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QOZs and Multi-Asset Funds: Tread Carefully

Posted 6:15 PM by
The many investors already leveraging the recently created Qualified Opportunity Zone program are continually asking whether a Qualified Opportunity Fund (QOF) should hold a single asset or, in the interest of diversification and economies, multiple assets. With the benefits of a single capital raise, a single fund is enticing – and it may bring less uncertainty to the table.
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Hayes to Present at Central Indiana Government Accounting Conference

Posted 5:39 PM by
Katz, Sapper & Miller’s Justin Hayes, director in the firm’s Governmental Services Group, will present at the Central Indiana Chapter of the Association of Government Accountants’ 2019 Conference. Taking place on Sept. 19 in Indianapolis, the conference will bring together state and local finance professionals to discuss the latest updates in governmental accounting.
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Opportunity Zones: Changing the Course of Real Estate Investment

Posted 3:02 PM by
The economic divide in large cities continues to expand. Despite a financial resurgence following the 2007-2009 recession, the system wasn’t fixing itself. Enter Qualified Opportunity Zones (QOZ), a program included in the Tax Cuts and Jobs Act of 2017 designed to boost development in economically distressed communities. In exchange for new investments in these communities, investors receive preferential tax treatment.
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Governmental Accounting Standards Update: 7/9/19

Posted 2:00 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 91, Conduit Debt Obligations to improve the existing standards by providing a single method for government issuers to report conduit debt obligations and related commitments and to eliminate diversity in practice associated with reporting conduit debt obligations.
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Governmental Accounting Standards Update: 4/24/19

Posted 12:40 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP). Below are select statements that were recently issued.
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Governmental Accounting Standards Update: 3/21/19

Posted 8:22 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification. It also requires a lessor to recognize a lease receivable and a deferred inflow of resources.
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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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New Jersey Corporate Tax Overhaul: 2019 Planning Considerations

Posted 12:30 PM by
In 2018, New Jersey Gov. Phil Murphy signed Assembly Bill No. 4202 into law. The bill included tax provisions that respond to the Tax Cuts and Jobs Act (TCJA). Most significantly, changes were made to the Corporation Business Tax. Later that year, Gov. Murphy signed Assembly Bill No. 4495, which then made technical corrections to Assembly Bill No. 4202 and clarified effective dates. In 2018, New Jersey Gov. Phil Murphy signed Assembly Bill No. 4202 into law. The bill included tax provisions that respond to the Tax Cuts and Jobs Act (TCJA). Most significantly, changes were made to the Corporation Business Tax. Later that year, Gov. Murphy signed Assembly Bill No. 4495, which then made technical corrections to Assembly Bill No. 4202 and clarified effective dates. As your business begins to plan for 2019, the following information will be important.
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Indiana Implements Heavy Equipment Excise Tax

Posted 8:00 PM by
Effective Jan. 1, 2019, Indiana implemented a new excise tax on the rental of heavy equipment from a location in Indiana. The rental excise tax is 2.25 percent of the gross retail rental income. The renter is liable for the tax, and it will be collected by the retail merchant and sourced to the location from which the equipment is rented. The tax may be reported in the same manner used to report the retail merchant’s Indiana sales and use tax (INTax).
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New Jersey Amnesty Program Ends Jan. 15

Posted 3:00 PM by
New Jersey is currently running an amnesty program that allows taxpayers an opportunity to become compliant with certain state tax liabilities and unfiled tax returns. The state has identified certain companies and individuals with outstanding liabilities on account and contacted them regarding this program; however, companies and individuals that were not contacted by the state are also eligible to participate.
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