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By now, most people have heard the term HSA or Health Savings Account.  But what is it?  A Health Savings Account combines a high deductible health insurance plan with a tax savings account.

With the passing of the Tax Cuts and Jobs Act (TCJA), tax professionals and businesses are beginning to absorb the massive changes and find some key twists in the new tax reform laws. The following information on these twists will help you navigate the new terrain.

Don’t Be GILTI

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching.

The Tax Cuts and Jobs Act (TCJA) tax reform and transfer pricing questions have become hot topics.

The role of Business Intelligence (BI) in your client’s company can be so pervasive and transformative that in many cases it can save their business.

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors.

The new lease accounting standards will require some extra time and work for many companies as they race to satisfy the new requirements.

In these new rules, two leases (finance and operating) will be required on the balance sheets.

A key portion of the new Tax Cuts and Jobs Act (TCJA) is Section 199A and its deduction of qualified business income. Section 199A allows taxpayers other than corporations a deduction of 20 percent of qualified business income that is earned in a qualified trade or business, though this has some limitations.

Tax planning will become more important than ever now that the TCJA has completely transformed the tax code landscape. There are significant implications for tax planning on every level, from individuals to businesses.