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Entries by Chad Halstead

IRS Sheds Brighter Light on Opportunity Zones

Posted 2:45 PM by
The IRS has issued a much-anticipated second round of proposed regulations better outlining the framework of the Qualified Opportunity Zone (QOZ) program. Operating businesses that have been waiting on the QOZ sidelines should now have enough clarity to begin to tap into the program’s benefits.
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IRS Releases Final Regulations on the 20 Percent Pass-Through Deduction

Posted 1:30 PM by
Just in time for the tax filing season, the IRS has released nearly 250 pages of final regulations regarding the §199A pass-through deduction. The IRS issued previous guidance on the §199A pass-through deduction in August 2018, however, even this final guidance has not answered all questions related to the new deduction. Even so, there are many significant updates in the IRS’s final regulations, which are explained below.
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Tax Reform and Year-End Considerations: What You Need to Know

Posted 7:00 PM by
The Tax Cuts and Jobs Act (TCJA) was the most sweeping overhaul of the U.S. tax code in more than three decades, and its changes will impact nearly every 2018 federal income tax return. As the year draws to a close, now is the time to consider year-end tax planning strategies to help you maximize deductions and minimize your tax bill – for this year and the year ahead.
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IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

Posted 5:58 PM by
Prior to the Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, taxpayers were allowed an itemized deduction for state and local taxes paid without any limit on the amount of such deduction. The TCJA limited the state and local tax deduction, for individuals, to a maximum of $10,000. As a result, some states contemplated the creation of new state charitable funds, the donations to which would qualify for a state tax credit. Since charitable contributions are only limited by a taxpayer’s adjusted gross income, taxpayers that contributed to the state charitable funds, in lieu of paying state income tax, would generally receive a greater federal itemized tax deduction.
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IRS Issues Guidance on 20 Percent Pass-Through Deduction

Posted 6:55 PM by
It took a little over eight months, but the IRS has issued much-anticipated proposed regulations regarding the 20 percent pass-through deduction provided under Section 199A. The 184 pages of proposed regulations provide answers to some, but not all, of the questions considered since the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017. Since TCJA was enacted, tax advisors have counseled clients to 'stand your ground' and refrain from any radical structure modifications in response to the new provision. Those that heeded this advice will likely be thankful they did.
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New Investment Vehicle Created by the Tax Cuts and Jobs Act

Posted 2:30 PM by
In an effort to boost development in economically distressed communities, many federal incentive programs have been created over the years, such as the New Markets Tax Credit, Empowerment Zones, Renewal Communities, and more. The Tax Cuts and Jobs Act (TCJA) of 2017 has created yet another incentive to invest in these areas, and the potential tax benefits are significant.
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Tax Reform: Major Changes to Meal and Entertainment Expenses

Posted 1:01 PM by
The Tax Cuts and Jobs Act (TCJA) largely eliminates the deduction for entertainment expenses. While there are a few unanswered questions (specifically how this provision affects meals), its effect is immediate. As a result, businesses should incorporate this change without delay.
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What Businesses Should Know About New Tax Law

Posted 5:00 AM by
The Tax Cuts and Jobs Act of 2017 (TCJA) will have a profound impact on business owners, investors, and professionals alike. Defining the impact is another issue altogether.
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Tax Reform Is Here: Key Provisions Explained

Posted 7:00 PM by
In the most sweeping overhaul of the U.S. tax code in more than three decades, the tax reform bill has now been passed by both houses of Congress and was signed into law by President Trump this afternoon. These significant changes will require businesses and individuals to reassess their long-term tax strategies beginning with the 2018 tax year as well as consider immediate year-end tax planning strategies for the few remaining days of 2017.
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Tax Planning Pitfalls for Developers in Public-Private Partnerships

Posted 4:00 AM by
Public-private partnerships (P3) are a hot topic in real estate development. With many real estate developers and construction companies often experiencing a lack of liquidity, these cooperative agreements between government and private entities allow the building of many projects that would not happen otherwise.
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