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Tax Reform

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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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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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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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State & Local Tax Update: New York’s Response to Tax Reform

Posted 5:29 PM by
The 2018 New York State legislative session is well underway. The New York State Assembly’s biggest accomplishment thus far is the March 30 passage of the state’s 2018-19 budget bill (S07509C), which was then signed into law April 12, 2018, by Gov. Cuomo. While this budget bill provides some guidance on New York’s stance relating to the changes made by the Tax Cuts and Jobs Act (TCJA) (Public Law 115-97, 12/22/2017), the assembly’s budget bill ultimately came short in responding to several TCJA issues.
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State & Local Tax Update: 5/25/18

Posted 4:00 AM by
The Kentucky legislature recently passed significant tax law changes with House Bill 366 and House Bill 487, including an overhaul to much of Kentucky’s corporate tax system and addressing the state’s conformity to the Tax Cuts and Jobs Act. These bills broaden Kentucky’s tax base through various income and sales tax provisions and introduce a flat income tax rate.
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Hooper to Address M&A Issues at American Trucking Associations Conference

Posted 2:08 PM by
Katz, Sapper & Miller’s Randy Hooper will participate in the 2018 American Trucking Associations (ATA) National Accounting & Finance Council (NAFC) Conference.
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