News & Analysis as of

Income Taxes Tax Credits

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Captive Insurance Update | Issue No. 1 | 2018 - A summary of state and federal developments in the captive insurance industry

by Downs Rachlin Martin PLLC on

Vermont’s leadership team for captive insurance was remarkably stable in 2017. Governor Phil Scott and Michael Pieciak, the Commissioner of the Department of Financial Regulation (the “DFR”), completed their first full year...more

The New York State Budget: New Tax Code and Record Funding for Education

by Harris Beach PLLC on

The recent passage of the state’s budget, which took effect on April 1, 2018, aims to provide relief to the middle class to combat the change in federal tax law. New York is making a concerted effort to protect...more

Report on Executive Budget

by Hodgson Russ LLP on

On March 30th, Governor Cuomo announced that New York lawmakers passed the $168.3 billion FY 2019 Budget (the “Final Bill”). ...more

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

The 2018 IRS Dirty Dozen,Part II: Padding Deductions, Claiming Undeserved Business Credits, Falsifying Income, Inflating Refunds

by Moskowitz LLP on

In our last post, we covered four schemes aimed at taking advantage of well-meaning taxpayers. The next four items on the IRS Dirty Dozen for this year involve illegal actions taken by taxpayers to either reduce their taxable...more

Alabama Legislature Passes Bill to Address Calculation of Credit for Taxes Paid to Other States - State & Local Tax Alert: Alabama...

Gov. Kay Ivey signed House Bill 384, into law last Wednesday, March 28, ending a debate that has lasted for almost a decade over the scope of the individual income tax credit for certain taxes paid to other states. ...more

Recent Alabama Tax Legislative Developments

Many predicted that the 2018 regular session of the Alabama Legislature would be less eventful than in years past since members of the House of Representatives and Senate are up for re-election this year, and most lawmakers...more

2018 Summary of Changes to Income Tax for Individuals

The Tax Cuts and Jobs Act of 2017 (Tax Act) reduces the effective income tax rate for many taxpayers and sharply curtails the application of the alternative minimum tax (AMT). It also limits many deductions, including the...more

Decoding the Tax Cuts and Jobs Act – Part VI: Employment and Fringe Benefit Related Provisions

by Garvey Schubert Barer on

BACKGROUND - The Tax Cuts and Jobs Act (“TCJA”) creates, modifies or eliminates a number of employment and employee fringe benefit related provisions of the Code. Both employers and employees need to be aware of these...more

How To Calculate New Federal Paid Family Leave Tax Credit

by Jackson Lewis P.C. on

The Tax Cuts and Jobs Act of 2017 provides a tax credit to employers that voluntarily offer paid family and medical leave to employees. Under new Section 45S of the Internal Revenue Code, employers that voluntarily offer...more

Tax Reform: Impact on Businesses and Individuals

The 2017 Tax Act - Signed into law on December 22, 2017 - Provisions apply NOW – to taxable years beginning after December 31, 2017 - Corporate and International Changes are “permanent;” almost all individual changes...more

French Finance Act for 2018 and Amending Finance Acts for 2017: Key Tax Measures for Businesses and Individuals

by K&L Gates LLP on

The first and second French Amending Finance Acts for 2017 and Finance Act for 2018 were enacted on December 2, December 29 and December 31, 2017, respectively (the “Acts”). The Acts introduce a progressive reduction of the...more

Gold Dome Report - February 2018 #4

Legislative Day 17 was billed by some as “Health Day” under the Gold Dome. After the Georgia State Senate took up three health-related bills on its Rules Calendar, members of the House Appropriations Committee heard...more

FERC and the Tax Cuts and Jobs Act of 2017 – Natural Gas Pipelines

The Federal Energy Regulatory Commission (FERC) Staff has initiated inquiries involving numerous interstate natural gas pipelines, seeking information on the impact of the Tax Cuts and Jobs Act of 2017 (Tax Act) on those...more

IRS Safe-Harbor to Calculate Federal Income Tax Credits for Research Expenses

by Miller Canfield on

A taxpayer may claim a credit against its federal income tax liability for research expenses paid or incurred during the tax year. The definitions of research expenses for financial reporting purposes and federal income...more

Real Estate Aspects of Tax Reform

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the most extensive overhaul of the United States tax regime in over thirty years. The new tax laws will have a significant impact upon...more

The Tax Cuts and Jobs Act: An Overview and Four 2018 Planning Suggestions

by Faegre Baker Daniels on

For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more

Reminder! California Employers Must Provide Notice Of The Federal And California Earned Income Tax Credit

by Jackson Lewis P.C. on

California employers should remember that they must revise their notice to employees regarding the federal Earned Income Tax Notice to include California’s version of it. Effective January 1, 2017, employers must revise their...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Real Estate and Construction Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Review/Summary of International Provisions of the New Tax Act

by Charles (Chuck) Rubin on

On December 20, 2017, Congress passed H.R.1, known as the “Tax Cuts and Jobs Act” (referred to in this letter as the “Act”), which was signed into law by President Donald Trump on December 22, 2017. The Act makes widespread...more

Analysis of Key Provisions of the Tax Cuts and Jobs Act

by Ballard Spahr LLP on

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

Energy Taxation: Impact Of The Tax Cuts And Jobs Act

Congress has passed the tax reform bill, known as the "Tax Cuts and Jobs Act", and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law that affect many industries. ...more

The Impact of the Tax Cuts and Jobs Act on LIHTC Investments

The Tax Cuts and Jobs Act contains changes impacting the LIHTC Program. While the low-income housing tax credit program emerged largely unscathed, the reduction in corporate tax rates will reduce equity pricing. ...more

Tax Reform Advisory: Real Estate Industry

by Goulston & Storrs PC on

On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”). The Act will have a significant impact on many sectors of the economy including the real estate sector....more

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