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Further Consolidated Appropriations Act, 2020: Tax Changes and Retirement Planning Implications

Posted 5:30 PM by
In December 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020, a sweeping year-end spending bill that funds federal government agencies in a discretionary portion of the federal budget through September 2020. In addition to addressing government funding, the Act also extends many tax provisions that previously expired, alters other long-standing tax provisions – many of which affect retirement-planning efforts for both individuals and plan sponsors – and more.
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IRS Delivers Final Opportunity Zone Regulations

Posted 6:00 PM by
On Dec. 19, 2019, the IRS released a long-awaited gift to the tax and investment communities. A robust 544-page dissertation in the form of final Qualified Opportunity Zone regulations. The proposed guidance issued prior to the release of these final regulations left many unanswered questions and produced more than a few perplexing outcomes.
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Year-End Essentials for Veterinary Hospitals: Your 2019 Checklist

Posted 9:30 PM by
In the hustle and bustle of holiday activities, year-end business items can easily be forgotten. That’s why we’ve created a year-end checklist – to help you make the most of 2019 and keep your hospital as healthy as it can be.
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ICLEF Seminar: International Update: GILTI and Structure Considerations

Posted 3:45 PM by
Katherine Malarsky, director in KSM’s Tax Services Group, will examine new tax developments as they relate to international tax at the Indiana Continuing Legal Education Forum’s (ICLEF) “Practical Tax Law: Speed Dating with Taxes” seminar Dec. 10.
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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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