All pass-through entities, including partnerships and S corporations, should evaluate their choice of entity as a result of tax reform and the new reduced corporate tax rate of 21 percent (previously 35 percent). Converting from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning.
Income tax accounting (ASC 740) is complex enough. Thanks to tax reform, the complexity around ASC 740 has increased exponentially, and every single provision in the new law has reporting implications.
When it comes to ASC 740, here are 5 things you need to know:
As the biggest change to the tax code in a generation, the new tax regime will have broad implications on both businesses and the people behind them. But what does the new law really mean for your business and your industry both now and in the years to ... read more
The $1.5 trillion tax reform legislation known as the “Tax Cuts and Jobs Act” represents the biggest change to the tax code since 1986. While the implications for both businesses and individuals are broad and complex, we’ve summarized some of the most commonly asked tax reform questions related to:
On March, 13, 2018, the Internal Revenue Service (IRS) provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 in a question and answer format entitled, “Questions and Answers about Reporting to Section 965 on 2017 Tax Returns”. Please click this link for the ... read more
Effective for tax years beginning on or after January 1, 2018, the Tax Cuts and Jobs Act (the “Act”) made significant changes to Section 162(m) of the Internal Revenue Code. The changes eliminate the ability for publicly held corporations (and certain large private C and S corporations) to deduct compensation ... read more
On Thursday, March 1, 2018, the Internal Revenue Service (IRS) issued Notice 2018-18 (the “Notice”) announcing the intention on the part of Treasury and the IRS to publish regulations on the application of Section 1061 of the Internal Revenue Code as enacted by the Tax Cuts and Jobs Act. The ... read more
On December 22, 2017, President Donald J. Trump signed into law “An act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.” The bill is more commonly known as the, “Tax Cuts and Jobs Act,” and ... read more
Taxpayers investing capital gains from the sale or exchange of property in a Qualified Opportunity Fund may elect to defer paying taxes on those capital gains until they sell their investments in the Qualified Opportunity Fund, or December 31, 2026, whichever is earlier.
On December 22, 2017, the Tax Cuts and ... read more
Certain employers that pay family and medical leave to their employees may be eligible to claim a Family and Medical Leave Credit equal to 12.5 percent (or more) of the amount of wages paid to those employees during any period in which such employees are on family and medical leave.