business KLR’s Top Tax, Business and Hospitality Blogs of 2018 January 25, 2019 Looking for the latest and greatest blog posts on the Tax Cuts and Jobs Act, employee benefit plans, hospitality matters and more? Look no further! What interested our readers most in 2018? The Tax Cuts and Jobs Act (TCJA)…without a doubt! As businesses and individuals worked to navigate this huge tax overhaul, many relied on KLR’s guidance on how the TCJA would impact their individual situations. In case you missed them, here are the top 10 most popular posts from 2018. The New Tax Law and its Impact on Itemized Deductions by Peri Ann Aptaker. From the new tax brackets, to the changes of many itemized deductions, the new tax laws have many people trying to figure out how they will be impacted. Itemized deductions including SALT deductions, medical deductions and mortgage interest deductions have been impacted…see how you might be affected. Tax Reform FAQs: How are Prior NOL Carryforwards Treated? By Laura Yalanis. How does the 2017 Tax Cuts and Jobs Act change how net operating losses (NOLs) will be treated? Will NOLs incurred prior to 2018 be impacted? The Investment Interest Expense Deduction by Celia Merullo. If you borrow money to buy assets held for investment, you may be able to take advantage of the investment interest expense deduction. Five Internal Controls for Handling Cash in Your Organization by Adriana Maurano. Keeping cash on hand in your business? It’s a good idea to have a safety net, but be sure to have internal controls in place. Record Retention Guidelines for Employee Benefit Plan Sponsors by Jessica Ashley. You might be wondering what files you can throw away to prepare for the New Year.. Employee benefit plan sponsors have unique requirements when it comes to record retention—learn more. Tax Reform FAQs: Is the AMT Repealed? By Dave Desmarais. The dreaded Alternative Minimum Tax....did it survive the Tax Cuts and Jobs Act? There are some noteworthy changes made by the TCJA that you’ll want to know about. The Mortgage Interest Deduction After the Tax Cuts and Jobs Act by Harold Shapiro. The massive tax overhaul presents many changes to individual tax deductions. Wondering if you can still deduct home mortgage interest? Find out here. Tax Reform’s Impact on the Hospitality Industry by Laura Yalanis. The original tax reform bill called for the elimination of the work opportunity tax credit immediately, rather than waiting until the current law expires on December 31, 2019. It also called for a reduction in the FICA Tip Credit benefit. Fortunately, these provisions were dropped from the final bill that was signed into law. Tax Reform FAQs: Are Personal Exemptions and Standard Deductions Still Allowed? By Laura Yalanis. For 2018 through 2025, the TCJA suspends personal exemptions, which will certainly increase taxable income for large families. Also, note that the TCJA nearly doubles the standard deductions for 2018. Should You Rethink Your Marketing Plan under the New Tax Law? By Mitchell Halpern. With the meals and entertainment deduction reduced under the TCJA, companies will want to rethink their budgets….but that doesn’t mean hacking your marketing budget in half…learn more. Check these blogs out for helpful information about your business and tax liabilities. Feel free to reach out to us if you have any questions. We can help you navigate the Tax Cuts and Jobs Act.
