Tag Archive: "tax"
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S Corporations Should Reconsider Tax Distributions Policies for 2018
In light of tax reform and the new Section 199A deduction, S Corporations should carefully consider their 2018 tax distributions.
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Are Home Equity Loans Deductible Again? Maybe
The IRS has issued a news release Wednesday clarifying that home equity loans are deductible under tax reform if the funds are used for certain purposes.
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Last Minute Tax Deductions for 2017: Cost Segregation
Cost segregation studies are a unique tax planning opportunity that financial institutions can still consider for the 2017 tax year.
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Impact of Tax Reform on Credit Unions
As you may have seen, the new tax bill signed by President Trump includes provisions that affect tax-exempt organizations. While I believe all of the provisions impacting tax-exempt organizations should be reviewed, there are a couple that stand out as specifically impacting credit unions.
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Deductions for Entertainment Expenses Eliminated Under Tax Reform
The business purpose and documentation requirements around entertainment expenses have long been a hot button for IRS examiners during audits. The new tax reform law signed by the President in December closes this issue.
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Tax Reform May Impact the Deduction of Business Interest for Some Customers
While the Republicans were crafting the tax reform proposals this fall, there was a lot of discussion and debate regarding the tax deduction for interest paid by businesses.
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New Section 199A Deduction Available to S Corporation Shareholders
The deduction seems straight forward at first glance, but will result in additional complexities for S Corporations and their shareholders.
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Tax Reform Creates Confusion Around the Home Mortgage Interest Deduction
It is up to the customer and their tax preparer to determine if the loan interest will be deductible, but it is important that financial institutions understand the basic rules so that they can properly advise their customers.
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Is Your Institution Under-Reporting Loans on Form 1098?
Based on questions we have received from some institutions, we know there can be confusion about the types of loans that must be reported.
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S Corp Versus C Corp: To Stay or Not to Stay, That Is the Question!
We are engaged in various discussions with our bank clients related to the tax reform and whether it makes sense to remain an S corporation.