Tax Reform
-
IRS Eliminates Postcard Sized Form 1040 for 2019
The IRS announced this week that after just one filing season it was eliminating the new postcard sized Form 1040.
-
The Need for Buy-Side Tax Due Diligence
There are lots of areas where CLA can help from evaluating accounting issues to assessing credit quality to assisting with IT system selections, but one area that isn’t always top of mind is tax due diligence.
-
Congress Passes IRS Reform Bill
After several false starts, the House and Senate last week both voted to approve a bill aimed to reform the IRS. The Taxpayer First Act is expected to be signed by the President shortly. Key provisions of this bill include: · The establishment of an “Independent Office of Appeals” within the IRS to resolve tax […]
-
The Problem of S Corp Shareholder Basis
S Corp shareholders are now required to attach basis schedules to their personal tax returns annually. This is proving to be a challenge for many S Corp owners.
-
Illinois State Senate Votes to Raise Corporate and Individual Tax Rates
The Illinois State Senate has approved a proposal to place a constitutional amendment on the 2020 ballot to replace flat income tax rates with a progressive tax model and raise corporate rates.
-
Excise Tax Deadline Looming for Credit Unions
Included in the Tax Cuts and Jobs Act is an excise tax provision that affects all applicable tax-exempt organizations. The specific regulation is located in Section 4960 of the Internal Revenue Code (IRC). The tax rate is currently set at 21 percent on compensation that is in excess of $1 million. On December 31, 2018, […]
-
Employers in Rural Communities May be Eligible for Tax Credit
The Work Opportunity Tax Credit allows employers to reduce their federal tax liability for every certified member of a targeted group that they hire including individuals living in certain designated rural areas.
-
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.
-
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.
-
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.