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New Pass-Through Tax Provisions: The Devil is in the Details
The new tax law has been touted for cutting the corporate tax rate, but the law also contains some valuable benefits for businesses that operate as pass-through entities or PTE. Pass-through entities include partnerships, limited liability companies, S corporations and sole proprietorships. The potential benefits for owners of PTE are significant, but determining just how much they will benefit can be complicated.
Home Equity Interest Still Deductible for Many
The language of the new tax law led some to believe that interest on all home equity loans, home equity lines of credit and second mortgages was not deductible from 2018 through 2025. In response, the IRS issued a statement clarifying that the interest on will remain deductible based on how the proceeds were used and not how the loan is labeled.
How the Tax Cuts and Jobs Act Provisions Impact Not-For-Profits
The Tax Cuts and Jobs Act has several provisions that may affect your not-for-profit organization. Major changes regarding UBIT, excise taxes and the impact on donor community are listed below:
New Budget Agreement Brings Additional Tax Changes
The Tax Cuts and Jobs Act (TCJA) swept in a tidal wave of changes to federal tax rules just seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), signed into law on February 9, 2018, contains several tax-related provisions that extend or create tax benefits for the 2017 tax year.
2018 Tax Calendar
To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the 2018 tax calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
Meals and Entertainment Expenses Under the New Tax Law
The Tax Cuts and Jobs Act (TCJA) enacted extensive changes to the deductibility of meals and entertainment (M&E) expenses for companies.
IRS Issues Updated 2018 Withholding Tables
In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers should hold back from their employees’ […]
1099-MISC Reporting Guidelines
As we tend to receive the most questions related to Form 1099-MISC, we would like to provide you with some general guidelines and resources in order to assist you with the accurate and timely filing of Form 1099-MISC.
New Tax Law Provides Benefits for Businesses
The new law contains a treasure trove for businesses that qualify for tax breaks. Most companies and business owners will see lower tax bills under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for the new provisions. Here are the most important changes […]
How Will the New Tax Legislation Affect Your Estate Plan?
The new tax legislation makes many changes to individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the new law doesn’t do is repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the […]