family and Medical Leave Act (FMLA) for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2020.

Limitation on Excess Business Losses for Non-Corporate Taxpayers
Jan. 26, 2018
The recently passed tax legislation has been touted as “tax simplification,” but taxpayers and advisors have found it to be more like “tax confusion,” and the new section related to limitation on excess business losses only adds to the confusion.

Tax Cuts and Jobs Act Creates 4 More Tax Breaks for Eligible Small Businesses
Jan. 18, 2018
As a result of the Tax Cuts and Jobs Act, in general, most taxpayers meeting the new $25 million average gross receipts test for the tax years beginning after Dec. 31, 2017 will get some much needed relief with four new small business tax breaks.

Tax Cuts and Jobs Act Effect on Individual, Corporate AMT
Jan. 18, 2018
Under the Tax Cuts and Jobs Act, the individual Alternative Minimum Tax (AMT) exemption and exemption phase-out was increased to properly align with the current cost-of-living. Additionally, the new law repealed AMT for corporations.

What Are Some of the Basic Concepts Involved in Applying Section 199A – Qualified Business Income Deduction
Jan. 17, 2018
As with most congressional tax simplification strategies, Section 199A creates more complexity then simplicity, and will therefore be a source of consternation for taxpayers, and advisors alike, for years to come.

Like-Kind Exhange Gets Robbed by Tax Reform
Jan. 17, 2018
With the recent passing of the Tax Cuts and Jobs Act come some limitations on how like-kind exchange may be able to benefit your business. Here is a glimpse at how the once perks of this tax-saving strategy got robbed under new legislation.

New Tax Law Expands Bonus Depreciation Deduction
Jan. 17, 2018
In an effort to offer more corporate tax incentives, the Tax Cuts and Jobs Act expanded the bonus depreciation deduction to allow full expensing for “qualified property” placed in service after Sept. 27, 2017, and before Jan. 1, 2023.

Understanding Changes to Property Depreciation Rules Under New Tax Law
Jan. 17, 2018
With the passing of the new tax law, depreciation rules were changed for qualified improvement property in an attempt to help simplify this tax rule.

Will My Business be Impacted by New Limitations on Business Interest Expense?
Jan. 16, 2018
Although the Tax Cuts and Jobs Act of 2017 brings a favorable lower tax rate to corporations, the Act also includes new unfavorable rules affecting them as well. One of these is the broad limitation on the deductibility of business interest expense.

Newly Enacted Net Operating Loss Deductions: Why Your Fiscal Year-End Date Matters
Jan. 15, 2018

Under the newly enacted Tax Cuts and Jobs Act of 2017, net operating loss (NOL) deductions have changed. Taxpayers no longer have the ability to carryback NOL arising in a tax year ending after Dec. 31, 2017.

Should I Convert My S Corporation to a C Corporation?
Jan. 12, 2018
With the recent passing of new tax legislation, the main question on many S corporation owners’ minds is should they jump the fence to a C corporation. The simple answer is, likely not.

What The New Meals and Entertainment Deductions Look Like
Jan. 12, 2018
The Tax Cuts and Jobs Act of 2017 enacted changes to qualified meals and entertainment deductions that every business should take note of. Check out the changes in a side-by-side comparison of past and present laws.

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Do You Have an Interest in a Foreign Corporation? The Transition Tax May Apply for 2017
Feb. 7, 2018
New provisions allow for a limited, one-time foreign earnings repatriation at a favorable rate. This “transition tax” is effective for the 2017 taxable year and may impact you.

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How the Tax Cuts and Jobs Act Will Impact Tax-Exempt Organizations With Unrelated Business Income
Jan. 16, 2018
Tax-exempt organizations are not immune to the new tax legislation. The Act changes the way certain tax-exempt organizations, including state-charted credit unions, will report and incur tax on unrelated business income (UBI).

Leveraging New Kiddie Tax Changes for Tax Savings
June 5, 2018
Flying under the radar in the passing of the Tax Cuts and Jobs Act was the changes made to how children’s investments and other unearned income is taxed, otherwise known as “kiddie tax.”

Interest on Home Equity Loans May Still be Deductible Under New Law
Feb. 22, 2018
Earlier this week the Internal Revenue Service (IRS) advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.

Education Credits See Minor Changes with Tax Reform
Jan. 27, 2018
Although the Tax Jobs and Cuts Act brought sweeping changes to many aspects of the tax code, the education related sections received only minor changes .

Estate and Gift Tax Stays, Wealthy Still Gets Reprieve
Jan. 21, 2018
The final version of the Tax Cuts and Jobs Act kept the estate tax in place. However, the estimated 5,000 wealthy families that have been affected by it in the past will now see some reprieve.

State, Local and Property Tax Deduction Limited in Value
Jan. 22 2018
Beginning in 2018, deductions for state and local sales, income and property taxes remain deductible, but are limited as a result of the Tax Cuts and Jobs Act.

Tax Cuts and Jobs Act Effect on Individual, Corporate AMT
Jan. 18, 2018
Under the Tax Cuts and Jobs Act, the individual Alternative Minimum Tax (AMT) exemption and exemption phase-out was increased to properly align with the current cost-of-living. Additionally, the new law repealed AMT for corporations.

Modifications to Home Mortgage Interest Deduction
Jan. 17, 2018
The Tax Cuts and Jobs Act of 2017 leaves mortgage interest deduction in place with some modifications.

How Does the New Standard Deduction Impact You?
Jan. 17, 2018
One of several key provisions included in the Tax Cuts and Jobs Act was the nearly doubled standard deduction for taxpayers. The amounts of new standard deduction went into effect on Jan. 1, 2018 and expires on Dec. 31, 2025.

Tax Reform is the Final Straw for Alimony Deduction
Jan. 16, 2018
The 75-year-old provision allowing tax deductions for alimony paid didn’t make its way off the chopping block before the Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017.

 

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