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  • Merger & Acquisition Boom Under the Tax Cuts & Jobs Act

    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.

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  • Summer Camp Expenses May Be Tax Deductible

    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.

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  • Is it Time to Rethink your Estate Plan?

    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.

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  • Opportunity Funds – Zone Defense Against Capital Gains

    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.

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  • Is Your Sensitive Data Safe?

    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?

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  • The (proposed) STATES Act: Federal Cannabis Reform

    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.

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  • IRS Issues Additional Details on the New Paid Family Leave Tax Credit

    More and more clarifications are rolling out from the Tax Cuts & Jobs Act.

    A recent update from the IRS issued guidance on the Paid Family and Medical Leave Tax Credit. Businesses that provide benefits such as paid family or medical leave to low income earning employees may be eligible for a credit of up to 25 percent of wages paid for each hour of family or medical leave taken.

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  • Saving for Future Education Expenses With a 529 Plan

    My wife and I were talking at the dinner table last night about how much the cost of one year of college tuition would be in the year 2036. The year 2036 holds a special place in our heart, as it is the year that our three-month old son will (potentially) be leaving the nest for four (or more) years at an educational institution to prepare him for the “real world.” The numbers we were throwing around were so large they seemed laughable, but they may become reality in eighteen short years.

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  • New York State Responds to Federal Tax Reform – A Two Part Series

    In this two part series covering New York States’ Response to the Federal Tax Reform, we will address the state’s major goals and changes.

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  • Taxation of Illegal Businesses

    All for-profit businesses are required to pay federal income taxes on their gross income. This is true even if a taxpayer is operating an illegal business. You might be asking yourself, “Why would an illegal business voluntarily pay taxes?” Well… what about the medical and adult recreational use marijuana businesses?

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