Tax Reform Legislation Analysis

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This webinar presented a broad overview of pending tax legislation and provided details on how the current Federal tax legislation proposals will affect individuals, families, and small and large businesses. The presenters also identiied planning opportunities for businesses to ensure that opportunities for tax minimization are realized and pitfalls are avoided. Participants will understand how the potential tax legislation will affect themselves individually, their families, their businesses, and how to plan for future tax liabilities.

Business

Tax Reform Legislation
Analysis
An overview of the Tax Cuts and Jobs Act of 2017

About Us
Mark Heath, CPA
Partner and Director of Tax
mheath@macpas.com
Dan Matarrese, CPA
Senior Manager and Director of
Individual Tax Services
dmatarrese@macpas.com

Individual Taxes – The Key Aspects
Tax Rates:
• Under pre-Act law, individuals were subject to six tax rates: 10%,
15%, 25%, 28%, 33%, 35%, and 39.6%.
• For tax years beginning after Dec. 31, 2017 and before Jan. 1,
2026, seven tax brackets apply for individuals: 10%, 12%, 22%,
24%, 32%, 35%, and 37%.
• The Act also provides four tax brackets for estates and trusts: 10%, 24%,
35%, and 37%

Individual Taxes – The Key Aspects
• Standard Deduction Increased (almost doubled)
• Personal Exemptions – Suspended
• Child Tax Credits – Increased and Expanded
• State and Local Tax Deduction Limited – Up to $10,000
• Mortgage Interest Deduction – Limited to $750,000 of
principal

Individual Taxes – The Key Aspects
• Charitable Deduction – AGI % Up to 60%
• Miscellaneous Itemized Deductions – Suspended
• “Pease Limitation” – Suspended
• AMT Retained – With higher exemptions
• New Deduction for Pass-through Income*

Corporate Taxes – The Key Aspects
• C-Corp Rates:
• Graduated tax rate replaced by a flat rate of 21%
• AMT – Repealed
• Depreciation – Many Changes
• DPAD – Sec. 199 – Repealed
• Some changes to various deductions

Discussion and Questions
Mark Heath, CPA
Partner and Director of Tax
mheath@macpas.com
Dan Matarrese, CPA
Senior Manager and Director of
Individual Tax Services
dmatarrese@macpas.com

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As a follow up to the webinar we did in December, this webinar will dig in a little deeper into what we believe are the most impactful and relevant aspects of the Tax Cuts and Jobs Act of 2017 for both individuals and businesses. We will also identify planning opportunities for businesses to ensure that opportunities for tax minimization are realized and pitfalls are avoided. During the webinar, participants will understand how the potential tax legislation will affect themselves individually, their families, their businesses, and how to plan for future tax liabilities.

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This webinar was hosted by McKonly & Asbury Partner, Michael Hoffner and Senior Managers, Josh Bantz and Samuel BowerCraft. The webinar reviewed he new Trust Services Criteria that will be effective for SOC 2 and SOC 3 reports issued after December 15, 2018. The emphasis of this webinar was on evaluating the changes to the criteria, impacts on the report, and processes and procedures for transitioning from the 2016 Criteria to the 2017 Criteria. The presenters looked in-depth at how clients should map their controls from the 2016 Trust Services Criteria to the 2017 Trust Services Criteria including challenges with the new criteria.

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The document provides an overview of federal and state historic tax credits (HTC) for rehabilitating income-producing historic buildings. It discusses the qualifications for the credits, how to apply, calculating qualified rehabilitation expenditures, cost certifications, case studies, and tax implications. The 20% federal HTC is a dollar-for-dollar reduction in tax liability, while Pennsylvania offers a 25% state credit. Proper use of the credits can provide millions in equity for rehabilitation projects.

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This webinar focused on the ins and outs of purchasing a business. The objectives of this webinar were to provide the attendees with tips and tools to use as a buy side party in a transaction. More specifically, the participants came away with a basic knowledge of how to approach and communicate with targets, how to analyze a target, the due diligence process, and what to expect at close and post-closing of a transaction. The presenters discussed the process from start to finish with a focus on the following areas: - What do you want to be and where do you want to go? – First step is to identify the type of business that best fits your overall business plan and strategy (culture, size, business lines, etc.). - Preliminary process – How to identify targets, use of professionals, development of a professional, and internal advisory team. - Transaction process – Initial discussions, development of an LOI, transaction type, and due diligence. - Closing process – Purchase document, delivery of assets or working capital, and final adjustments. - Post-closing – Now What?

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This webinar discussed the purpose of data analytics and how it can be a light in the darkness for your organization to make better decisions for the future. The webinar covered the purpose of data analysis and its definition, the fundamental steps to take to perform data analysis to problem solve, and closed with next steps that attendees can take to further develop data analysis and business intelligence within their organizations. During this webinar, attendees learned about the following: - How data analytics functions to help your organization improve. - The process for using data analytics to solve problems. - Next steps to take to build data analysis within your organization.

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This webinar was geared to those in the process of business transition. Whether looking to sell your business, transition your business to a future generation, or expand your business through acquisition, this webinar focused on key concepts from a financial and tax structure that all business owners should consider in advance of any business related transition. The webinar discussed matters of preliminary planning and preparation for transition, understanding business value, tax consequences and tax structuring matters, pitfalls to avoid, and other unintended consequences.

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As the United States has become both a tax and privacy haven, wealthy families from around the world are seeking U.S. trust solutions. This webinar examined various worldwide factors for this historic movement of money into the United States, including FACTA, CRS, secrecy vs. privacy, and asset protection. This presentation also considered and objectively compared U.S. trust jurisdictions, accentuating the vital importance of selecting the correct U.S. trust situs for international families. The presentation concluded with a discussion of various privacy, tax, and asset protection planning tools available to international families in the United States.

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1. Tax Reform Legislation Analysis An overview of the Tax Cuts and Jobs Act of 2017

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3. Individual Taxes – The Key Aspects Tax Rates: • Under pre-Act law, individuals were subject to six tax rates: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. • For tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, seven tax brackets apply for individuals: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. • The Act also provides four tax brackets for estates and trusts: 10%, 24%, 35%, and 37%

4. Individual Taxes – The Key Aspects • Standard Deduction Increased (almost doubled) • Personal Exemptions – Suspended • Child Tax Credits – Increased and Expanded • State and Local Tax Deduction Limited – Up to $10,000 • Mortgage Interest Deduction – Limited to $750,000 of principal

5. Individual Taxes – The Key Aspects • Charitable Deduction – AGI % Up to 60% • Miscellaneous Itemized Deductions – Suspended • “Pease Limitation” – Suspended • AMT Retained – With higher exemptions • New Deduction for Pass-through Income*

6. Corporate Taxes – The Key Aspects • C-Corp Rates: • Graduated tax rate replaced by a flat rate of 21% • AMT – Repealed • Depreciation – Many Changes • DPAD – Sec. 199 – Repealed • Some changes to various deductions

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