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Tax Deductions

Connecticut Responds to the Federal Repatriation Tax

by McDermott Will & Emery on

Earlier this month, Connecticut Governor Dan Malloy released his Governor’s Bill addressing the various state tax implications of the federal tax reform bill enacted by Congress in December 2017, commonly referred to as the...more

Be My Valentine! – BUT First Please Review and Sign Below

by FordHarrison on

Executive Summary: This Valentine’s Day, employers across industries were reevaluating their workplace dating and sexual harassment policies. Various surveys show that 40 percent of workers date or have dated co-workers. ...more

Taxing Decisions: New Rules on Deductions and Credits in the Employment Context

by Conn Maciel Carey LLP on

As many individuals turn their attention to preparing and filing their tax returns on or before April 15, there are two notable changes to the tax code of which employers should take note. These changes, tucked away in the...more

More Planning Tips for Individuals Under New Tax Act

by Ruder Ware on

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

2018 Federal and Maryland Legislation Changes Regarding Estate and Gift Tax

by Pessin Katz Law, P.A. on

An abundance of tax legislation was signed into law in the final days of 2017. In terms of estate and gift tax, here is what individuals need to keep in mind: Under the new law, which took effect on January 1, 2018, the...more

Divorce is Taxing: The Effect of Recent Tax Laws on Divorcing Parties

by Bowditch & Dewey on

Not only is divorce emotionally draining, the tax ramifications of recently passed tax laws will have a direct and adverse effect on divorcing parties. Tax reform will substantially alter the award of alimony in...more

Government Initiatives in Response to Wave of Harassment Allegations Challenges Manufacturers

Two recent developments, generated from the tidal forces of the #MeToo movement should get manufacturers’ attention. On December 22, 2017, Congress adopted a comprehensive tax reform law. Included in the statute is an...more

Tax Cut and Jobs Act Brings Important Changes to NOL Rules

The Tax Cut and Jobs Act made several important changes to the net operating loss (“NOL”) rules. The following is a brief discussion of these changes. Businesses that generate significant NOLs, such as real estate companies...more

The Use of Expert Testimony in Tax Court, Part I

by Moskowitz LLP on

The IRS is very aggressive in its audits of marijuana businesses, doing “random audits” of nearly everyone in the industry – particularly if their operations are large and profitable. A recent case involving the owners of a...more

US House of Representatives Passes Five Bills Affecting Financial Institutions

by Shearman & Sterling LLP on

The US House of Representatives passed five bills focused on regulatory reform for financial institutions. The bills passed by the House include: the Housing Opportunities Made Easier Act (H.R. 2255), which amends the Truth...more

How Physicians Can Plan For The New 20% Deduction For Qualified Business Income From Pass Through Entities

by Murtha Cullina on

On December 22, 2017, President Trump signed the "Tax Cuts and Jobs Act" into law. Effective as of January 1, 2018, the Act represents the most sweeping changes to the US tax code in the last 30 years. While the most...more

Tax Reform Brings New Interest Expense Limitation

The Tax Cut and Jobs Act introduced a new rule limiting a businesses ability to deduct interest expense, which can have a significant impact in the senior living area as facilities often are acquired or built using debt....more

Summary of New Tax Bill

This letter provides a summary of the material provisions of the new tax bill. In order to make this extraordinarily complex bill somewhat understandable, I have left off a number of details and simplified the discussion, so...more

2018 Benefits Grab Bag - Tax Reform, Bipartisan Budget Act and Other Items

by Winstead PC on

Even though the Tax Cuts and Jobs Act made some changes to how the Internal Revenue Service (the “Service”) is to adjust retirement plan contribution limits late last year, the Service confirmed that the limits on retirement...more

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

by McNair Law Firm, P.A. on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

Private Company Tax Planning Opportunities for 2018

by Perkins Coie on

The Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) and the recent taxpayer victory in the U.S. Tax Court’s Lender Management, LLC decision have created important planning opportunities for both our closely held and...more

Impact of 2017 Tax Reform: The Real Estate Industry

by Moskowitz LLP on

The new tax law promises to have a significant impact on homeowners, investors, and the real estate industry as a whole. Let’s explore some of the most notable changes to real estate taxation that takes effect this year...more

Confidential Harassment Settlements No Longer Subject To Tax Deduction

by Pepper Hamilton LLP on

Q.  Has the #MeToo Movement led to any changes on how companies settle harassment complaints? A.  While there are numerous legislative initiatives on the horizon intended to change how employers handle harassment...more

¿Sabía usted que la "Ley" tiene una Deducción por Dividendos Recibidos (DRD)?

by Foodman CPAs & Advisors on

La "Ley de Reducción de impuestos y empleos" (la "Ley") tiene el propósito declarado de que los EE.UU. se convierta a un sistema de impuestos “territorial". Antes de que se aprobara la Ley, la mayoría de las empresas de los...more

Tax Cuts and Jobs Act

by Pullman & Comley, LLC on

Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more

Did you know that the “Act” has a Deduction for Dividends Received (DRD)?

by Foodman CPAs & Advisors on

The “Tax Cuts and Jobs Act” (the “Act”) has a stated purpose of converting the U.S. to a “territorial” tax system. Before the Act was approved, most U.S. companies were incentivized to keep their earnings offshore. In the...more

The New Deduction for Pass-Through Income (or How Congress Failed at Tax Simplification)

One of the more significant changes in the recently enacted Tax Cuts and Jobs Act is new Internal Revenue Code Section 199A, Qualified Business Income. Although touted as providing tax simplification, the Tax Cuts and Jobs...more

Energy Update - February 2018

by Shearman & Sterling LLP on

We are pleased to release the latest issue of our client newsletter, “Energy Update,” designed to inform clients and friends of the firm about important developments affecting U.S. and international energy markets. Please...more

The Impact of Tax Reform on Estate Planning

Tax Act of 2017: Transfer Tax Provisions - The Tax Cuts and Jobs Act of 2017 (the “Tax Act of 2017”) was signed by the President on December 22, 2017. The transfer tax provisions of the Tax Act of 2017 (i.e. the estate,...more

The Impact of Tax Reform: What Equipment Leasing Companies Need to Know

The Equipment Leasing and Finance Association has published our article The Impact of Tax Reform: What Leasing Companies Need to Know (subscription required). We are also pleased to be able to make the article available in...more

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