One of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to... Read More
To attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these areas. Depending on how long the... Read More
The State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal... Read More
Driving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for members... Read More
The Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in... Read More
If you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for... Read More
The IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and paying the transition... Read More
Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining... Read More
IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS... Read More
Supreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxes—the... Read More
