Tag Archive: "tax"
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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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Tax Planning Opportunity for 2018: Cash Basis for C Corporations
One of the tax planning opportunities available under the new tax law signed in December is the expansion of the cash basis of accounting for many more C Corporations starting in 2018, which can allow financial institutions to defer paying tax on their accrued interest receivable and other revenue.
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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.
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State and Local Tax Deduction Impacts S Corporations
S Corporation shareholders may not be able to fully deduct their state and local income tax paid on corporate earnings under tax reform.