News & Analysis as of

Adjusted Gross Income

Five Things to Know about the Tax Cuts and Jobs Act

Even with the bill still in Conference, here are some things businesses should follow closely. Both House and Senate Bills call for deemed repatriation of accumulated foreign profits at reduced tax rates. ...more

Tax Reform/Tax Cuts, Who Cares? Tax Gross Up Damages Are Available Under Title VII

by Foley & Lardner LLP on

Tax reform legislation is certainly one of the hottest topics in the media. Among others, several of the pressing questions regarding the proposed legislation are: Will it pass? If so, who will receive tax relief (and who...more

House of Representatives Passes the Tax Cuts and Jobs Act (H.R. 1); Senate Finance Committee Approves Modified Version; Comparison...

by Proskauer - Tax Talks on

Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late...more

Tax Planning Under the Tax Cuts and Jobs Act: Flow-Throughs Are the Answer to Everything

by Proskauer - Tax Talks on

The tax reform bills introduced in the House of Representatives and the Senate dramatically reduce the corporate tax rate from 35% to 20% and create added incentives for taxpayers to invest capital into U.S. businesses with...more

Proposed Tax Reform Bill Impacts Philanthropy and Tax-Exempt Organizations

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal...more

New Rules for Tax-Exempt Organizations in the Tax Cuts and Jobs Act

House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules - On Thursday, November 2, House Republicans led by...more

How to Reverse Medicare Surcharges When Your Income Changes

What happens if you are a high-income Medicare beneficiary who is paying a surcharge on your premiums and then your income changes? If your circumstances change, you can reverse those surcharges....more

McNees Insights – Estate Planning Newsletter - July 2017

Deducting Miscellaneous Itemized Deductions - You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more

Filing Your Own Return

by Moskowitz LLP on

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

Charitable Giving Before Tax Law Changes Under the New Administration

by Goulston & Storrs PC on

Significant changes are expected to U.S. tax laws following the election of Donald Trump as the next President of the United States and the Republican Party’s retention of control over both houses of Congress. The details of...more

Consider Your Options for Charitable Giving - Trusts and Estates Update Volume 2016, Issue 1

by Pepper Hamilton LLP on

There are many charitable giving options that are available to fit a donor’s specific goals. You do not have to be Bill Gates or Warren Buffett to make a difference in the world now and after you are gone. Most of our...more

2014 Statistics of Income

by Charles (Chuck) Rubin on

The IRS regularly releases information garnered from tax filings. For those with an interest in this sort of information, based on individual income tax returns for 2014...more

Filling the UK pensions gap - Employers are scrambling to placate top earners with more attractive options for tax relief...

by White & Case LLP on

The speculated sweeping pensions tax relief measures in the 2016 budget failed to materialise, much to the relief of nervous benefits managers across the United Kingdom. Although this major overhaul has been averted (or,...more

The Charitable IRA Rollover is Now Permanent!

Under the normal rules, an IRA distribution is included in the gross income of a donor, who then may claim a charitable income tax deduction if she contributes that money to charity. There has been a special rule for...more

IRS declares identity protection services not taxable

The IRS announced last week that the value of identity theft protection services are not taxable and do not have to be included in gross income calculations for tax purposes. Identity theft continues to be the number one...more

Statute of Limitation: Congress Overrules Home Concrete and Retroactively Removes Some Taxpayer Defenses

by McDermott Will & Emery on

On July 31, 2015, President Barack Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236; Pub. Law No. 114-41) (the 2015 Act) into law. In addition to extending various...more

Tax and Estate Planning Newsletter - Summer 2015

by Archer Norris PLC on

Dear Clients and Colleagues: This summer’s weather is a mix of hot and cold temperatures, and the rain we need so desperately is coming now in sprinkles along with thunder and lightning. Along with changes in the...more

Indiana Supreme Court Refuses To Apply A Company’s Foreign Source Dividend Deduction To Its NOL Calculations

by Faegre Baker Daniels on

On August 25, 2014, the Indiana Supreme Court issued its decision in Indiana Department of State Revenue v. Caterpillar, Inc., holding that the plain meaning of the Indiana tax statutes prohibited the company from increasing...more

Tax And Business Planning For Farmers To Avoid Higher Taxes And Loss Of Subsidies

by Gray Reed & McGraw on

The Agricultural Act of 2014 (aka - the 2014 Farm Bill) has been controversial, to say the least. Among its many changes are an $8 billion cut to the “food stamp” program. The Farm Bill also drastically modifies or ends...more

A Hidden Trap in Obamacare

by Pessin Katz Law, P.A. on

Beginning this year, there is a “gotcha” which middle income individuals who might be able to qualify for the Affordable Care Act’s (“Obamacare”) “premium assistance credit” (“PAC”). There are many instances in the Internal...more

Production Includes Growing

by Charles (Chuck) Rubin on

A U.S. shareholder of a controlled foreign corporation (CFC) has gross income on its share of the CFC's subpart F income. This income includes “foreign base company sales income” or FBCSI. ...more

Congress Reinstates Income Tax Advantages for Conservation Easements

by Womble Bond Dickinson on

Executive Summary: Congress has temporarily reinstated certain income tax advantages for donations of conservation easements. These advantageous provisions are scheduled to expire at the end of 2013....more

American Taxpayer Relief Act Of 2012 - The Effects On Charitable Giving

by Polsinelli on

In This Issue: - Major Tax Provisions Relating to Charitable Organizations - Other Law Changes Affecting Charitable Contributions - Excerpt from Major Tax Provisions Relating to Charitable Organizations: The...more

Fiscal Cliff Deal Preserves Enhanced Conservation Easement Tax Benefits

Conservation easements are an effective tool for tax and estate planning and there are significant tax benefits to implementing them in 2013....more

Recent tax law changes of 2013

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. Summarized below are highlights of those and other changes to Federal tax laws affecting income, payroll, gift and estate, and...more

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