Mike Chelius | November 28, 2018
The sweeping reform Congress pushed through to the federal tax law began taking effect mostly in 2018. Among the many significant changes made were changes to the estate and gift tax law.
The crux of the change is that... Read more. Read More
Daniel Foley | November 15, 2018
The Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. What wasn’t as clear was the fate of business meal deductions associated with that entertainment. Now, in Notice 2018-76, the IRS has weighed in with guidance that preserves business deductions for meals incurred in connection with entertainment activities—as long as the meals meet certain requirements. Read more. Read More
Christina Roderick | September 26, 2018
The introduction of Opportunity Zones are one of the less-publicized provisions of the recent Tax Cuts and Jobs Act, which was enacted on Dec. 22, 2017. What are Opportunity Zones? Read more. Read More
REDW | September 10, 2018
On December 22, President Trump signed the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," into law, marking the largest change to U.S. tax policy since the 1980s.
With most of the provisions already in place, it is critical to understand the bill’s conference process and IRS regulations issued in 2018, as they will provide guidance on how to apply key provisions along with the intent of Congress in drafting the bill.
To help them navigate the key provisions affecting the real estate and construction industries, we’ve summarized the top considerations and industry implications below. Read more. Read More
Sandy Abalos | September 10, 2018
Ever since Congress enacted the Tax Cuts and Jobs Act in December, many business owners are reconsidering which business entity makes the most sense for their particular business. With the new, lower tax rate for C corporations, many pass-through entities, including S corporations, are reconsidering their structure to take advantage of the substantially reduced 21% corporate tax rate.
The Act also provided tax relief to S corporations (and other pass-through entities) in the form of a temporary business income deduction (with some limitations), so that’s what makes it complicated. It may not be worth switching after all. When it comes to choosing business entities, one thing hasn’t changed—it all depends on a number of factors. Read more. Read More
Christina Roderick | August 27, 2018
On Thursday, August 23, 2018, the IRS issued proposed regulations that would disallow the federal deduction for donations made to charitable organizations in which taxpayers receive a tax credit. The proposed regulation was needed to halt the many states that were putting in place credit programs to circumvent the recent tax law change limiting the deduction for state and local taxes to $10,000.
The proposed regulation impacts donations made after August 27, 2018. The regulation is not final and a comment period is required; however, to secure your Arizona state tax credits for 2018, we are recommending you make your contributions before August 28, 2018. Read more. Read More
James Ortiz | August 16, 2018
As part of the Tax Cuts and Jobs Act (the Act), the limitation imposed on the state and local tax (SALT) deduction as part of the Tax Cuts and Jobs Act (TCJA) has wreaked havoc in many states. In fact, four states – Connecticut, New Jersey, New York and Maryland – have determined that the limitation is unconstitutional. On July 17, they filed a lawsuit in federal court that seeks to make the law unenforceable. Read more. Read More