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TAX REFORM: A NEW DEDUCTION FOR INDIVIDUALS - 20% QUALIFIED BUSINESS INCOME DEDUCTION

The Tax Cuts and Jobs Act provided non-corporate taxpayers (e.g., S-corporations, partnerships, limited liability companies, and sole proprietorships)

Welcoming the New Year -- Recap of Federal Gas Tax Proposals, 2018 Pennsylvania Toll Increases and Pennsylvania Gas Tax Reductions

The Commonwealth of Pennsylvania decreased both the wholesale motor fuels tax and the diesel fuels tax on gasoline by .006 cents on January 1, 2018. Despite

Like-Kind Exchanges No Longer Available for Personal Property

Effective after December 31, 2017, the Tax Cuts and Jobs Act (“the Act”) repeals the favorable deferral of gain generated by like-kind exchanges

One-Year Extension of the Alternative Fuel Excise Tax Credit for 2017

This article was in collaboration with Keith Donnelly. The Alternative Fuel Credit is a refund of federal excise taxes that many companies in the transportation

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New Limitation on Business Losses of Pass-through Entities

The Tax Cuts and Jobs Act expands certain limitations on losses for non-corporate taxpayers. The new provisions limit the aggregate amount of deduction

Changes to the Entertainment Expense

The Tax Cuts and Jobs Act permanently repealed most business deductions related to entertainment, amusement or recreation activities or a facility used

Standard Mileage Rate for 2018 Announced

For 2018, the standard mileage rate for the use of a car, van, pickup, or panel truck will increase to 54.5 cents per mile for business miles driven (53.5

Significant Tax Savings Now Available for Purchased Equipment and Other Tangible Property

The Tax Cuts and Jobs Act provides an enormous tax benefit to taxpayers investing in capital asset additions: the Act increases the bonus depreciation

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New Tax Law Offers Many Opportunities for Transportation Companies

The new tax law commonly referred to as the Tax Cuts and Jobs Act of 2017 (“The Act”) will provide many opportunities – and a few challenges

IRS ANNOUNCES 2018 STANDARD MILEAGE RATES

The Internal Revenue Service (IRS) has announced the optional 2018 standard mileage rates (Notice 2018-03) used to calculate the deductible costs of operating

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