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While tax exempt businesses continue waiting to see if Congress will find a way to repeal this part of the Tax Cuts and Jobs Act, new guidance was issued in December 2018 related to qualified transportation fringes.

New Jersey Implements Tax Amnesty


Tax Flash - State & Local Taxation

New Jersey Implements Tax Amnesty

The New Jersey Division of Taxation's 2018 Tax Amnesty Program went into effect November 15 and will terminate on January 15, 2019.

 
Tracing of Interest Expense Related to Debt-Financed Distributions


Tax Compliance

Tracing of Interest Expense Related to Debt-Financed Distributions

When proceeds are received from a loan, there are various tax consequences depending on whether the borrower is the taxpayer or an entity owned by the taxpayer, and what is done with the proceeds.

 
The IRS Issues Proposed GILTI Regulations


Tax Flash - International Taxation

The IRS Issues Proposed GILTI Regulations

On September 13, 2018, the IRS issued proposed regulations concerning the Global Intangible Low-Taxed Income provisions enacted under section 951A as part of the Tax Cuts and Jobs Act.

 
Qualified Opportunity Zones


State & Local Taxation

Qualified Opportunity Zones

The Tax Cuts and Jobs Act of 2017 brought with it many changes to our country's tax code. One of the changes that seeks to bring a positive impact to communities across the country is known as Qualified Opportunity Zones. Under this new legislation, chief executives of each state, typically the governor, can nominate certain communities in the state to be designated as low income communities.

 
Proposed IRS Regulations will Limit Charitable Contributions and State Tax Credits, for Payments Made After August 27


Tax Flash - State & Local Taxation

Proposed IRS Regulations will Limit Charitable Contributions and State Tax Credits, for Payments Made After August 27

On August 23, the IRS published proposed regulations (REG-112176-18) on the deductibility of state and local tax payments for federal income tax purposes.

 
Proposed Section 965 Regulations Related to Transition Tax


Tax Flash - International Taxation

Proposed Section 965 Regulations Related to Transition Tax

On Wednesday, August 1, 2018, the Internal Revenue Service issued proposed regulations under the repatriation tax provisions of Section 965 enacted as part of the Tax Cuts and Jobs Act of 2017, providing guidance to U.S persons with direct or indirect ownership in certain foreign corporations.

 
New York Employer Compensation Expense Tax


Tax Flash - State & Local Taxation

New York Employer Compensation Expense Tax

The New York State Department of Taxation and Finance has issued a memorandum outlining the details of the new Employer Compensation Expense Tax.

 
New Jersey Governor Signs 2019 Budget


Tax Flash - State & Local Taxation

New Jersey Governor Signs 2019 Budget

On July 2, New Jersey Governor, Phil Murphy signed the state's new $37.4 billion budget, an 8% increase over the prior year's fiscal budget.

 
State of Illinois Implements Economic Nexus for Sales Tax


Tax Flash - State & Local Taxation

State of Illinois Implements Economic Nexus for Sales Tax

In light of the Supreme Court's ruling in South Dakota v. Wayfair, Illinois joins a growing number of states that are set to expand sales tax collection obligations on out-of-state sellers.

 
Home Equity Loan Interest: Still Deductible, Just Depends When


Tax Return Compliance

Home Equity Loan Interest: Still Deductible, Just Depends When

The Tax Cut and Jobs Act of 2017, enacted in December 2017, included limits on the deductibility of interest paid on personal home equity loans and lines of credit, commencing in 2018.

 
Tax Cuts and Jobs Act: Deducting State and Local Taxes as Charitable Contributions - IRS Says Not So Fast


State & Local Taxation

Tax Cuts and Jobs Act: Deducting State and Local Taxes as Charitable Contributions - IRS Says Not So Fast

The IRS issued Notice 2018-54 stating that the Service intends to provide regulations addressing legislation in some states that attempts to circumvent the new limitations on the federal deductibility of state and local taxes.

 
Important Implications of the United States Supreme Court Decision in South Dakota v. Wayfair, Inc.


Tax Flash - State & Local Taxation

Important Implications of the United States Supreme Court Decision in South Dakota v. Wayfair, Inc.

On June 21, 2018, the United States Supreme Court, in a 5-4 decision, ruled in favor of South Dakota and its economic nexus provisions for sales tax collection. In so doing, the Court overturned its prior decision in Quill.

 
The Kiddie Tax: Changes That We All Need to Know About


Tax Reform

The Kiddie Tax: Changes That We All Need to Know About

Under the Tax Cuts and Jobs Act of 2017, Congress enacted a change to the commonly called Kiddie Tax rules, to prevent parents and grandparents in high tax brackets from shifting income to children in lower tax brackets.

 
Changes in Sales Tax Laws for U.S. States


Tax Flash - State & Local Taxation

Changes in Sales Tax Laws for U.S. States

The United States Supreme Court today rendered its decision in South Dakota v. Wayfair, Inc., a seminal case that will have a profound effect on sales taxation in all 50 U.S. states. The Court decided the case in favor of South Dakota.

 
IRS Grants Relief to Taxpayers in Connection with Certain Transition Tax Penalties


Tax Flash - International Taxation

IRS Grants Relief to Taxpayers in Connection with Certain Transition Tax Penalties

On June 4, 2018, the Internal Revenue Service released IR-2018-131, providing that it will waive certain penalties relating to the newly enacted transition tax assessed under Section 965 of the Internal Revenue Code of 1986, as amended.

 
2018 Gift and Estate Tax Changes under the Tax Cuts and Jobs Act: Transfer More Wealth Tax-Free


Tax Reform

2018 Gift and Estate Tax Changes under the Tax Cuts and Jobs Act: Transfer More Wealth Tax-Free

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a wide array of changes to most areas of the tax law beginning with the 2018 tax year, including gift and estate taxes. Under the Act, taxpayers have the opportunity to reevaluate their gifting techniques and estate plans in order to maximize tax savings and transfer more of their wealth tax-free.

 
Foreign-Derived Intangible Income


International Taxation

Foreign-Derived Intangible Income

Enacted as part of the 2017 Tax Cuts and Jobs Act, new Internal Revenue Code Section 250 creates a new tax deduction for income derived by domestic corporations from serving foreign markets.

 
Tax Cuts and Jobs Act: What is the New Qualified Business Income?


Tax Reform

Tax Cuts and Jobs Act: What is the New Qualified Business Income?

The Tax Cut and Jobs Act of 2017 provides for a new deduction for partners, shareholders, and other owners of pass-through entities, known as the Qualified Business Income Deduction.

 
New York State 2018-2019 Executive Budget


Tax Flash - State & Local Taxation

New York State 2018-2019 Executive Budget

New York Governor Andrew Cuomo announced the adoption of New York State's 2018-2019 Executive Budget on March 30, 2018.

 
Florida Passes New Tax Rate Reductions for Commercial Properties


Tax Flash - State & Local Taxation

Florida Passes New Tax Rate Reductions for Commercial Properties

Florida passes House Bill 7087, which includes a reduction of the sales tax rate for commercial rentals, along with other tax changes.

 
Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug


Tax Flash

Farewell to the Offshore Voluntary Disclosure Program: The IRS Pulls the Plug

In spite of its many iterations since 2009 and the 56,000 new taxpayers with their $11 billion added to Internal Revenue Service coffers, on September 28, 2018, the Service believes OVDP will no longer be necessary.

 
A Construction Company’s Guide to the New Revenue Recognition Standard


Construction

A Construction Company’s Guide to the New Revenue Recognition Standard

It is common to have many questions about how the New Guidance applies to your contracts. The New Guidance is principles based and requires the application of all five steps to make a final determination on how revenue is recognized.

 
IRS Issues Notice to Explain New Toll Tax


Tax Flash - International Taxation

IRS Issues Notice to Explain New Toll Tax

On March 13, 2018, the Internal Revenue Service issued additional guidance to help taxpayers meet their filing and payment requirements under the new Section 965 transition tax.

 
IRS Releases Updated Withholding Calculator and New Form W-4


Tax Flash - Tax Return Compliance

IRS Releases Updated Withholding Calculator and New Form W-4

Of the many changes enacted by the new tax law some of the most significant impact individuals, such as an increased standard deduction, elimination of personal exemptions, the discontinuance of many itemized deductions, and changes to tax rates effective as of January 1, 2018.

 
California Preliminary Report on Specific Provisions of Federal Tax Reform


Tax Flash - State & Local Taxation

California Preliminary Report on Specific Provisions of Federal Tax Reform

The Tax Cuts and Jobs Act of 2017 will have many consequences for taxpayers in the State of California.

 
Global Intangible Low Taxed Income: A Step Away from Territorial


Tax Flash - International Taxation

Global Intangible Low Taxed Income: A Step Away from Territorial

The new tax reform law has been widely touted by the media as transforming the U.S. into a territorial system of taxation as used by many other countries, in which domestic income is taxed by the U.S. and foreign income is not.

 
FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

FASB's Q&A Guidance on the Impact of Tax Reform on Financial Accounting

After the Tax Cuts and Jobs Act was passed, concerns were raised to the Financial Accounting Standards Board regarding implementation of certain provisions of the new tax law. In response to these concerns, the FASB provided guidance in question and answer format.

 
New Tax Treatment of Alimony


Tax Return Compliance

New Tax Treatment of Alimony

Of the many changes for individual taxpayers wrought by the Tax Cuts and Jobs Act of 2017, one of the most sensitive is the new tax treatment of alimony.

 
The Impact of Tax Reform on Financial Accounting


Tax Flash - Tax Return Compliance

The Impact of Tax Reform on Financial Accounting

On December 22, 2017, the Tax Cuts and Jobs Act, was signed into law. The Act will have a significant impact on financial reporting issued for the periods ending on or after that date.

 
The New Corporate Blended Rate for Fiscal Year Entities


Tax Flash - Corporate Taxation

The New Corporate Blended Rate for Fiscal Year Entities

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting corporations is the reduced corporate flat tax rate of 21 percent.

 
Commercial Building Energy Tax Incentive Extended for 2017


Tax Incentives

Commercial Building Energy Tax Incentive Extended for 2017

Early in the morning on February 9, 2018, to avert an impending government shutdown, Congress passed a large omnibus budget titled the Bipartisan Budget Act of 2018, which included the retroactive extension of a number of expired tax provisions.

 
New IRS Directives Issued for Transfer Pricing Examinations


Tax Flash - International Taxation

New IRS Directives Issued for Transfer Pricing Examinations

On January 12, 2018, the Large Business and International Division of the Internal Revenue Service issued five directives which provide instructions on how IRS agents should approach an audit examination.

 
Bipartisan Budget Act of 2018


Tax Flash - Tax Return Compliance

Bipartisan Budget Act of 2018

The Bipartisan Budget Act of 2018, enacted last Friday, February 9, contains a number of tax breaks for both individuals and businesses. These include the restoration of several tax provisions which had expired at the end of 2016.

 
How the Tax Cuts and Jobs Act Affects Real Estate Entities


Real Estate

How the Tax Cuts and Jobs Act Affects Real Estate Entities

On December 22, 2017, a new tax reform bill known as the Tax Cuts and Jobs Act was signed into law. The Act will affect virtually all taxpayers, from businesses to individuals. This article will focus on how the new rules affect the various aspects of the real estate industry at an entity level.

 
How the Nonprofit World Fared with the Tax Cuts and Jobs Act of 2017


Tax Flash - Tax-Exempt Business Services

How the Nonprofit World Fared with the Tax Cuts and Jobs Act of 2017

Like every sector, nonprofits won some and lost some. The final legislation, as compared to earlier drafts, ultimately had a narrower, though significant, impact in certain key areas.

 
U.S. Supreme Court Will Hear South Dakota's Sales Tax Case


Tax Flash - State & Local Taxation

U.S. Supreme Court Will Hear South Dakota's Sales Tax Case

On January 12, 2018, the United States Supreme Court decided that it will hear a South Dakota case (State of South Dakota v. Wayfair Inc., Overstock.com, Inc., and Newegg Inc.) setting forth an economic nexus provision for sales tax.

 
Changes for Real Estate Professionals under the Tax Cut and Jobs Act


Tax Flash - Tax Return Compliance

Changes for Real Estate Professionals under the Tax Cut and Jobs Act

One of the more significant changes under the Tax Cut and Jobs Act, signed into law by President Trump in December 2017, relates to business owners of flow-through entities, such as partnerships, LLCs, sole proprietorships, and S corporations.

 
The Alternative Minimum Tax for Individuals is Here to Stay


Tax Flash - Tax Return Compliance

The Alternative Minimum Tax for Individuals is Here to Stay

The Tax Cuts and Jobs Act of 2017 made numerous changes to individual taxation, including to the Alternative Minimum Tax.

 
What's Happening to My Itemized Deductions?


Tax Flash - Tax Return Compliance

What's Happening to My Itemized Deductions?

On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting individual taxpayers is the new treatment of itemized deductions.

 
2018 Tax Filing Season Begins January 29


Tax Flash - Tax Return Compliance

2018 Tax Filing Season Begins January 29

The Internal Revenue Service announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness of tax processing systems and assess the potential impact of tax legislation on 2017 tax returns.

 
Due Dates for Business and Individual Income Taxes for the 2018 Tax Year


Tax Flash - Tax Return Compliance

Due Dates for Business and Individual Income Taxes for the 2018 Tax Year

As the filing season for the 2017 tax year begins, it is important to remember when the applicable returns must be filed.

 
IRS Issues Update to Standard Mileage Rates


Tax Flash

IRS Issues Update to Standard Mileage Rates

The Internal Revenue Service has issued the 2018 updates to the optional standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.

 
 
 
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