More about Amanda Garnett
Blog Posts by Amanda Garnett:
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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.
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The Hidden Risks and Costs of Remaining an S Corporation
Beyond the mathematical differences in personal tax rates, corporate tax rates, and the Section 199A deduction, there are less obvious factors that corporations should consider when deciding whether to revoke their S elections.
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Section 199A Deduction is Complicated for Shareholders Owning Other Businesses
Though it may sound simple on the surface, the Section 199A deduction is one of the Tax Cuts and Jobs Act’s most complicated provisions. This is particularly true when shareholders are involved in multiple business entities.
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House Ways and Means Committee Releases Tax Reform 2.0 Bills
On Monday, the House Republicans released three separate bills marketed as Tax Reform 2.0 ahead of the mid-term elections in November. Provisions include making permanent many of the individual tax law changes included in last December’s tax bill including the Section 199A deduction.
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Impending “Unlimited” ATM Cashout Attack
The FBI has put all financial institutions on high alert for a global attack targeting ATMs.
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IRS Issues Guidance on Section 199A for S Corporations
This week the IRS issued proposed guidance clarifying, as anticipated, that banks qualify for the new Section 199A deduction as well as providing guidance on other issues impacting the calculation.