- September 18, 2018
August 8, 2018
Have you ever gone online shopping and realized you were never charged sales tax on the items you purchased? To this day states make it so unclear whether or not an online company has a requirement to collect and remit sales tax. However, a recent Supreme Court case has changed online shopping as we know it.
August 1, 2018
We released Part One covering New York State’s Response to Federal Tax Reform at the end of May. You can find that post here. In this post we are digging deeper into New York State’s thoughts on decoupling from the Federal Tax Code to protect New York State Taxpayers from Tax increases.
IRS Clarifies Estate and Non-grantor Trust Expenses not Subject to Miscellaneous Itemized Deduction SuspensionJuly 25, 2018
In Notice 2018-61, the IRS and Treasury Department stated that they intend to issue Regulations clarifying which items estates and non-grantor trusts will still be able to deduct. Under the Tax Cuts & Jobs Act “TCJA,” miscellaneous itemized deductions subject to the 2% of adjusted gross income floor have been suspended and can no longer be deducted in individual income tax returns.
July 19, 2018
Merger and acquisition activity in the first half of 2018 in the United States was the highest it has ever been according to data from Thomson Reuters as reported by Axios in this article. Although there are a number of factors that contributed to this M&A boom, the impact of the TCJA has provided an acquisition-friendly tax landscape for businesses to operate. On top of the highly publicized drop in the corporate tax rate to 21%, subtle changes to the bonus depreciation rules could be an even bigger driver of merger and acquisition activity.
July 16, 2018
With the school year over, summer camps are in full swing. Camps can be a lot of fun for the kids but did you know that you could potentially get a tax credit for sending them to camp? It’s true, so let’s dive into what all this means.
July 9, 2018
Under the Tax Cuts and Jobs Act, the exclusion amount for taxable estates has doubled to $10 million indexed for inflation for 2018 through 2025. With this high exclusion amount, it is anticipated that few estates will be subject to the Federal estate tax. Perhaps it’s time to shift your thinking from the traditional approach of reducing the amount of a taxable estate to building basis.
June 27, 2018
Many changes under the Tax Cuts & Jobs Act are widely known. However, one change within the Act that presents a way to reduce or eliminate capital gain income often goes unnoticed – Opportunity Zones.
Do you use a payroll service to process your company’s payroll? Do you rely on an application service provider to perform certain processes? Do you expect a bank or investment broker to keep your company’s financial information secure? Does your business rely on another company (service organization) to handle confidential client information (social security numbers, dates of birth, bank account information, pay rates, etc.)? If so, how do you know that they are taking the necessary steps/precautions to make sure that they are keeping that information safe?
Earlier today, Senators Elizabeth Warren (D-MA) and Cory Garnder (R-CO) announced their bipartisan bill* titled Strengthening the Tenth Amendment by Entrusting States Act (STATES Act). The following is a preliminary summary of the abstract from the senators’ press release and our interpretations of what’s to come in the cannabis industry in response to this bill.