Tax reform

Bloomberg Tax and Paychex have updated their technology to take into account the sweeping changes in the Tax Cuts and Jobs Act.

They dodged a number of bullets, and other code changes could spur more giving, experts say.

Businesses—especially smaller firms—may scale back on treating clients to major league baseball games, golf outings and the like after Congress and President Donald Trump ended a tax break for such entertainment.

In liberal bastions like metro New York and California, the Trump tax overhaul has been criticized as economic warfare. But as elements of the plan come into focus, tax experts are concluding that some of the most dire predictions for high-tax blue states—particularly surrounding the treatment of state and local taxes—may not pan out as feared.

Even though Congress passed the biggest tax overhaul in more than 30 years only a few weeks ago, there’s likely to be more tax-related legislation coming out in the very near future.

The New Jersey Society of CPAs is warning taxpayers in the Garden State that the New Jersey Division of Taxation isn’t letting them deduct the 2018 property taxes they prepaid last year on their 2017 state return after passage of the Tax Cuts and Jobs Act, though the move could still be helpful in terms of federal taxes.

The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.

Wal-Mart Stores Inc. is boosting its starting hourly wage to $11 and delivering bonuses to employees, capitalizing on the U.S. tax overhaul to stay competitive in a tightening labor market.

The Financial Accounting Standards Board issued a one-page Q&A document Thursday from its staff letting private companies and nonprofits apply recent staff guidance from the Securities and Exchange Commission on the tax accounting implications of the recently passed Tax Cuts and Jobs Act and plans future Q&A documents, along with an accounting standards update.

Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up—provided their fiscal years don’t follow the calendar year.

National Taxpayer Advocate Nina Olson outlined concerns about how the Internal Revenue Service will be able to implement the new tax law after a series of budget cuts, in her new report to Congress.

Call it the liberal (arts) penalty. This year’s tax overhaul slapped a 1.4 percent levy on the annual investment income of the wealthiest private university endowments. Republicans targeted the measure so narrowly that it ended up as a tax almost entirely on elite blue-state institutions.

Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits.

The Tax Cuts and Jobs Act that President Trump signed into law last month limits the tax deductions that accountants, lawyers and some other types of professionals can claim, reflecting some of the rules for Qualified Small Business Stock.

President Donald Trump told a group of farmers on Monday that recent tax cuts and deregulation will revitalize the U.S. rural economy.

Confusion over reform legislation will bring clients in -- but it won't guarantee that they return.

Ranking Dems are worried the Internal Revenue Service might succumb to political pressure to make it appear that tax cuts are larger than they really are.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

For Big Oil, the U.S. tax overhaul is turning out to be a mixed bag, especially for companies that drill overseas.

Morgan Stanley said it will take a roughly $1.25 billion hit to earnings in the fourth quarter, becoming the latest bank to detail how profit will be hurt in the near term by the U.S. tax overhaul driven by President Donald Trump.