The IRS defines an opportunity zone as an “economically distressed community where new investments may be eligible for preferential tax treatment.” The Treasury has certified nearly 9,000 of these districts across all U.S. states and its territories, including the entire island of Puerto Rico. An opportunity zone designation has the potential to trigger a rush […]
When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed-through” to owners and taxed as individual income. […]
Who will be affected? If you own a business, pay state and local taxes, have entered into a new mortgage, purchased property plant & equipment for your business, incurred losses at the business level or through a pass through entity or have carried forward losses from a prior year, incurred business interest expense at either […]
On June 21, the U.S. Supreme Court issued its widely anticipated decision in South Dakota v. Wayfair. The Court held that states may require a business to collect and remit sales and use taxes even if the business has no in-state physical presence. The Wayfair decision means that states are now free to subject businesses to state taxes […]
The 2015 year-end legislation that retroactively extended and made the popular research tax credit permanent was welcome by many business taxpayers. But the “Protecting Americans from Tax Hikes Act of 2015” (the 2015 PATH Act) also included additional unexpected taxpayer-friendly bonuses: beginning in 2016, eligible small businesses (i.e., those with $50 million or less in […]
The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the […]
By Mike Metz Should auld tax rulings be forgot, and new ones take their place, We’ll give a cup of good advice, to help our clients keep pace. In the spirit of the New Year, here are three tax resolutions to help manufacturing and distribution (M&D) businesses enhance their performance and maximize tax savings. Resolution […]
The Internal Revenue Service (IRS) released Notice 2016-4 on December 28, 2015, granting an automatic extension of the due dates for the distribution and filing deadlines for the 2015 Forms 1094 and 1095 for all those required to file under the Affordable Care Act (ACA). The extended due dates are: Forms 1095-B/1095-C that must be […]
On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes (“PATH”) Act of 2015, which includes a provision making permanent the Research & Development (“R&D”) tax credit under Section 41. This is a very significant development, as the R&D credit generally has required annual legislative renewal. A permanent R&D credit will provide […]
The IRS will not assert that an individual, whose personal information may have been compromised in a data breach, must include in gross income the value of identity protection services provided by the entity that experienced the data breach. In addition, the IRS will not assert that an employer, whose employees’ data may have been […]
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