Pursuant to statements made by IRS Commissioner Charles Rettig on May 30, 2019, much-anticipated cryptocurrency tax guidance should be released “very soon.” Rettig suggested the guidance, which would come in the form of a revenue ruling and a revenue procedure, could be released...
Read MoreThe IRS recently announced the inflation-adjusted maximum fair market value (FMV) of an employer-provided vehicle under the vehicle cents-per-mile and fleet-average special valuation rules. Employers can use these rules to value an employee’s personal use of such a vehicle for income and...
Read MoreOn April 17, 2019, the Department of Treasury issued the second set of proposed regulations regarding the Qualified Opportunity (QO) Zone Program. This long-awaited guidance further clarifies how to comply with the program and how to make it over some of the hurdles associated with structuring...
Read MoreThe IRS and the U.S. Department of the Treasury released round two of proposed regulations surrounding the Qualified Opportunity (QO) Zone Program today. The 169-pages of regulations address many areas, including:How businesses headquartered in designated QO Zones may benefit,The timeline for QO...
Read MorePrior to the passage of the Tax Cuts and Jobs Act (TCJA) in late 2017, the future of the Historic Tax Credit (HTC) for rehabilitating historic buildings was questionable. The HTC — also known as the federal rehabilitation credit — survived and remains a valuable tool for developers...
Read MoreWhile cryptocurrencies have become a popular investment vehicle, there is still much ambiguity regarding how to treat the emerging asset class for tax purposes. Taxation of cryptocurrencies is complicated at any level, be it partnership, corporation or other. However, it's also important to...
Read MoreSignificantly behind the originally published timeframe, the second round of proposed regulations related to the Qualified Opportunity Zone program is currently under review at the Office of Information and Regulatory Affairs. The following issues still need to be addressed: ...
Read MoreThere is an abundance of information surrounding the aggregation rules to determine whether or not a company is part of a controlled group, such as a parent-subsidiary group, brother-sister group or a combined group. The rules apply not only to corporations but also to partnerships and other...
Read MoreA new IRS requirement slated for tax years beginning in 2018 requires partnerships to track and report negative tax basis capital, as defined by the IRS, to its partners and the IRS — or face penalties. However, on March 7, 2019, the IRS issued Notice 2019-20, stating a partnership will not...
Read MoreThe 529 education savings plan is often a great way to help children or other beneficiaries pay for educational expenses. And thanks to the Tax Cuts and Jobs Act, some of the expenses covered now include those beginning as early as kindergarten. >> Learn more about how 529 plans work...
Read MoreUp until the Tax Cuts and Jobs Act passed in 2017, many taxpayers used 529 education savings plans as a tax-free way to save for their children’s or other beneficiaries’ college education. However, beginning January 1, 2018, those funds can be used for any qualified educational...
Read MoreSince the enactment of the Tax Cuts and Jobs Act (TCJA), states have been modifying their tax structures to assist resident individuals who are now subject to a $10,000 cap on deducting state and local taxes at the federal level. The limitation only applies to individuals and does not apply to...
Read MoreThe Tax Cuts and Jobs Act (TCJA) included a favorable deduction for businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income. The IRS issued proposed regulations for the qualified business income deduction (QBID...
Read MoreAre you thinking about renovating or expanding your aging Michigan manufacturing facility? Are you considering building a new facility or going high tech? If so, obtaining a Michigan Industrial Facilities Exemption Certificate (IFEC) could save you a significant amount on property taxes. ...
Read MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably...
Read MoreGlobal reporting regimes continue to be a focal point of today’s regulatory environment. However, with the Department of Treasury’s current focus on reviewing existing regulations to reduce unnecessary burdens on taxpayers, pursuant to recent Executive Orders, the IRS and Treasury...
Read MoreThe Treasury has issued final regulations regarding the partnership representative designation and authority under the relatively new IRS partnership audit rules. These rules became effective for tax years beginning after December 31, 2017. Most importantly, the regulations confirm the...
Read MoreThe passing of the Tax Cuts and Jobs Act (TCJA) brought about significant changes to the estate planning arena, doubling the lifetime exemption through December 31, 2025. While fewer taxpayers will find themselves with taxable estates over the next eight years, asset protection via a trust &mdash...
Read MoreThe basis, or net investment, in a shareholder’s S Corporation stock begins the day the shareholder purchases stock and continually changes throughout the year based on the company’s operations. Such constant activity creates the need for shareholders to recalculate their basis...
Read MoreSection 199A of the Tax Cuts and Jobs Act (TCJA) allows up to a 20 percent deduction on qualified pass-through business income to all noncorporate taxpayers — including trusts and estates. The IRS recently issued guidance clarifying many provisions within the new code section...
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