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Income Taxes Tax Deductions

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 -

Tax Court Disallows Rental Loss Deduction To Taxpayer Who Failed To Qualify As A Real Estate Professional

by Moskowitz LLP on

In our last post, we explained how an architect proved to the Tax Court that he qualified as a real estate professional, and was subsequently permitted to deduct passive activity losses from his real estate activities. Here,...more

The Qualified Business Income Deduction (Section 199A): Interim Guidance

The Tax Cuts and Jobs Act (the “TCJA”) was signed into law by President Trump on December 22, 2017. The law generally goes into effect for taxable years beginning after December 31, 2017. One of the overriding purposes of the...more

Tax Court Allows Rental Loss Deduction to Architect Who Qualified as Real Estate Professional

by Moskowitz LLP on

Investors are limited in their ability to offset income with passive losses, and even real estate investors who “actively participate” in their rentals (through management, capital improvements, selection of tenants,...more

The 2017 Tax Cuts and Jobs Act – A Boon for the Commercial Real Estate Industry

by Moskowitz LLP on

The new tax law ( 2017 TCJA) is great news for the commercial real estate industry. Owners of pass-through entities may deduct up to 20 percent of their business income on their tax return, subject to certain limits, and...more

Tax Law’s Impact on Real Estate Industry

by Moskowitz LLP on

This GlobeSt.com article features an interview with Moskowitz Attorney Steve Moskowitz. The new tax law promises to have a significant impact on owners, investors and the real estate industry as a whole. In this exclusive,...more

Avoid this while filing your taxes

by Foodman CPAs & Advisors on

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. ...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

New Tax Law Eliminates 30-Day Safe Harbor Against CFC Status

by Carlton Fields on

The recent tax law changes have focused primarily on corporate income tax, and in the international context, mostly on outbound tax matters. However, certain less publicized changes to the Code’s controlled foreign...more

Practical Insights on Tax Reform: Impact on Employee and Fringe Benefits

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States Internal Revenue Code (the “Code”) in 30 years. In...more

Bracewell Tax Report: March 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act (TCJA), with emphasis on how such developments impact the energy,...more

Deducting Attorneys’ Fees Under the Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “2017 Act”) purports to bring broadly lower tax rates to most U.S. individuals and companies; however, it does so at the expense of clear tax policy objectives in many areas. That lack...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

Bonus Depreciation: What You Need to Know for Your Business

by Bowditch & Dewey on

Since 2002, bonus depreciation under the Job Creation and Worker Assistance Act has been allowed in some form. Bonus depreciation allows for more current expensing for eligible property than allowed under the current...more

New York State budget adopts substantial changes in response to federal TCJA 

The New York Legislature passed its 2018-2019 Fiscal Year budget on March 30, 2018 (Budget), which is expected to be signed into law by Governor Cuomo. The starting point for determining New York taxable income is federal...more

Charitable Funds and the Disallowance of Federal Income Tax Deductions for State and Local Taxes

by McDermott Will & Emery on

The 2017 Federal Tax Reform Act contains a provision that generally limits the annual income tax deduction for state and local income and property taxes to $10,000. In reaction to this, states and localities have been...more

Tax Reform Act Changes to CFC Attribution Rules

The recently enacted tax reform act (the Act) significantly altered the U.S. taxation of foreign income. Perhaps most prominently, the Act allows U.S. corporations to fully deduct (and thus not pay tax on) dividends received...more

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

by Garvey Schubert Barer on

Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more

Illinois Confirms Treatment of Deemed Repatriated Foreign Earnings Provisions

by McDermott Will & Emery on

On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...more

The Tax Laws Changed. Should Your Business and Estate Plans Change Too?

by Thompson Coburn LLP on

On January 1, 2018, the most significant changes to the U.S. tax code in 30 years took effect. While the permanency of these changes varies, they are all currently scheduled to continue until at least 2026, which is long...more

Maximize The Tax Benefit Of Charitable Donations Through “Bunching”

by Moskowitz LLP on

Congress may have intended to simplify tax filings by doubling the standard deduction to $12,000 (single) and $24,000 (married filing jointly), but for individuals who itemize and deduct their charitable contributions, the...more

How the New Tax Law Changes Alimony and Child Support

by Poyner Spruill LLP on

Deep within the text of the Tax Cuts and Jobs Act of 2017 (TCJA) are two provisions that will have a significant effect on both alimony and child support....more

NJ Tax Court: Foreign-Source Income Not Taxable

by Reed Smith on

In a decision released today, the Tax Court of New Jersey ruled that a foreign corporation was not subject to New Jersey corporation business tax (“CBT”) on its income from sources outside the United 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

Impact of 2017 Tax Reform: Sports and Entertainment

by Moskowitz LLP on

Most reporting about our new tax laws has been on the reduction of business taxes, real estate, and the loss of individual deductions. In this blog post, we will highlight some provisions that will impact the sports and...more

New Tax Law Affects Executive Compensation

by LeClairRyan on

The final tax reform bill signed by President Trump on December 21, 2017 makes substantial changes to executive compensation paid by private and public companies and non-profit organizations. But it could have been worse. ...more

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