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Tax

georgia tax credit

Georgia Tells Taxpayers How to Coordinate Federal Tax Changes with Georgia Law

January 29, 2019

The Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding on nonresident aliens,... Read More

business expense deductions

SALT Credits Won’t Block Federal Business Expense Deductions, IRS Says

January 29, 2019

In August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on state and local... Read More

interest limitation

IRS Reveals Procedure for Dealing with New Interest Deduction Limitation

January 23, 2019

One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as... Read More

transportation fringes

Changes to Transportation Fringes Explained

January 23, 2019

The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions... Read More

Popular Extenders Again Face Year-End Drama

December 17, 2018

Don’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of 2018,... Read More

Investors Given Flexibility in Opportunity Zone Projects

December 3, 2018

It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning opportunities... Read More

IRS Walks Back Total Loss of Entertainment Meal Deductions

December 3, 2018

Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December... Read More

Tax on Investment Income of Children May Increase Under New Kiddie Rules

December 3, 2018

Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,... Read More

Georgia Sales Tax Compliance: What Internet Sellers Need To Know

December 3, 2018

In June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v.... Read More

passthroughs

Progress Report: The New Tax Law’s Impact on Passthrough Entities

November 2, 2018

How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019... Read More