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KSM to Present 2019 Year-End Not-for-Profit Update

Posted 3:45 PM by
Katz, Sapper & Miller’s Not-for-Profit Services Group will host its annual Year-End Not-for-Profit Update on Nov. 6 in Indianapolis and on Nov. 12 in Fort Wayne, IN.
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Q&A with Chad Halstead, an Opportunity Zone Adviser

Posted 5:15 PM by
For the past 12 years, Chad Halstead, 39, has helped land government incentives for some of the area’s biggest real estate developments. As part of his work, he’s also brushed up on the updated tax code and taken the lead on local projects using Opportunity Zones.
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Final GILTI Regulations Provide Some Relief to Taxpayers

Posted 1:15 PM by
The Tax Cuts and Jobs Act of 2017 added a new anti-deferral rule known as Global Intangible Low-Taxed Income (GILTI). The GILTI provisions impact taxpayers that own an interest in certain foreign corporations that are classified as controlled foreign corporations (CFC). Below is a brief background on the basic GILTI rules as well as highlights of significant developments in the final regulations that were issued in June 2019.
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State & Local Tax Update: Oregon Amends Recently Enacted Corporate Activity Tax

Posted 3:18 PM by
Oregon’s recently established Corporate Activity Tax (CAT) was amended July 23 when Gov. Kate Brown signed H.B. 2164 into law. The CAT, effective for tax years beginning on or after January 1, 2020, is based on Oregon gross receipts and provides taxpayers a 35% subtraction based on the greater of compensation or cost inputs.
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State & Local Tax Update: California Selectively Conforms to Federal Tax Reform

Posted 5:45 PM by
California Gov. Gavin Newsom recently signed Assembly Bill 91 into law, selectively conforming to provisions of the federal Tax Cuts and Jobs Act, a.k.a tax reform. As part of this response to tax reform, California left its static conformity date as Jan. 1, 2015, but the state identified specific sections to follow for California purposes. In some instances, an election can be made impacting the 2018 tax year.
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State & Local Tax Update: Oregon Adds Corporate Activity Tax to Tax Regime

Posted 7:30 PM by
Oregon Gov. Kate Brown recently signed H.B. 3427 into law, imposing a new gross receipts tax effective for tax years beginning on or after Jan. 1, 2020. This new Corporate Activity Tax (CAT) is imposed on any “person” with commercial activity occurring in the state, is in addition to all other Oregon taxes, and is not limited by the protections against imposition of state net income taxes by federal law (P.L. 86-272).
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Tate to Discuss Tax Updates at Indiana CPA Society’s 2019 Not-for-Profit Conference

Posted 2:30 PM by
Katz, Sapper & Miller’s Casse Tate, partner in the firm’s Not-for-Profit Services Group, will present at the Indiana CPA Society’s 2019 Not-for-Profit Conference. The conference, which will take place July 25 in Indianapolis, is geared toward CPAs in public accounting who have not-for-profit clients as well as CPAs working as staff at not-for-profit organizations.
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A Qualified Opportunity Zone Trap for the Unwary

Posted 6:00 PM by
When depreciable and real property (usually buildings and equipment) used in a trade or business and held for more than one year is sold, the result is typically something called “Section 1231 gain.” Absent recapture rules, this gain is treated as capital gain, but it must first be netted against any losses from other sales of 1231 property during the tax year.
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Determining the Category of Filer for Form 5471 With Respect to Ownership of Foreign Corporations

Posted 5:30 PM by
The Tax Cuts and Jobs Act (“TCJA”) that was passed at the end of 2017 was meant to simplify the tax code. However, in the international tax realm, the complexity has only increased. This is certainly true of the revised form and instructions for Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, as of December 12, 2018 for the 2018 tax filing season. These revisions significantly change the form, and the instructions expand the categories of filers for this form.
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State & Local Tax Update: Indiana Follows Trend, Adopts Market-Based Sourcing

Posted 8:45 PM by
Over the past five years, many states have moved from cost-of-performance methodologies to market-based sourcing, modifying sourcing of receipts (other than of tangible personal property) and creating additional tax revenue from out-of-state service providers. On May 1, 2019, Indiana followed suit when Gov. Eric Holcomb signed Senate Bill 563 into law.
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