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The Internal Revenue Service announced in IRS Notice IR-2019-157 that it would send time-limited settlement offers to certain taxpayers who participated in abusive micro-captive insurance transactions and are under audit. Eligible taxpayers will be notified of this offer by a letter containing the applicable terms. The IRS has already sent notices to up to 200 […]
With the ups and downs of the financial markets over the last several weeks, it seems that political conversation has turned to the consideration of additional tax cuts as a vehicle for economic stimulus to ward off any recession that might be on the horizon. Recent discussions coming from the Trump administration have touted a […]
One of the many tax incentives created by the Tax Cuts and Jobs Act (TCJA), the Qualified Opportunity Zone program was created to stimulate development in economically distressed communities. Read the article from the 2019 GYF Summer Perspectives
The Internal Revenue Service has released the depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2019. These annually inflation-adjusted numbers represent the maximum income tax depreciation allowed under the luxury automobile rules. In Revenue Procedure 2019-26, tables set forth the new depreciation limits. Table 1 provides the depreciation […]
An occasionally-discussed income tax concept relating to capital gains is being revived by the top-ranking Democrat on the Senate Finance Committee, Oregon Senator Ron Wyden. Wyden is proposing that certain wealthy taxpayers ante up each year for the value growth in their investment accounts rather than waiting for those investment assets to be liquidated and/or […]
One of the most discussed provisions of the Tax Cuts and Jobs Act (TCJA), which was enacted in December 2017, is the addition of the Qualified Business Income (QBI) deduction available under new Internal Revenue Code §199A. This provision allows equity owners of qualifying pass-through entities to deduct up to 20% of the qualifying business […]
As April 15th (the annual D-Day for U.S. taxpayers) is rapidly approaching, confusion still exists as to how to properly substantiate a donation or charitable contribution to a qualifying tax-exempt organization. The lack of clarity relates mostly to a seemingly endless series of technical changes to the substantiation requirements by the Internal Revenue Service. Obtaining […]
In years prior to 2019, and the enactment of the Tax Cuts and Jobs Act (TCJA), taxpayers were accorded an “unlimited” federal income tax deduction for all state and local income taxes as well as real estate taxes, if they were able to itemize deductions. In those instances when the state and local income taxes […]
Not subject to as much media attention as federal income tax legislation, the state impacts resulting from the enactment of federal legislation always poses budgetary challenges for leadership in those jurisdictions. Oftentimes, federal income tax incentives, such as accelerated and bonus depreciation, can prove unduly costly for states whose income tax regimes are predicated upon […]
Sales Tax Background Most states have historically looked to nexus as a condition relevant to their capability to levy sales taxes. For decades, states have been bound by the United States Supreme Court National Bella Hess and Quill decisions in defining the required nexus standard for levying taxes in those states. The most relevant determinant of nexus […]
