Tag Archive: "tax reform"
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Treasury Releases Final Guidance on Section 199A Deduction
Quite to our surprise, on Friday the Treasury released final guidance regarding the Section 199A deduction. Based on our preliminary analysis of the provisions, there appears to be some good news for financial institutions, but not the wholesale qualification of all income that many bankers were hoping for.
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Employers Still Required to Submit 2018 ACA Reports
The Tax Cuts and Jobs Act reduced the penalty for not carrying health insurance coverage to $0 for individuals starting in January 2019. But, the employer mandate to provide insurance and the related ACA reporting requirements remain.
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Tax Reform Makes Some Parking Related Expenses Non-Deductible
Based on recent interim guidance released by the IRS, it is now clear that in some cases portions of maintenance and other expenses paid for parking lots a business owns may be considered non-deductible starting for amounts paid in 2018.
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Will the Government Shutdown Impact Your Tax Filings?
The current federal government shutdown could not have come at a worse time for the IRS with the start of tax season right around the corner. Reports have indicated that only 12% of IRS employees are considered to be “essential” and still working through the shutdown.
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Reimbursing Moving Expenses Has Become More Expensive
With record low unemployment and more bankers retiring every day, it has become common for financial institutions to reimburse moving expenses in order to lure new employees or entice existing ones to relocate between branches. Unfortunately, the Tax Cuts and Jobs Act (“TCJA”) has made that process more expensive starting in 2018.
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House Republicans Release Tax Extender and Technical Correction Bill
Earlier this week, the Republican led House Ways and Means Committee released a 297-page bill that included certain tax extenders as well as a technical corrections related to last year’s Tax Cuts and Jobs Act (“TCJA”). The Republicans are hoping to push through the bill during the lame duck session prior to the Congressional change over in January.
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Tax Credit Available for Employers Offering Paid Family Leave
The Tax Cuts and Jobs Act (“TCJA”) includes a new tax credit for paid family and medical leave. The TCJA allows employers to claim an income tax credit for a percentage of the wages paid toward maternity, family, or medical leave provided to their employees if certain criteria are met.
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Death Benefits on BOLI Policies Could be Taxable Post-Merger
As a result of a provision in the Tax Cuts and Jobs Act (“TCJA”) primarily aimed at certain viatical settlement companies, banks completing mergers and acquisitions after January 1, 2018 could acquire BOLI policies that may have taxable death benefits.
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IRS Clarifies Rules on Deductible Business Meals
The IRS recently clarified when entertainment related meals will be tax deductible.
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Tax Planning for 2018: Accelerating Depreciation
The accelerated depreciation provisions included in the tax reform bill are a great tax planning opportunity for year-end 2018.