BLS Insights

Discover the depth of BLS knowledge and information.

Month: February 2018

Understanding the Qualified Business Income (QBI) Deduction

February 28, 2018

The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%.  This includes personal service corporations that were previously taxed at a flat rate of 35%.  However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or S corporation) … Continued

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Pennsylvania Tax Law Change That Might Impact Your Business

February 20, 2018

We are writing to make you aware of a significant change in Pennsylvania tax law that may impact your business. The changes made are for 2018 Form 1099s which will be filed in 2019. First, if you meet one of the parameters below, you are now required to withhold at the Pennsylvania stated tax rate, … Continued

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Tax Cuts and Jobs Act: Itemized Deductions

February 14, 2018

The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.

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Tax Cuts and Jobs Act: Suspended Deductions

February 08, 2018

The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.

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Effects of the Tax Cuts and Jobs Act on Nonprofit Organizations

February 05, 2018

Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax. 

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