2018 has elicited a flurry of tax changes, developments, and reactions.
What are some of the major milestones that have passed and the key
dates remaining?
A Monumental Year of Changes
Tax Planning Timeline
“While it has always been important for companies to remain nimble and maintain a high care factor, both attributes are now critical for businesses to succeed in the post-tax reform environment. Companies can expect legislative technical corrections and administrative guidance to come down the pike, so it’s imperative that they do what they can to plan today, and remain ready to respond to any further word on tax reform from Congress, the Treasury Department, or the Internal Revenue Service.”
Partner, BDO’s National Tax Office
Todd Simmens
2017 / Fourth quarter
2018 / FIRST quarter
Dec 22
President Trump signed what is commonly known as the Tax Cuts and Jobs Act (TCJA) into law, marking one of the most significant rewrites of the tax code in decades.
Curious what the major changes are?
Read our Tax Reform FAQs.
Jan 1
2018 / SECOND quarter
U.S. Treasury and IRS Issue Notice 2018-13
Partnerships & S Corporation
Calendar Year Tax Return Deadline
Apr 1
May 15
Apr 17
Q1 2018 Estimated Tax Payment Deadline
IRS Issues Fiscal Year 2018-2022 Strategic Plan
Tax Return Deadline for
U.S. Citizens or Residents Abroad
2018 / THIRD quarter
Aug 15
Sept 17
2018 / FOURTH quarter
Dec 18
Oct 15
You survived this year's tax deadlines–are you ready for 2019?
Get ahead of the curve by investing in tax automation and other technologies that can help you transform and optimize your tax processes.
Congratulations!
Q4 2018 Estimated Tax
Payment Due (Individuals)
"Implementing tax technology is a key step to efficient and accurate total tax liability assessment. To stay competitive, companies must invest their time and resources wisely to get up to speed on their tax automation, before it's too late. Companies should seize the opportunity to measure the impact of tax strategies outside of the tax department to get a holistic view of tax liabilities across their business and identify tax savings opportunities."
Managing Director,
Tax Performance Engineering
Barbara Torzewski
Notice 2018-13 provides additional guidance under Section 965, “Treatment of deferred foreign income upon transition to participation exemption system of taxation,” introduced by the TCJA. It also provides guidance in connection with the repeal of Section 958(b)(4).
What’s top of mind for tax executives in 2018?
Tax Reform Enacted
Start of the 2018 Tax Year
Mar 15
Given tax reform, should you consider changing your choice of entity next year?
Here are some top considerations.
100 Days of Tax Reform
It’s been 100 days since tax reform passed. What do we already know about tax reform, what do we still need to know, and what should organizations do next? Find out:
C Corporations & Individuals Tax Return Deadline
Check out our Tax Reform Decoder or
Tax Reform Planning Checklist
Exempt Organizations Tax Return Deadline
C corporations & individuals must file a 2017
calendar year return (Forms 1040 and 1120) or request a 6-month extension (Oct. 15).
Learn about the top 10 things individuals and companies need to know about tax reform.
Individuals should make a payment of their 2018 calendar year estimated tax if they’re not paying their income tax for the year through withholding. Corporations should deposit the first installment of their estimated income tax for 2018.
Exempt organizations (nonprofits) with calendar year-ends must file a 2017 return (Form 990) or request a 6-month extension
How will tax reform affect nonprofits?
Read about the key changes or
6 tax reform issues impacting nonprofits.
May 23
The IRS released a FY 2018-2022 Strategic Plan that will help guide the agency’s programs and operations and improve taxpayer service and tax administration.
Read about the plan.
Jun 15
Q2 2018 Estimated Tax Payment Deadline
U.S. citizens or resident aliens living and working (or on military duty) outside the U.S. and Puerto Rico must pay any tax, interest, and penalties due or obtain a 4-month extension (Oct. 15).
Individuals should make a payment of their 2018 calendar year estimated tax. Corporations should deposit the second installment of their calendar year estimated income tax for 2018.
Exempt Organizations
Extended Deadline
Final deadline for exempt organizations that had requested a tax filing extension.
Partnerships & S Corporations Extended Deadline
Q3 2018 Estimated Tax Payment Deadline
Final deadline for calendar year partnerships and S corporations that had requested a tax filing extension.
Individuals should make a payment of their 2018 calendar year estimated tax if they’re not paying their income tax for the year through withholding (or won't pay enough tax that way). Corporations should deposit the third installment of their calendar year estimated income tax for 2018.
C Corporations & Individuals Extended Deadline
Final deadline for calendar year C corporations and individuals that had requested a tax filing extension. How will tax reform affect taxpayers next year?
Here’s how tax reform will impact individual taxpayers specifically.
The IRS Issued Guidance on Changes to Excess Business and Net Operating Losses
Tax reform modified existing tax law on excess business losses by limiting losses from all types of business for noncorporate taxpayers, and limiting taxpayers who can carryback net operating losses. For most, net operating losses can only be carried forward beginning for 2018 tax years.
Jan 15
Individuals should make the final payment of their 2018 estimated tax if they’re not paying their income tax for the year through withholding (or won't pay enough tax that way).
CLICK THE RED ARROWS TO LEARN MORE
Navigate through our interactive timeline to learn which upcoming dates businesses and individuals should mark on their calendars, as well as important past milestones. Along the way, we also highlight some key lessons learned and future opportunities for businesses.
cite implementing tax code changes
as their top priority for 2018.
91% of tax execs...
72% of those are...
19% of those prioritize...
Jan 19
BDO’s 2018 Tax Outlook Survey reveals all.
Learn more about tax automation:
Tax Transformation Value Drivers of Change
South Dakota v. Wayfair
Jun 21
In what is likely the most significant state tax decision in more than 50 years, the Supreme Court held that the physical presence rule for state tax jurisdiction is incorrect and not a requirement under the Commerce Clause of the U.S. Constitution.
2017 / Fourth quarter
Access the podcast recording and webinar materials for our “Tax Reform–The Effect on Nonprofits” webinar.
Learn more via the IRS Withholding Calculator.
Treasury and IRS Issue Proposed Regulations under Section 965
Aug 1
Find out what that means.
Aug 8
IRS Issues Proposed Regulations
for QBI under Section 199A
IRS issued Notice 2018-68
Aug 21
IRS issued Notice 2018-68 to provide further guidance on certain changes made to the $1 million deduction limit for compensation under Section 162(m).
Learn more.
Final Deadline for Exempt Organizations
Nov 15
are concerned with implementing federal tax changes.
19% of those prioritize...
prioritize tax code changes at the
state and local level.
72% of those are...
RETURN TO TOP
RETURN TO TOP
RETURN TO TOP
RETURN TO TOP
Read the alert.
with calendar year-ends that had requested a tax filing extension. Exempt organizations with fiscal years ending on June 30, 2018, must file their return or request a 6-month extension.
Find out what the qualified business income deduction means to business.
Learn more about the business impacts of Wayfair.
Ruling
JUMP TO QUARTER
Q1 2018
Q2 2018
Q3 2018
Q4 2018
The Proposed Regulations affect U.S. persons with direct or indirect interests in certain foreign corporations.
Treasury and IRS Issue Proposed Regulations for GILTI
Sept 13
Global intangible low-taxed income guidance for U.S. shareholders of controlled foreign corporations.
Read the alert.
IRS Tax Relief for Victims of Hurricane Florence
Jan 31
Tax deadline for hurricane victims filing individual and business tax returns.
Learn more.
IRS Issues Guidance on Business
Expense Deductions
Oct 3
Companies can still partly deduct business meals while entertaining customers.
Read the alert.
Learn more.
The regulations, while not final, provide
much-anticipated guidance.
IRS Issues Proposed Regulations on Qualified Opportunity Funds
Oct 19
IRS Issues Proposed Regulations on Section 956 Repatriation Rules
Oct 31
The proposed regulations reduce the amount determined under Section 956 for certain domestic corporations that own stock in CFCs.
Read our alert
IRS and Treasury issue Proposed Regulations on Foreign Tax Credits
Nov 28
The proposed regulations provide guidance relating to the determination of the foreign tax credit.
Treasury and IRS issue Proposed Regulations under Section 163(j)
Nov 26
The proposed regulations provide general rules and definitions along with rules for calculating the limitation in consolidated group, partnership, and international contexts.
Read our alert
Read our alert.
IRS and Treasury Issue Proposed Regulations for BEAT
Dec 13
The Proposed Regulations include guidance on which taxpayers the BEAT may apply, base erosion payments, base erosion tax benefits arising from base erosion payments, the calculation of modified taxable income, and much more.
Read our alert.
IRS Provides Guidance for Parking Fringe Expenses and Unrelated Business Taxable Income
Dec 10
The guidance indicates that until proposed regulations are issued on the calculation of the increased UBTI attributable to QTFs, organizations may use any reasonable method to calculate the increase in UBTI under Section 512(a)(7).
Read our alert
Dec 17
Q4 2018 Estimated Tax Payment Due (Corporations)
Corporations should deposit the fourth installment of their calendar year estimated income tax for 2018.
Read the IRS guidance.
Dec 21
The IRS Issued Guidance under Section 179 Expenses
For tax years beginning after 2017, the restaurant industry will see an uptick in the use of Section 179 expensing with the increase of the maximum expense amount from $510,000 to $1 million.
Learn more.
