Tag Archive for ‘income tax’

AMT Changes Made in the Tax Cuts and Jobs Act

As tax reform negotiations pressed forward last year, there were high hopes that the dreaded individual alternative minimum tax (AMT) would be repealed. While the corporate AMT was abolished permanently, unfortunately, the individual AMT still exists under the Tax Cuts and Jobs Act (TCJA). However, the AMT rules are now more taxpayer-friendly, and other changes to the tax code reduce… Read More ›

Expiring Provisions of the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) added numerous temporary provisions to the tax code. Temporary tax law can be difficult to track and compliance can be expensive. Earlier this year, the Joint Committee on Taxation released a guide to expiring tax provisions, sorted by year of expiration. The table below shows how many items in the tax code will… Read More ›

Tax Reform Toolkit: Understanding Changes to the Net Operating Loss Deduction

Before the Tax Cuts and Jobs Act (TCJA) went into effect, a business’s net operating losses (NOLs) could generally be carried back two years and carried forward 20 years to offset taxable income. Tax reform, however, repealed the two-year carryback allowance and other special carryback provisions for losses arising in tax years beginning after Dec. 31, 2017. The TCJA also… Read More ›

Property Tax Revenue Keeps Climbing

NAHB analysis of the Census Bureau’s quarterly tax data shows that $549 billion in taxes were paid by property owners over the four quarters ending in Q1 2017.[1] This represents an $8 billion—or 1.5%—increase over the previous trailing four quarters.  After slowing in three consecutive quarters, the growth rate of property tax receipts has now accelerated over the last two and remains robust… Read More ›