2022-2023 Tax Planning Guide
VIEWpoint Issue 1 | 2022
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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!
Reporting Your Credit Union’s Excise Tax Post-Tax Reform
The Tax Cuts and Jobs Act imposed an excise tax on certain highly compensated employees of tax-exempt organizations, including credit unions. Find out what your credit union is required to report.
IRS Issues Final Regulations on Sec. 199A Pass-Through Deduction, Provides Other Guidance
New IRS guidance filled in several more pieces of the Code Sec. 199A pass-through deduction puzzle. Learn more about its final regulations and other guidance.
What Will Your Marginal Income Tax Rate Be?
The Tax Cuts and Jobs Act made changes to some of the middle-income tax brackets. Find out the potential impact on your rate for 2018 and 2019.
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. Find out how to take advantage of these breaks, before the end of the tax year.
Form 990-T Gets Update Post Tax Reform
The passing of the Tax Cuts and Jobs Act has incited changes to Form 990-T to address how unrelated business taxable income (UBTI) will be reported going forward. Read more about the changes.
IRS Guidance Answers Lingering Meal and Entertainment Expense Questions
The Tax Cuts and Jobs Act made changes to deductions for meals and entertainment expenses, but left many wondering one big question. Is food and beverage during an entertainment event still 50 percent deductible? The answer is in and it’s good news.
Key Tax-Planning Strategies Post Tax Reform
To help you optimize your tax position, consider some key tax-planning strategies for both you and your business to consider before year-end.
GILTI – Costly Impact for Non-C Corporate Shareholders
By now, businesses involved in cross-border activities have dealt with the international tax provisions enacted by the Tax Cuts and Jobs Act in December 2017, and the latest Global Intangible Low-Taxed Income (GILTI) is no exception. Read more about the recent provision and its impact on U.S. shareholders.
The Tax Deduction Ins and Outs of Donating Artwork to Charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. Find out some of the benefits, requirements and how to maximize your deduction.
IRS Releases Guidance for Section 199A Pass-Through Deduction
The Internal Revenue Service (IRS) has released Code Section 199A guidance, commonly known as the “pass-through deduction” or the “qualified business income deduction.” Read more about the new guidance and what it means for you.
Choosing The Right Accounting Method for Tax Purposes
The IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the Tax Cuts and Jobs Act. Explore the accounting method options to evaluate which one is most beneficial to you.
3 Ways Non-Profits Are Impacted by Tax Reform
Find out three ways tax reform may significantly impact a non-profit’s finances and operations.
Opportunity Zone Tax Incentive: The Special Rules for Capital Gains
The Tax Cuts and Jobs Act created Opportunity Zones along with providing a tax incentive for taxpayers to invest in them. Read more about the rules related to making investments in Opportunity Zone property, the types of property that qualify and more.
Leveraging New Kiddie Tax Changes for Tax Savings
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.”
FASB Addresses Tax Reform Accounting Changes
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
Doeren Mayhew’s tax advisors specializing in manufacturing accounting highlight seven key ways manufacturers can expect to benefit from the new tax bill.
Interest on Home Equity Loans May Still be Deductible Under New Law
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.
Do You Have an Interest in a Foreign Corporation? The Transition Tax May Apply for 2017
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.
19 Key Changes for Domestic Businesses in the Tax Cuts and Jobs Act
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
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.
Education Credits See Minor Changes with Tax Reform
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.
Limitation on Excess Business Losses for Non-Corporate Taxpayers
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.
State, Local and Property Tax Deduction Limited in Value
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.
Estate and Gift Tax Stays, Wealthy Still Gets Reprieve
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.
Tax Cuts and Jobs Act Creates 4 More Tax Breaks for Eligible Small Businesses
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
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
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
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
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
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.
Modifications to Home Mortgage Interest Deduction
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?
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.
Will My Business be Impacted by New Limitations on Business Interest Expense?
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.
Tax Reform is the Final Straw for Alimony Deduction
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.
How the Tax Cuts and Jobs Act Will Impact Tax-Exempt Organizations With Unrelated Business Income
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).
Newly Enacted Net Operating Loss Deductions: Why Your Fiscal Year-End Date Matters
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?
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
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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