Tag Archive: "tax"
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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.
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M&A Planning: Will the Intangibles Be Tax Deductible?
One of the questions we often get asked by potential buyers is whether or not the intangibles they are recording will be tax deductible. Tax basis goodwill and other intangibles can be tax deductible over fifteen years in some cases, but it depends on how the transaction is structured.
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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.
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Illinois Enacts Major Tax Bills Affecting Income, Estate, Franchise, and Sales Tax
During June, the Illinois legislature enacted a slew of new tax legislation including major changes to income, estate, franchise, and sales tax provisions. These changes have far reaching implications for banks, their owners, and customers. Potential Increase to Personal Tax Rates Illinois currently imposes an individual tax rate of 4.95%, under the state’s constitutional mandate […]
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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 […]
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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.
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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.
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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.