At one time, businesses were able to claim a tax deduction for most business-related interest expense. But that changed with the enactment of the Tax Cuts and Jobs Act (TCJA). The TCJA created Section 163(j), which generally limits deductions of business interest to 30% of a company’s adjusted taxable income, with certain exceptions. This article discusses the potential impacts of the deduction limit on a company’s tax bill and offers strategies to ease the tax bite. A sidebar explains that Congress may step in to repeal the limitation or alleviate its impact.

There are many good reasons for rolling over funds from one IRA to another — or from a 401(k) plan or other employer retirement plan to an IRA. They include wanting to consolidate retirement savings into one account or moving funds from one account into another that offers more attractive investment options. This article explains that whatever the reason, care should be taken to avoid triggering unnecessary taxes and penalties.

U.S. citizens are subject to federal gift and estate taxes on transfers of their assets during life (via gift tax) or at death (via estate tax). However, they enjoy certain exemptions, such as exclusions and deductions. For individuals who aren’t U.S. citizens, traditional estate planning tools may not adequately minimize their gift and estate tax exposure. This article details how U.S. gift and estate tax laws apply to noncitizens.

These brief tips explain when to file an amended tax return; detail the “unusual” business tax credit; and explore how to address firearms in an estate plan.