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Client Alerts
08.28.18
IRS Proposes Pass-Through Deduction Regulations
The highly anticipated regulations regarding the deduction for up to 20% of qualified business income (QBI) have been proposed by the IRS. The addition of Section 199A, which governs the pass-through deduction, was a major component of the new tax law that was passed last December.
08.22.18
IRS Issues Guidance on New Bonus Depreciation Rules
The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy in order to claim bonus depreciation deductions. Although the regulations are only proposed at this point, the IRS will allow taxpayers to rely on them for property placed in service after September 27, 2017 for tax years ending on or after September 28, 2017.
07.26.18
Is More Tax Reform on the Horizon?
President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act. As of this writing, no actual bill has been drafted, but a framework of what the tax package may contain has been released, which is referred to as Tax Reform 2.0.
05.21.18
Watch Out for Tax-Related Identity Theft Scams Throughout the Year
With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing you want to think about is income taxes. Unfortunately, criminals who commit tax-related identity theft do not work seasonally — they are constantly devising identity theft schemes.
03.20.18
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.
03.02.18
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 will remain deductible based on how the proceeds were used and not how the loan is labeled.
02.16.18
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.
02.09.18
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.
02.05.18
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.
01.18.18
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’ […]