The Biden Tax Plan
Impact of Tax Reform on Charitable Giving
On June 23, 2021, Governor Polis signed Colorado House Bill 21-1311 into law. The Bill makes significant changes to a number of Colorado state income tax laws. One change of note is an amendment to C.R.S. § 39-22-104. The...more
The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more
Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so in Tax Year 2018 because the Tax Reform has made it...more
The new tax law makes it harder to claim a tax deduction for charitable contributions. While charitable giving should not be only about getting a tax break, if you want to reap a tax benefit from your contributions, there are...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more
There have been sweeping changes to both the federal and New Jersey tax laws for the first half of 2018. At the federal level, the elimination of the state and local tax (SALT) deduction, which for decades allowed people to...more
The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more
In the wake of federal tax reform, i.e., the passage of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), specifically, the new $10,000 cap on itemized deductions for state and local taxes (i.e., SALT deductions), several...more
You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more
Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more
The Tax Cuts and Jobs Act, enacted in December 2017, is the most significant change to the U.S. Tax Code since 1986 and dramatically alters the tax landscape for individuals. A number of changes take effect this year, while...more
The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more
Since the enactment of the Tax Cuts and Jobs Act (TCJA), Minnesota’s Department of Revenue (DOR) has been analyzing what the TCJA will mean for Minnesota. The TCJA marks the most significant changes to the Internal Revenue...more
The 2017 tax reform legislation colloquially referred to as the Tax Cuts and Jobs Act (the Act) made some significant changes in the taxation of individuals, and these changes have already begun to generate new planning...more
Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects the senate’s newly-proposed tax bill. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax...more
On January 10th, 11th and 18th our tax attorneys ?hosted a "CPA Shoptalk" seminar in ?Portland, Vancouver and Bend. Below are ?some key takeaways to consider... 1. Partnership Audit Rules Post-TEFRA - The Balanced...more
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
Below is the second article in our series covering the employee benefits-related changes contained in the Tax Cuts and Jobs Act signed by the President on December 22, 2017. As discussed below, the Act makes several...more
Blank Rome’s “2017 New Tax Law – Client Alert” is a special series on the Tax Cuts and Jobs Act and related changes to the tax code. In the series, Blank Rome’s lawyers share their analysis of different provisions in the Bill...more
With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected...more
Congress released the "Tax Cuts and Jobs Act" on late Friday evening, Dec. 15, 2017. This version of the bill is the result of a conference committee process to marry the different bills previously passed by the U.S. House of...more
On the evening of December 15, 2017, Congress released the Conference Report on its Tax Cuts and Jobs Act (the "Act"). Among the provisions is one that prevents individuals from claiming an itemized deduction in 2017 for...more
If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more