tax reform – individual & business considerations€¦ · proposal current tax law house bill...
TRANSCRIPT
12/7/2017
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Tax Reform –Individual & Business Considerations
P RE S E NTE D B Y: E RNI E S K YRME
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1 What’s happened so far?
How do the House & Senate tax bills compare?
What are some tax planning considerations & miscellaneous items?
What questions can we help with?
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WHAT WE’LL COVER TODAY
12/7/2017
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• Elimination of ACA taxes – common theme between proposals of President Trump & House Blueprint (not in Framework)
• Accomplishing elimination of these taxes through health care reform would make easier path for tax reform efforts
• FY 2017 budget resolution passed to facilitate passage
WHAT’S HAPPENED SO FAR?Health care reform first
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WHAT’S HAPPENED SO FAR?
Significant tax reform developments
06.22.2016 04.26.2017 07.27.2017
House Blueprint released
President Trump’s guidelines released
Joint Statement on Tax Reform released
12/7/2017
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WHAT’S HAPPENED SO FAR?
Significant tax reform developments
09.27.2017 10.26.2017 11.02.2017 11.09.2017
Unified Framework released
House passed Senate’s budget
Tax Cuts and Jobs Act of 2017 (TCJA) introduced in the House
TCJA passed in House Ways & Means Committee | Senate bill introduced
WHAT’S HAPPENED SO FAR?
Significant tax reform developments
By
Christmas
2017
TCJA passed in House | Senate version passed in Finance Committee
Amended version of TCJA passed in Senate
President’s desk for signature
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11.16.2017 12.02.2017
12.04 & 12.05
House & Senate voted to send TCJA to conference committee
12/7/2017
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Corporate tax rate Top rate of 35 percentFlat rate of 20 percent (effective 01/01/2018)
Flat rate of 20 percent (effective 01/01/2019)
Pass-through tax rateIndividual rate on ordinary
income
25 percent rate applied to 30 percent of net active business income under
default provision(1)
Deduction of 23 percent of domestic qualified
business income (QBI) limited to 50 percent of W-
2 wages(2); expires after 12/31/2025
Alternative Minimum Tax 20 percent Repealed Retained
Personal service corporations
Flat rate of 35 percent Flat rate of 25 percent Flat rate of 20 percent
(1)Default provision treats remaining 70 percent as wage income subject to ordinary individual rates. This default categorization is not available to professional service firms. An alternative calculation based on actual level of capital investment is also available. A reduced rate is provided for small businesses
(2)Deduction does not apply to specified service businesses, except in case of taxpayer whose taxable income does not exceed $250,000 for single filers ($500,000 married filing jointly) with a phaseout beginning at the same levels over the next $50,000 ($100,000) of taxable income. QBI is all domestic business income other than investment income (except income from publicly traded partnerships which is eligible for inclusion), investment interest income (other than qualified REIT & corporate dividends), net capital gain, foreign currency gains, etc.
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Bonus depreciation
40, 30 & 20 percent bonus depreciation for qualifiedproperty in 2018–2020,
respectively; property must be new to qualify
100 percent through 2022for qualified property
placed in service after 09/27/2017(1); excludes
property used in regulated public utilities, real property
trade or businesses & property used in a trade or
business that has floor plan financing indebtedness
100 percent through 2022for qualified property
placed in service after 09/27/2017; 80, 60, 40 &
20 percent bonus depreciation for property
placed in service in 2023–2026, respectively;
excludes certain property used in regulated public
utility businesses & property used in a trade or
business that has floor plan financing
indebtedness; includes qualified film, television & live theatrical productions placed in service before
2023
Section 179 expensing
Up to $520,000; phaseout beginning at $2,070,000 of
assets placed in service
Up to $5 million; phaseout beginning at $20 million of assets placed in service;
provision set to expire 12/31/2022
Up to $1 million; phaseout beginning at $2.5 million of assets placed in service(2)
(1)Definition of qualified property expanded by removing requirement that original use begin with taxpayer (2)Definition of qualified property expanded to include certain improvements to nonresidential real property, including roofs, HVAC systems, fire protection & alarm systems & security systems
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Cost recovery for residential rental & nonresidential real
property
27.5 years for residential rental property & 39 years
for nonresidential real property
Not addressed
25 years for both residential rental & nonresidential real property; 30-year
alternative depreciation system record period for residential real property
Like-kind exchanges
Deferral of gain permitted on like-kind exchanges of certain property held for
productive use in a trade or business or for investment
Limit deferral of gain on like-kind exchanges to real
property only
Limit deferral of gain on like-kind exchanges to real
property that is not held primarily for sale
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Interest expenseDeduction allowed for
interest expense
Deduction limited to 30 percent of entity’s adjusted
taxable income; excess carried forward up to five
years(1)
Deduction limited to business interest income,
floor plan financing interest & 30 percent of entity's
adjusted taxable income; excess carried forward
indefinitely(2)
Net operating loss (NOL)Carried back two years & carried forward 20 years
Deduction limited to 90 percent of taxable income;
no carryback; carried forward indefinitely with
carryforward amount adjusted by an interest factor to preserve value
Deduction limited to 90 percent of taxable income
for tax periods after 2017 & 80 percent for tax periods after 2022; no carryback;
carried forward indefinitely
Entertainment expense(3) Deduction limited to 50 percent of expense
No deduction No deduction
(1)Adjusted taxable income is taxable income without regard to business interest expense, business interest income, net operating loss (NOL), amortization, depreciation & depletion. This deduction is not limited for any taxpayer that meets $25 million gross receipts test, is a regulated public utility business or a real property business(2)Adjusted taxable income is taxable income without regard to items not properly allocable to a trade or business, any business interest expense or business interest income, the 23 percent pass-through income deduction & any NOL deduction. Interest deduction is not limited for any taxpayer that meets a $15 million gross receipts test, is a regulated public utility business (including electric cooperatives) or a real property business. Farming businesses may elect not to be subject to limitation provided they use ADS method to depreciate farming property with recovery period of 10 years or more(3)Includes entertainment, amusement or recreation activities; does not include qualified meal expenses
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Dividends received deduction
70 & 80 percent for any dividend received from
corporations owning <20 percent or ≥20 percent of
stock of another corporation, respectively(1)
Deduction amounts reduced to 50 & 65 percent
for corporations owning <20 or ≥20 percent of
stock of another corporation, respectively(1)
Deduction amounts reduced to 50 & 65 percent
for corporations owning <20 or ≥20 percent of
stock of another corporation, respectively(1)
Deduction for domestic production activities
Up to 9 percent for domestic production
activities
Repealed (effective for taxable years beginning
after 12/31/2017)
Repealed (effective for taxable years beginning
after 12/31/2018 for corporations; 12/31/2017
for other taxpayers)
Research & development credit
Tax credit available to businesses that develop
new or improved products or processes
Explicitly retained(2) Explicitly retained(3)
(1)Deduction is 100 percent of dividend received where member of the same affiliated group. (2)For tax periods beginning after 12/31/2022, certain research & experimentation expenses, including software development costs, would be required to be capitalized & amortized over a five-year period. For foreign research projects, this amortization period Increases to 15 years(3)For tax periods beginning after 12/31/2025, certain research & experimentation expenditures, including software development costs but excluding land acquisition & improvement costs & mine (including oil & gas) exploration costs, would be required to be capitalized & amortized over a five-year period. For foreign research projects, this amortization period increases to 15 years. Upon retirement, abandonment or disposition of property, any remaining basis would continue to be amortized over remaining amortization period.
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Low income housing credit
Tax credit available to owners of qualified
residential rental buildings in low-housing projects
Explicitly retained Explicitly retained
Work opportunity tax credit
Nonrefundable tax credit for 40 percent of qualifying
wages paid to certain employees who qualify as
members of disadvantaged groups
Repealed Not addressed
Employer credit for paid family & medical leave
Not addressed Not addressed
Tax credit available to eligible employers of 12.5 percent of wages paid to
qualifying employees during any period such
employees are on family & medical leave if payment rate under program is 50
percent of wages normally paid(1)
(1)Credit increased by 0.25 percentage points (but not above 25 percent) for each percentage point by which rate of payment exceeds 50 percent. Credit is effective for wages paid in tax years beginning after 12/31/2017 & before tax years beginning after 12/31/2019
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Qualified opportunity zones
Not addressed Not addressed
Deferral/permanent exclusion of capital gains
reinvested in a corporation or partnership that invests at least 90 percent of its
assets in qualified opportunity zone property,
which are targeted at certain low-income
community population census tracts to be
established in each state
Unused business credits
Deduction allowed for unused business credits;
carried back one year; carried forward 20 years
Repealed Not addressed
Deduction for settlements paid in
connection with sexual harassment or sexual
abuse
Generally deductible as ordinary & necessary trade
or business expenseNot addressed
No deduction for settlement, payout or
attorney fees related to sexual harassment or
sexual abuse if payments subject to a nondisclosure
agreement
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Required application of Section 263A uniformcapitalization rules to
inventory
Gross receipts > $10million for property
acquired for resale; no threshold for manufactured
property
Gross receipts > $25 million for property
acquired for resale or manufactured property
Gross receipts > $15 million for property
acquired for resale or manufactured property
Required use of percentage-of-
completion method for long-term contracts
Gross receipts > $10 million
Gross receipts > $25 million
Gross receipts > $15 million
Cash method of accounting
Allowed for C corporations that do not exceed $5
million gross receipts test
C corporations with less than $25 million of gross
receipts
C corporations with less than $15 million of gross
receipts
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HIGHLIGHTS OF TAX BILLS COMPAREDBusiness
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Untaxed accumulated foreign earnings
Not addressed
14 percent rate for cash/cash equivalents, 7
percent otherwise, payable over eight years
14.5 percent for cash/cash equivalents, 7.5 percent otherwise, payable over
eight years
Future foreign earningsWorldwide income tax based on residence &
source
Territorial system with base erosion provisions(1)
Territorial system with base erosion provisions(1)(2)
Interest-charge domestic international sales
corporation (IC-DISC)
Taxation on profits generated by small U.S. manufacturers from U.S. manufactured products sold overseas can be deferred indefinitely &
reinvested into the business
Retained Retained
(1)100 percent of foreign-sourced portion of dividends paid by foreign corporation to U.S. corporate shareholder owning 10 percent or more of foreign corporation’s stock exempt from U.S. taxation. No foreign tax credit or deduction allowed for any foreign taxes paid or accrued with respect to any exempt dividend(2)Provides an election to preserve NOLs & coordinate NOL, overall foreign loss & foreign tax credit carryforward rules upon transition
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Individual rates on ordinary income
Seven brackets with top rate of 39.6 percent*
Four brackets of 12, 25, 35 & 39.6 percent*
Seven brackets with top rate of 38.5 percent*^
Capital gains rateTop rate of 20 percent* No change No change
Nonpassive losses from flow-through entity
Deductible to extent sufficient tax basis exists
No change
Nonpassive losses limited to $250,000, $500,000 for married filing jointly (MFJ);
excess loss treated as NOL & carried forward
Carried interest
Capital gains rate after one-year holding period for
interests received in exchange for performance
of services
Capital gains rate after three-year holding period
Capital gains rate after three-year holding period
Alternative Minimum Tax
28 percent top rate; exemption of $53,900 for single filers ($83,800 for
MFJ)
Repealed(1)
28 percent top rate; exemption of $70,300 for
single filers ($109,400 MFJ)
*Plus 3.8 percent net investment income tax on unearned income when modified adjusted gross income exceeds $200,000^Expires after 12/31/2025, except amounts would continue to be indexed for inflation using chained measurement of the Consumer price index where applicable(1)Taxpayers with AMT credits going into 2018 would be able to claim 50 percent of those credits per year from 2019 to 2021 with balance in 2022
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Standard deduction$6,500 for single filers
($13,000 MFJ)(1)
$12,200 for single filers ($24,400 MFJ)
$12,000 for single filers ($24,000 MFJ)^
Personal exemption$4,150(1) Repealed Repealed^
Child tax credit$1,000; phaseout at
$75,000 for single filers ($110,000 MFJ)
$1,600 ($1,000 refundable); phaseout at $115,000 for single filers
($230,000 MFJ)
$2,000 ($1,000 refundable); phaseout
beginning at $500,000 for single filers ($1 million
MFJ)^
Family flexibility credit Not addressed
$300 credit for taxpayer & spouse who are neither a
child nor a nonchild dependent (through 2022); phaseout at $115,000 for
single filers ($230,000 MFJ)
$500 nonrefundable credit for dependents other than
qualifying children; phaseout at $250,000 for
single filers ($500,000 MFJ)^
^Expires after 12/31/2025, except amounts would continue to be indexed for inflation using chained measurement of the consumer price index where applicable(1)Subject to phaseout based on adjusted gross income (AGI) under current law. This limitation would be repealed under both the House & Senate bills, except would revert back to its form before 1/1/2018 after 12/31/2025 under the Senate bill
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Affordable Care Act
individual mandate
Individuals not covered by health plan that provides at
least minimum essential coverage must pay individual shared
responsibility payment(1)
Not addressed
Individual shared responsibility payment
reduced to zero for months beginning after 12/31/2018
Exclusion for gain from sale of principal
residence
Exclusion up to $250,000 for single filers ($500,000 MFJ) of gain from sale of principal residence where home used as principal
residence for at least two of previous five years
Require home to be principal residence for at
least five of previous eight years; phaseout for higher-
income taxpayers
Require home to be principal residence for at
least five of previous eight years^
Discharge of certain student loan indebtedness
Generally included in taxable income unless
certain exceptions apply
Income from discharge of student loan debt on
account of death or total & permanent disability of student excluded from
taxable income
Income from discharge of student loan debt on
account of death or total & permanent disability of student excluded from
taxable income
^Expires after 12/31/2025, except amounts would continue to be indexed for inflation using chained measurement of the Consumer price index where applicable(1)Tax imposed for any month an individual does not have minimum essential coverage unless an exception applies. Tax for any calendar month is one-twelfth of tax calculated as an annual amount. Annual amount is equal to greater of flat dollar amount (lesser of sum of individual annual dollar amounts for members of taxpayer’s family or 300 percent of adult individual dollar amount of $695 for 2018) or excess income amount (2.5 percent of excess of taxpayer’s household income for taxable year over threshold amount of income for requiring taxpayer to file income tax return)
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Recharacterization of certain IRS & Roth IRA
contributions
Contributions to a traditional IRA permitted to
be recharacterized as contribution to a Roth IRA
or vice versa; permits recharacterization of
conversions
Repealed Repealed
Education tax credits
Three higher education tax credits provided: American
Opportunity Tax Credit (AOTC), Hope Scholarship Credit & Lifetime Learning
Credit
Three credits consolidated into one enhanced AOTC providing 100 percent tax credit for first $2,000 of
qualified education expenses & 25 percent for next $2,000, a lower $500
refundable portion & an additional year of eligibility
Elementary & secondary school expenses up to
$10,000 treated as qualified expense for Section 529 plans(1)
(1)Reverts back to its form before 01/01/2018 after 12/31/2025
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual – Above-the-line deductions
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Above-the-Line Deductions
Educator expense
Deduction up to $250 ($500 MFJ) for qualified
expenses paid by qualified educators
Repealed
Deduction up to $500 ($1,000 MFJ) for qualified expenses paid by eligible educators; expires after
12/31/2025
Qualified moving expenses
Deduction for expense paid for moving at least 50 miles in connection with a
job or business
Repealed except for active-duty members of U.S. Armed Forces who
move pursuant to military order
Repealed(1)
Alimony paid
Deduction for qualifying amounts paid under a divorce or separation
instrument
Repealed (both deduction & income inclusion)
No change
(1)Reverts back to its form before 1/1/2018 after 12/31/2025
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual – Above-the-line deductions
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Above-the-Line Deductions
Student loan interest deduction
Deduction for qualified student loan interest paid
during year for nondependent taxpayers
with AGI less than $80,000 single ($160,000 MFJ)
Repealed No change
Tuition & feesDeduction for qualified
tuition & fees paid during year
Repealed Not addressed
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual – Itemized deductions
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Itemized Deductions*
Medical & dental expense
Deduction for out-of-pocket expenses paid or incurred
during year to extent expense exceed 10
percent of AGI
Repealed
For 2017 & 2018, deduction for out-of-pocket expenses paid or incurred
during year to extent expenses exceed 7.5
percent of AGI; repealed thereafter
State & local income tax expense
Deduction for income or sales taxes paid or
incurred during yearRepealed
Repealed except where deductible on Schedules
C, E or F(1)
Real estate & personal property tax expense
Deduction for taxes paid or incurred during year
Deduction for real property tax not related to trade or
business capped at $10,000; no deduction for
personal property tax except related to trade or
business
Deduction for real property tax not related to trade or
business capped at $10,000; no deduction for
personal property tax except related to trade or
business(1)
*Subject to phaseout based on adjusted gross income (AGI) under current law, i.e., the “Pease” limitation. This limitation would be repealed under both the House & Senate bills, except would revert back to its form before 01/01/2018 after 12/31/2025 under the Senate bill(1)Reverts back to its form before 01/01/2018 after 12/31/2025
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual – Itemized deductions
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Itemized Deductions*
Home mortgage interest expense
Deduction for mortgage interest paid or incurred on
up to $1 million of acquisition indebtedness & $100,000 of home equity
indebtedness
Deduction limited to interest paid on first
$500,000 of indebtedness(1); no
deduction allowed for interest paid on second homes & home equity
loans; phaseout repealed
Modified to eliminate deduction for interest paid
on home equity loans;phaseout repealed(2)
Gifts to charity
Deduction for charitable contributions made during year; deduction for cash
contributions limited to 50 percent of AGI
Deduction for cash contributions modified to increase AGI limitation to 60 percent; deduction for amounts paid to colleges
for right to purchase tickets for athletic events
eliminated
Deduction for cash contributions modified to increase AGI limitation to
60 percent(2)(3)
*Subject to phaseout based on adjusted gross income (AGI) under current law, i.e., the “Pease” limitation. This limitation would be repealed under both the House & Senate bills, except would revert back to its form before 01/01/2018 after 12/31/2025 under the Senate bill(1)Would apply for homes purchased after 11/2/2017. Interest deductions for existing mortgages would remain unchanged(2)Reverts back to its form before 01/01/2018 after 12/31/2025(3)Would repeal exception to contemporaneous written acknowledgment requirement for contributions of $250 or more when done organization files required return effective for contributions made in tax years beginning after 12/31/2016
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HIGHLIGHTS OF TAX BILLS COMPAREDIndividual – Itemized deductions
Proposal Current Tax LawHouse Bill
(Passed 11/16/2017)
Senate Bill
(Passed 12/02/2017)
Itemized Deductions*
Personal casualty & theft losses
Deduction for casualty & theft losses incurred
Repealed except special above-the-line deduction for
losses provided withinDisaster Tax Relief &
Airport and Airway Extension Act of 2017
Eliminated except for losses incurred within a
major disaster area under the Robert T. Stafford
Disaster Relief & Emergency Assistance Act
of 2016(1)
Miscellaneous itemized deductions subject to 2
percent of AGI floor
Deduction for tax preparation fees,
unreimbursed employee expenses & other
miscellaneous items paid during year to extent they exceed 2 percent of AGI
Tax preparation fees & unreimbursed employee expense repealed; other miscellaneous itemized
deductions not addressed
Repealed(1)
*Subject to phaseout based on adjusted gross income (AGI) under current law, i.e., the “Pease” limitation. This limitation would be repealed under both the House & Senate bills, except would revert back to its form before 01/01/2018 after 12/31/2025 under the Senate bill(1)Reverts back to its form before 01/01/2018 after 12/31/2025
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TAX PLANNING FOR TAX REFORMIndividual brackets
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TAX PLANNING FOR TAX REFORMIndividual brackets
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TAX PLANNING FOR TAX REFORMDeduction/credit/
exemption examples
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TAX PLANNING FOR TAX REFORMDeduction/credit/
exemption examples
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TAX PLANNING FOR TAX REFORMWhat are some tax planning considerations?
Year-end planning environment is dynamic & uncertain
Taxpayers who expect tax reform & tax rates to decline may consider tax planning strategies to accelerate deductions & defer income
Maintaining flexibility will be key in implementing a strategy for possible tax reform as more details are revealed
The potential tax benefit of any planning strategy implemented should not overshadow the business & economic effect
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TAX PLANNING FOR TAX REFORMWhat are some year-end strategies for individuals?
Evaluate timing of when you receive income
Recognize losses & defer gains
Evaluate IRA & annuity distributions
Evaluate Roth conversions & recharacterizations
Consider impact of the AMT
Evaluate timing of your itemized deductions
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TAX PLANNING FOR TAX REFORMWhat are some year-end strategies for businesses?
Choice of entity considerations
Accounting method changes
Cost segregation studies
Capital improvement planning
Charitable contributions
International effect & E&P studies
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MISC. ITEMS
Audit trends & experiences
Federal notices
ACA compliance notices
Arkansas notices
Identity theft
Other items
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Keep Up with What’s Next
• BKD Tax Reform Resource Center
• bkd.com/taxreform
• Simply Tax podcast
• bkd.com/simplytax
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Questions?Ernie Skyrme, CPA
12/7/2017
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The information contained in these slides is based on
data available as of the date of the presentation & is not
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information to your situation requires careful
consideration of facts & circumstances. We are under no
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covered
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