On December 16, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations... that provide some good news and needed clarification for C corporations, individuals, and S corporations and other...more
12/19/2019
/ C-Corporation ,
Charitable Donations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Popular ,
Proposed Regulation ,
PTEs ,
S-Corporation ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here’s a summary of those regulations, the IRS guidance issued in connection with the final...more
7/15/2019
/ C-Corporation ,
Charitable Donations ,
Final Rules ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Pass-Through Entities ,
Proposed Regulation ,
PTEs ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State and Local Government ,
State Taxes ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
Sometimes the law of unintended consequences is difficult to correct after the fact. The most recent example may be the 2017 Tax Cuts and Jobs Act’s $10,000 annual limitation on state and local tax deductions claimed by...more
1/4/2019
/ C-Corporation ,
Charitable Donations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Proposed Regulation ,
PTEs ,
S-Corporation ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State Taxes ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
On July 31, the Alabama Department of Revenue (ADOR or Department) released its long-awaited and quite comprehensive analysis of the impact of the Tax Cuts and Jobs Act of 2017 (otherwise known as “federal tax reform”) on...more
9/5/2018
/ Corporate Taxes ,
Department of Revenue ,
Excise Tax ,
Federal Taxes ,
Financial Institutions ,
Foreign Earned Income ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Pass-Through Entities ,
Proposed Regulation ,
S-Corporation ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Reform
As previously reported, during the recent legislative session the Alabama Legislature finally resolved the so-called “Moody Issue,” named after the taxpayer victory in Moody v. Alabama Department of Revenue, regarding the...more
6/12/2018
/ Department of Revenue ,
Filing Deadlines ,
Income Taxes ,
Personal Property ,
Proposed Regulation ,
Public Comment ,
Public Hearing ,
Rental Tax ,
State and Local Government ,
Tangible Property ,
Tax Amnesty ,
Tax Credits ,
Tax Penalties ,
Tax Refunds
The Alabama Department of Revenue (ADOR) recently proposed numerous changes to its apportionment rules for corporate income taxpayers, with the stated intention of adopting “recommended amendments to the [Multistate Tax...more
Yesterday afternoon, the Alabama Department of Revenue (ADOR) withdrew its controversial proposed digital tax regulation, Rule 810-6-5-09, likely in response to the request of the Legislative Council’s newly-appointed...more
The Alabama Department of Revenue (“ADOR”) has withdrawn its controversial proposed local nexus rule, Ala. Admin. Code prop. r. 810-6-5-.04.02, and replaced it with a proposal that is narrower in scope and more...more