Tax Deductions

News & Analysis as of

"Cadillac" Healthcare Tax Delayed to 2020

The so-called "Cadillac Tax" on certain high-cost healthcare plans that was scheduled to take effect in 2018 has been delayed until January 1, 2020. This legislative change, which is part of the Consolidated Appropriations...more

New Ruling of the Czech Supreme Administrative Court: Twilight of Acquisition Structures?

A recent Czech Supreme Administrative Court decision invoked the doctrine of abuse of law disallowing the tax deductibility of interest on a shareholder loan in an acquisition transaction. Since similar acquisition structures...more

Congress Passes Protecting Americans from Tax Hikes (Path) Act of 2015, Making Many Tax Extenders Permanent

Action Item: The recently enacted PATH Act contains key tax provisions for businesses and individuals alike, including permanently expanding Section 179 of the Internal Revenue Code; extending the availability of...more

Tax Update (Australia): Prospecting for Tax Deductions - The ATO Consolidates and Clarifies Its Views About When Exploration and...

The Commissioner of Taxation has released TR 2015/D4 - Income Tax: deductions for mining and petroleum exploration expenditure (Draft Ruling). The Draft Ruling will replace TR 98/23 - Income Tax: Mining exploration and...more

Fraudulent Conveyance Litigation Expenses are Not Deductible

Expenses of business litigation, and litigation involving the production or collection of income or of property held for the production of income, are typically deductible under Code Sections 162 or 212. It is often...more

Don’t Put Away Those Party Supplies Just Yet: The New IRS Mileage Rates Are Here!

For the first time in human history, or at least a very long time, the mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes have declined....more

ACA Update: Cadillac Tax Postponed!

The budget and tax package passed by Congress on December 18, 2015, and signed by the President, includes a two-year delay of the controversial excise tax on high-value health plans (a.k.a., the Cadillac Tax), part of the...more

IRS Raises Safe Harbor Threshold and Simplifies Recordkeeping for Small Businesses to Deduct Certain Expenditures

The Internal Revenue Service (IRS) announced on November 24, 2015 that it has raised the safe harbor threshold for small businesses to deduct certain capital expenditures from $500 to $2,500....more

Permanent Charitable IRA Rollover

Congress recently made permanent the IRA charitable rollover. Individuals over age 70½ can make lifetime gifts, up to $100,000 per year, to qualified public charities from their individual retirement accounts (IRAs). To...more

ACA’s “Cadillac Tax” Delayed for Two Years to 2020

Last week, Congress approved a provision in an omnibus spending/budget bill that will delay for two years the Affordable Care Act’s “Cadillac tax,” the controversial 40% tax on high value health coverage. The tax, described...more

Congress Delivers Holiday Gift in Form of Permanent Extenders Package

Last week, Congress delivered a holiday gift to the country in the form of a permanent extenders package. The Protecting Americans from Tax Hikes Act of 2015 ("PATH Act") passed in the House of Representatives yesterday and...more

IRS Releases Advice Addressing Section 162(m) and CFO Compensation of Smaller Reporting Companies

Section 162(m) of the Internal Revenue Code (Code) limits, subject to certain exceptions, a public company’s federal income tax deduction for compensation paid to any “covered employee” to $1 million in any taxable year. A...more

So-Called Cadillac Tax Delayed until 2020

On December 16, 2015, the House of Representatives struck a tentative deal on an appropriations bill that would fund the federal government through the 2016 fiscal year. Among other things, the 2016 Consolidated...more

Negotiators Reach Deals on Government Funding, Tax Extenders Legislation

After several long weeks of negotiations on end-of-year obligations, congressional negotiators reached agreements on both a government funding bill that pays for the federal government through the remainder of FY16 as well as...more

The IRS’ Proposed Regulations to Provide a Substitute to the “Contemporaneous Written Acknowledgment” Requirement: A Data Security...

If you are a donor who makes a charitable gift of $250 or more, you need to obtain a “contemporaneous written acknowledgment” (CWA) letter from the recipient charitable organization to substantiate your donation and take the...more

IRS’s New, Optional Donor Form Causes Confusion

On September 16, 2015, the Internal Revenue Service (IRS) issued proposed regulations to provide an alternative method for substantiating charitable contribution deductions. In connection with these regulations, the IRS will...more

Creating a Social Network of Tax Savings: The Use of LLCs in Structuring Philanthropic and Public Good Activities

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

LLCs: A New Horizon for Charitable Giving?

When Mark Zuckerberg recently announced that he was giving away up to 99 percent of his Facebook shares (valued at approximately $45 billion), he was severely criticized for it. Zuckerberg and his wife created the Chan...more

Year-End Tax Planning 2015

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock...more

2015 Year-End Tax Planning for Businesses

As 2015 draws to a close, there is still time to reduce your 2015 taxes and plan ahead for 2016. This advisory highlights several potential tax-saving opportunities for business owners to consider. ...more

Wealth Management Update - December 2015

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

2015 Year-End Tax Planning

As 2015 draws to a close, there is still time to reduce your 2015 taxes and plan ahead for 2016. This letter highlights several potential tax­saving opportunities for you to consider. We welcome the opportunity to meet with...more

IRS Issues Favorable Rules for Retail and Restaurant Remodeling Costs - Retail Did You Know?

Dear Retail Clients and Friends, On November 19, the IRS released Revenue Procedure 2015-56, which provides a safe harbor method of accounting for costs incurred by retailers and restaurants in remodel and refresh...more

Pennsylvania’s Commonwealth Court Finds NOL Cap Unconstitutional, Grants Refund to Taxpayer

In a 5–2 decision, the Pennsylvania Commonwealth Court in an en banc panel has held that Pennsylvania’s NOL cap violates the Uniformity Clause of the Pennsylvania Constitution, and granted the taxpayer (Nextel Communications...more

Year-End Tax Planning and Expanded Scholarship Tax Credits

The Alabama Accountability Act of 2013 (the “Act”) provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO) operating within Alabama. The Act was...more

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