Raise Your Hand if You’re Confused — A Tax Reform Q&A #018

Now that the Tax Cuts and Jobs Act is law, the significant changes made to the tax code have created questions for taxpayers and CPAs alike. Host Damien Martin cuts through the static for listeners in our first ever Q&A episode. Here’s a look at what’s included:

Meals and entertainment changes @ 2:15 Itemized vs. the standard deduction @ 6:50 The home mortgage interest deduction after tax reform @ 8:53 Excise tax on excess executive compensation @ 10:52 Changes to tax forms with Ed Karl @ 13:26 Cryptocurrency with Sean Stein Smith @ 16:32

BIO FOR GUESTS

Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the Treasury Department and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.

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Sean Stein Smith is an assistant professor at Lehman College (CUNY), a member of the AICPA Leadership Academy Class of 2017 and a columnist at Inc. His work and analysis of accounting, blockchain and the evolution of the accounting profession has been featured in numerous practitioner and academic publications.

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ADDITIONAL RESOURCES

Flowchart: Meals & Entertainment Deduction After the Tax Cuts & Jobs Act

Article: “Tax Reform Modifications to the Deduction for Business Meals & Entertainment”

Article: “What You Need to Know If Your Business Accepted Cryptocurrencies for Payment This Year”