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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: 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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The State of the Buy Here – Pay Here Industry

Posted 2:00 PM by
It’s no secret that the buy here – pay here (BHPH) industry has faced challenges in recent years, whether it is increased competition from subprime and deep subprime lenders, changing regulatory requirements, or an increasing number of charge-offs. Though some of these challenges remain, there are still reasons for dealers to be optimistic. Here is the state of the industry and key takeaways from the 2019 National Independent Automobile Dealers Association (NIADA) ¦National Alliance of Buy Here, Pay Here Dealers (NABD) Convention & Expo.
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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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Tax Reform Update for Buy Here – Pay Here Dealers: What Has Changed and What Comes Next?

Posted 7:05 PM by
The Tax Cuts and Jobs Act (TCJA) passed by Congress in December 2017 may seem like old news, but many buy here – pay here (BHPH) operators are just now feeling the impact of the changes on their tax returns. So, what looks different on your tax return this year, and what can you do to prepare for next year? The following is a summary of key provisions for BHPH operators and some practical takeaways:
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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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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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Replicating Success: How Opportunity Zones Are Reshaping the Investment Landscape

Posted 1:09 PM by
The economic divide in large cities continues to expand. Despite a financial resurgence following the recession that occurred between 2007 and 2009, the system wasn’t fixing itself. Enter the Qualified Opportunity Zone (QOZ) program, a creation of policy think tank Economic Innovation Group (EIG) designed to boost development in economically distressed communities. On March 13 at the Conrad Hotel in Indianapolis, Katz, Sapper & Miller and Ice Miller LLP hosted a seminar that took a closer look at the program, “Seizing the Opportunity: The Vision and Forecast for Opportunity Zones.”
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How a Per Diem Program Can Help Drivers and Carriers Save in Taxes

Posted 1:00 PM by
The Tax Reform and Jobs Act (TCJA) was the most comprehensive overhaul of the tax code in our lifetime, if not ever. We are just weeks away from the first tax filing deadline for returns that are fully impacted by these law changes. One change that could drastically impact truck drivers is the inability to deduct unreimbursed business expenses. As a result of this adjustment, many carriers have implemented per diem programs as a way to get tax free dollars to drivers. Conversely, companies that have not instituted per diem programs might have disappointed drivers as we get closer to the tax filing deadline, and drivers realize that this deduction is a thing of the past.
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