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Tax Alerts 2018

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Tax Flash - State & Local Taxation

In the months since the Wayfair decision, more than 30 states have either passed or started to enforce sales tax economic nexus laws.


Tax Flash - Tax Return Compliance

Interest deduction rules were significantly amended under The Tax Cuts and Jobs Act signed into law last December 2017. In early December 2018, the IRS issued highly anticipated proposed regulations related to this new code section.

 


Nonprofit - Tax Services

The District of Columbia's Office of Tax and Revenue has issued a notice announcing that all franchise, sales, and personal property tax exemptions will now have a 5 year renewal requirement.

 


Tax Flash - State & Local Taxation

One of the most talked about changes resulting from last year's passage of the Tax Cut and Jobs Act is the limitation or elimination of most itemized deductions, effective for years beginning in 2018.

 


Tax Flash - Nonprofit & Social Sector

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.

 


Tax Flash - State & Local Taxation

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

 


Tax Compliance

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.

 


Tax Flash - International Taxation

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.

 


State & Local Taxation

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.

 


Tax Flash - State & Local Taxation

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.

 


Tax Flash - International Taxation

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.

 


Tax Flash - State & Local Taxation

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

 


Tax Flash - State & Local Taxation

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.

 


Tax Flash - State & Local Taxation

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.

 


Tax Return Compliance

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.

 


State & Local Taxation

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.

 


Tax Flash - State & Local Taxation

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.

 


Tax Reform

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.

 


Tax Flash - State & Local Taxation

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.

 


Tax Flash - International Taxation

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.

 


Tax Reform

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.

 


International Taxation

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 Reform

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.

 


Tax Flash - State & Local Taxation

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

 


Tax Flash - State & Local Taxation

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

 


Tax Flash

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.

 


Construction

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.

 


Tax Flash - International Taxation

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.

 


Tax Flash - Tax Return Compliance

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.

 


Tax Flash - State & Local Taxation

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

 


Tax Flash - International Taxation

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.

 


Tax Flash - Tax Return Compliance

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.

 


Tax Return Compliance

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.

 


Tax Flash - Tax Return Compliance

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.

 


Tax Flash - Corporate Taxation

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.

 


Tax Incentives

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.

 


Tax Flash - International Taxation

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.

 


Tax Flash - Tax Return Compliance

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.

 


Real Estate

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.

 


Tax Flash - Tax-Exempt Business Services

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.

 


Tax Flash - State & Local Taxation

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.

 


Tax Flash - Tax Return Compliance

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.

 


Tax Flash - Tax Return Compliance

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

 


Tax Flash - Tax Return Compliance

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.

 


Tax Flash - Tax Return Compliance

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.

 


Tax Flash - Tax Return Compliance

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

 


Tax Flash

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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