Tag Archive: "tax"
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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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No Clawback Planned for Higher Estate and Gift Tax Limits
Beginning in 2018, the Tax Cuts and Jobs Act increased the federal estate and gift tax lifetime limits to approximately $11.2 million per person or over $22 million for married couples. This is great news for many business owners including financial institution shareholders. These thresholds are expected to increase slightly each year with inflation before […]
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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.
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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.