In July 2018, the United States Trade Representative (USTR) announced its intention to levy tariffs on a series of imports from China. USTR rolled out proposed tariffs in three waves, with the third list (List 3) covering approximately $200 billion worth of Chinese imports. The List 3 goods comprises 5745 items, approximately 450 of which…
Property taxes vary widely across states both in terms of annual taxes paid as well as effective tax rates. In 2017, the difference between average real estate taxes paid by New Jersey and Alabama home owners was nearly $8,000. New Jersey continued its perennial distinction as having the highest average real estate tax bill per…
The Tax Cuts and Jobs Act (TCJA), signed into law in late 2017, created a new section of the tax code—199A. Section 199A provides a 20% deduction for “qualified business income” generated by pass-thru entities such as LLCs, partnerships, and S-corporations. The law went a long way to help small business owners compete, but left…
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pressed forward last year, there were high hopes that the dreaded individual alternative minimum tax (AMT) would be repealed.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…
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…
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 Tax reform, however, repealed the two-year carryback allowance and other special carryback provisions for losses arising in tax years beginning after Dec….
The business interest deduction has been a staple of the tax code for over a century. Deducting interest is important in home building, as debt is a critical financing tool and access to equity markets is challenging for the majority of home builders. The new tax law alters the business interest deduction (BID) by placing…
