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Hogan and Royster to Discuss Tax Law and the Wayfair Impact at McLeod Software’s 2018 User Conference

Posted 5:10 PM by
Katz, Sapper & Miller’s Troy Hogan and Stephen Royster, members of the firms Transportation Services Group, will present at McLeod Software’s 2018 User Conference. Taking place Sept. 30 – Oct. 2 in Birmingham, AL, the conference will bring together over 1,000 transportation industry professionals to learn about new tools to improve efficiency, discuss timely topics in the transportation industry, and network with peers.
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The 20 Percent Pass-Through Deduction: Proposed Guidance and Its Impact on Trucking

Posted 1:00 PM by
When the Tax Cuts and Jobs Act (TCJA) became law on Dec. 22, 2017 there was interpretation of the law, but little guidance on how taxpayers would implement the qualified business income (QBI) 20 percent pass-through deduction. After more than eight months, the IRS has finally issued proposed regulations. Initial commentary that Section 199A would be taxpayer favorable has been confirmed by the recently issued proposed regulations.
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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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Startup Companies: Can the R&D Payroll Tax Credit Help You?

Posted 3:00 PM by
For many startup companies, the first several years of business can be a period of heavy research and development (R&D) activity, as the founders work to bring the business’ products or processes to market. Unfortunately, this period is also often marked by heavy expenses and minimal revenue, resulting in operating losses for the company. Even the most successful startup business may take several years before it is able to finally show a net taxable profit.
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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 Market 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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Healthcare and Tax Reform: What We Know Now

Posted 6:45 PM by
Since the Tax Cuts and Jobs Act (TCJA) was signed into law seven months ago, many healthcare professionals have been wondering how the new law will impact the industry and what steps they should take now to prepare. Though the Internal Revenue Service (IRS) is still issuing guidance on the new law, this article summarizes the key provisions and the implications for those practicing in the healthcare industry.
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New York State & Local Tax Update: July 2018

Posted 6:00 PM by
Businesses subject to New York City’s Commercial Rent Tax (CRT) will now be able to claim the new CRT credit on their June 1, 2018–May 31, 2019 tax return.
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Indiana to Implement Heavy Equipment Excise Tax in 2019

Posted 6:40 PM by
Effective Jan. 1, 2019, Indiana will implement 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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State & Local Tax Update: Connecticut’s Response to Tax Reform

Posted 5:40 PM by
The Connecticut General Assembly recently passed legislation which made changes to the state’s taxing system effective for tax years beginning on or after Jan. 1, 2018. Most significant is the imposition of tax on pass-through entities that are doing business in Connecticut.
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