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Tax Reform

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The CARES Act and Net Operating Losses: International Tax Considerations

Posted 12:25 PM by
On April 9, 2020, the Internal Revenue Service (IRS) issued Revenue Procedure 2020-24. The purpose of the Revenue Procedure is to provide guidance related to Section 172(b)(1)(D) of the Internal Revenue Code, which was created as a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Specifically, Section 172(b)(1)(D) allows a carryback of any net operating loss (NOL) arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2021, to each of the five years preceding the year in which the NOL was created. Taxpayers will carryback the relevant NOL to the earliest taxable year in the carryback period, carrying forward any unused amounts to each succeeding tax year.
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CARES Act Provides More Tax Relief

Posted 4:15 PM by
Just before midnight on March 25, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation, which would provide $2.2 trillion in economic relief to businesses and individuals affected by the COVID-19 pandemic, is now headed to the House for a vote.
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IRS Updates Business Meals and Entertainment Guidance

Posted 6:45 PM by
On Feb. 21, the IRS released proposed regulations on the treatment of meals and entertainment expenses based on the modifications imposed when the Tax Cuts and Jobs Act (TCJA) was passed into law. The proposed regulations primarily serve to reinforce and clarify the rules previously established in the TCJA and IRS Notice 2018-76. This article addresses some of the key provisions and considers the impact on businesses.
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2020 Tax Considerations for Buy Here – Pay Here Dealers

Posted 2:00 PM by
Another year has begun, and taxes are on the minds of many. But instead of thinking only about filing a tax return, what should buy here – pay here dealers be considering in 2020? Here are a few financial and operational issues to consider – as well as their tax implications.
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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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KSM to Discuss Effects of Tax Reform on Deal-Making at Multi-Family Industry Summit

Posted 1:00 PM by
Katz, Sapper & Miller’s Josh Malarsky and Katie Culp will speak at the Indiana Apartment Association’s 2019 Multifamily Industry Summit. Taking place Nov. 19 in Indianapolis, the annual summit is a can’t-miss opportunity for multi-family real estate executives, developers, regional level staff, and management to hear about trends and developments in the marketplace from local and national experts.
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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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