Tag Archive: "tax reform"
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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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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.
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Are Business Meals Still Tax Deductible?
The tax reform bill has generated considerable confusion about the deductibility of business meals starting in 2018.
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Tax Reform Section 199A Guidance Delayed
IRS guidance on the 20% Section 199A deduction for S Corporations and other businesses is delayed. Additional guidance is needed to determine if all revenue will qualify and how the deduction will work in practice.
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Simplified 1040 “Postcard” May Cause Confusion for Lenders
The IRS last week released a draft of the new version of the Form 1040 tax return for individuals designed to fit on a postcard. The new form consolidates much of the detail lenders have grown accustomed to and completely reformats the first two pages of the return.
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Treatment of Charitable Contributions Post-Tax Reform May Impact S Corp Distributions
Fewer shareholders will be able to deduct their charitable contributions starting in 2018 so S Corporation’s may want to re-evaluate their tax distributions.
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S Corporations: The Widely-Held Shareholder Problem
As the shareholder base for many S corporations around the country continues to balloon, institutions should consider whether remaining an S Corporation still makes sense particularly in light of tax reform.
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Saying Goodbye to the Corporate AMT
The corporate alternative minimum tax (AMT) has been eliminated under tax reform giving financial institutions more freedom to manage their investments.