Tax Reform Toolkit

House Republicans Introduce ‘Tax Reform 2.0’ bills

Filed in Capitol Hill, Tax Reform Toolkit by on September 11, 2018 0 Comments
House Republicans Introduce ‘Tax Reform 2.0’ bills

House Republicans yesterday unveiled their long-anticipated package of tax changes, which are intended to build on the enactment of last year’s Tax Cuts and Jobs Act. Known as Tax Reform 2.0, it is actually a package of three bills. The House Ways and Means Committee is expected to take up the bills quickly, possibly later this week.

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NAHB Asks IRS to Clarify Key Questions on Opportunity Zones

Filed in Tax Reform Toolkit by on September 11, 2018 0 Comments
NAHB Asks IRS to Clarify Key Questions on Opportunity Zones

NAHB has joined the Bipartisan Policy Center and eight other national organizations to ask Acting Internal Revenue Service Commissioner David Kautter to issue guidance on key issues facing investors interested in opportunity zones, established as part of the Tax Cuts and Jobs Act of 2017.

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What You Need to Know About the 20% Pass-Through Deduction

Filed in Codes and Regulations, Tax Reform Toolkit by on September 4, 2018 0 Comments
What You Need to Know About the 20% Pass-Through Deduction

The Tax Cuts and Jobs Act signed into law late last year created a new section of the tax code that provides a 20% deduction for “qualified business income” generated by pass-through entities such as LLCs, partnerships and S-corporations. The IRS published proposed regulations to provide clarity to the law and NAHB breaks down what it means.

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What Happened to the Alternative Minimum Tax?

Filed in Codes and Regulations, Tax Reform Toolkit by on July 5, 2018 0 Comments
What Happened to the Alternative Minimum Tax?

While the corporate alternative minimum tax (AMT) was abolished permanently by recent legislation, the individual AMT still exists. However, the rules are now more taxpayer friendly, and other changes to the tax code reduce the odds that NAHB members will owe the AMT while the changes are in effect. Here’s the details.

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Expiring Provisions of the Tax Cuts and Jobs Act

Filed in Economics, Tax Reform Toolkit by on June 21, 2018 0 Comments
Expiring Provisions of the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA), signed into law at the end of 2017 by President Trump, added 52 temporary provisions to the tax code that will expire between this year and 2027. Nearly half of these expiring tax provisions will lapse at the end of 2025, many of which are of most interest to […]

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Tax Reform and Net Operating Losses

Filed in Economics, Tax Reform Toolkit by on June 1, 2018 0 Comments
Tax Reform and Net Operating Losses

For businesses, the deduction for net operating losses is now limited to 80% of taxable income (which is determined without regard to the new 20% pass-thru deduction). In other words, business owners may no longer use NOLs to reduce tax liability to zero.

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About Those Changes to the Business Interest Deduction

About Those Changes to the Business Interest Deduction

The new tax law places limitations on the business interest deduction and the treatment of business interest expenses. The good news: An exception was made for real estate businesses.

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How to Make Sense of the Tax Law Changes

How to Make Sense of the Tax Law Changes

The Tax Reform Toolkit is a series of blog posts featured on Eye on Housing that are designed to help builders and remodelers make sense of the changes in tax law as a result of the legislation passed in December. So far, three articles have helped illustrate key points of the pass-through deductions.

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Pass-Through Income: What if You Have More?

Filed in Economics, Tax Reform Toolkit by on March 27, 2018 2 Comments
Pass-Through Income: What if You Have More?

When pass-through income exceeds certain levels, taxpayers must know three amounts before they can calculate their allowable deductions. This Tax Reform Toolkit post explains how it works.

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‘Qualified Business Income’ and You

Filed in Economics, Tax Reform Toolkit by on March 12, 2018 0 Comments
‘Qualified Business Income’ and You

One of the truly new aspects of the tax code signed into law by President Trump is the 20% deduction available to “pass-through” businesses (i.e. LLPs, LLCs, and S-corps). It was a centerpiece of the tax bill, and one which most small business owners have heard about. Nevertheless, it warrants a lot of explanation because it is a lot more complex than it sounds.

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