ARP Tax Changes Include Credit Extensions/Expansions, Tax Relief for EIDL and Grant Recipients, and Changes to Worldwide Interest Allocation Rules -
Among many other provisions, the American Rescue Plan (ARP), the $1.9...more
In Revenue Ruling 2020-27, the IRS announced that taxpayers cannot deduct expenses paid for with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven, even if the PPP loan forgiveness occurs in a later...more
The IRS issued Notice 2020-32 explaining that otherwise deductible business expenses paid for with the proceeds of a forgiven PPP loan are not deductible for federal income tax purposes. This means that when a taxpayer pays...more
Act 13 of 2019 (Act 13), signed by Governor Wolf on June 28, 2019, made several changes to Pennsylvania tax laws, including the following significant changes.
...more
7/17/2019
/ Capital Gains ,
Corporate Taxes ,
Economic Development ,
Income Taxes ,
New Legislation ,
Opportunity Zones ,
Sales & Use Tax ,
State and Local Government ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Transfer Taxes
The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more
6/27/2019
/ Business Taxes ,
IRS ,
Itemized Deductions ,
Liability Caps ,
Local Taxes ,
New Regulations ,
SALT ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform
The IRS proposed regulations (the Proposed Regulations) on August 23, 2018, that would largely block state efforts to circumvent new limitations on income tax deductions for state and local taxes and would affect many current...more
As we are sure you know, H.R. 1, informally known as the Tax Cut and Jobs Act, became law on December 22, 2017. This new law will impact almost all taxpayers. Ballard Spahr's Tax Group has prepared a detailed summary of...more
1/9/2018
/ Alternative Minimum Tax ,
Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Estate Tax ,
Excise Tax ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Pass-Through Entities ,
Popular ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
As we are sure you know, both the U.S. House of Representatives and Senate have passed their own versions of tax legislation, known as the Tax Cuts and Jobs Act. The two different bills will be reconciled in a conference...more
12/7/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Carried Interest Tax Rates ,
Compensation & Benefits ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
Proposed Legislation ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
Trump Administration
President Donald J. Trump and the "Big Six"—House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, White House adviser Gary Cohn, House Ways & Means Committee...more
10/2/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
Legislative Agendas ,
Pass-Through Entities ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
With Republicans in control of both the White House and Congress, comprehensive federal tax reform likely is on the horizon. Both the tax reform plan outlined by President Donald J. Trump during his campaign (the Trump Plan)...more
AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE -
President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more
12/8/2016
/ Affordable Care Act ,
Alternative Minimum Tax ,
Capital Gains ,
Child Tax Credit ,
Controlled Foreign Corporations ,
Estate Tax ,
Generation-Skipping Transfer ,
Income Taxes ,
International Tax Issues ,
IRS ,
Mutual Funds ,
Passive Foreign Investment Company ,
Payroll Taxes ,
Registered Investment Companies (RICs) ,
Tax Deductions ,
Tax Rates ,
Transfer Taxes ,
Trump Administration
The use of a limited liability company (LLC) by Mark Zuckerberg and his wife Priscilla Chan as the vehicle for advancing of “philanthropic, public advocacy, and other activities for the public good” has recently received a...more