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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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