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Year-End Tax Planning for Businesses

It can be advantageous to allocate additional time to year-end tax planning for your business. Why? This year, you must factor in changes from the Tax Cuts and Jobs Act.

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3 Bills Form Tax Reform 2.0

“Tax Reform 2.0” is the name that’s been attached to the latest round of proposed tax law changes. The House Ways and Means Committee just passed three specific tax bills. Learn more about them here.

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Regulations On Pass-Through Business Income Deduction

The IRS recently released highly anticipated, complex regulations addressing the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. Here’s an overview of the most important issues that the proposed regs address.

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IRS Issues Guidance On New Bonus Depreciation Rules

Businesses that have put assets into place this year have improved options for claiming bonus depreciation, thanks to the Tax Cuts and Jobs Act. The IRS has issued proposed regulations regarding bonus depreciation. Here’s a review of the proposed regs.

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Is More Tax Reform On The Horizon?

While many individuals and businesses are still working to fully understand how the provisions of the Tax Cuts and Jobs Act affect them, lawmakers are prepping for Tax Reform 2.0. Here’s a look at what’s been proposed thus far.

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Supreme Court Opens Door to Taxation of Online Sales

The U.S. Supreme Court’s ruling in South Dakota v. Wayfair is expected to hurt online retailers and boost brick-and-mortar stores. The high court’s 5-4 ruling opens the door for states to require out-of-state retailers to collect sales tax.

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Employer Credit for Paid Family and Medical Leave

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.

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Top 10 Things Companies Need to Know About Tax Reform

The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know:

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Are You Prepared for an IRS Audit?

The IRS’s emphasis, with respect to defined contribution plans is on compliance with the requirements of the Internal Revenue Code (the Code), the plan’s tax qualification and administration of all plan documents.

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Evaluating Your Plan and Fees? Think More, Not Less.

Should you reduce your plan’s fees to better serve participants? Many vocal experts speaking on behalf of investors and participants say “yes” – unequivocally. But what about the investors and participants themselves? What do they say?

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Section 163 (J) Interest Limitation Guidance

On April 2, the U.S. Department of the Treasury and the IRS (Treasury) released Notice 2018-28 (the Notice) to provide interim guidance on the section 163(j) interest deduction limitation as amended by P.L. 115-97 (the Act) on December 22, 2017.

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Section 199A Deduction for Qualified Business Income

Congress has amended Section 199A to correct an inadvertent benefit provided to certain taxpayers related to sales of product to agricultural and horticultural cooperative buyers, and to clarify that qualified business income excludes all capital gain income, not just capital gains derived from investments.

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Tax Reform & Choice of Entity Considerations

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.

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Tax Reform Planning Checklist

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 come?

As we near the 100th day under the new tax law, it’s critical that companies both manage the resulting changes and develop a sustainable long-term tax strategy. To do this, businesses should take a phased approach: determining and addressing any immediate to-dos, navigating key steps to implementing any changes, and finally, ensuring their tax department is equipped to grow and address futures changes.

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Disclosure Rules for CRS Avoidance Arrangements

On March 8, 2018, the Organisation for Economic Co-Operation and Development (OECD) issued model disclosure rules to address Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Structures (Arrangements/Structures), entitled “Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures.” The new guidance would require an intermediary of an arrangement that resembles an Arrangement/Structure to disclose factual descriptions of the Arrangement/Structure; identify those involved in the Arrangement/Structure, including other intermediaries; and to identify the jurisdiction in which the Arrangement/Structure is available to implement. The model rules would require intermediaries to make the disclosure 30 days after the intermediary makes the Arrangement/Structure available to implement or after the intermediary provides what are considered “Relevant Services.”

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The Pass-Through Provisions of the TCJA

The Tax Cuts and Jobs Act established a deduction based on a noncorporate owner’s qualified business income (QBI). It’s available to individuals who own interests in pass-through business entities.

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Q&A About Reporting Related to Section 965

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”.

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Cryptocurrency 101

CryptoCurrencies, Blockchain, Hash Generator, BTC, Ethereum … If you weren’t sure if this was English, you are not alone. We explain it to you.

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The Explosion of Bitcoin

From Wall Street Journal articles and editorials in Barron’s, to Facebook posts and holiday dinner conversations, Bitcoin is everywhere.

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Insight For Long Term Capital Gain Treatment

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.

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NY Commercial Rent Changes for Small Businesses

On December 22, 2017, New York City Mayor Bill de Blasio amended New York City’s Commercial Rent Tax (CRT) Law by allowing a full or partial credit for businesses with total income of up to $10,000,000 and annualized base rents of up to $550,000.

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Supreme Court Agrees to Take South Dakota v. Wayfair

On January 12, 2018, the Supreme Court of the United States agreed to hear South Dakota v. Wayfair, et al. South Dakota is challenging and attempting to have overturned the physical presence nexus standard for the collection of sales and use taxes. The physical presence standard was established by the Court in its 1967 decision in National Bellas Hess, Inc. v. Illinois Dept. of Revenue, and affirmed 25 years later by the Court in Quill Corp. v. North Dakota. It is anticipated that the Court will be asked to decide whether the physical presence standard is outdated, and whether states can constitutionally require out-of-state retailers to charge and collect sales and use taxes from in-state consumers when the retailer has no physical presence with a state.

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