Insights
Proposed Regulations on Pass-through Businesses Issued
The Tax Cuts and Jobs Act of 2017 contained a new provision allowing many owners of sole proprietorships, partnerships, trusts, and S-corporations to deduct 20% of their qualified business income. On Wednesday, August 8, 2018, the IRS announced they have issued the...
Tax Reform: International Tax Law Changes
Great! Now, U.S. taxpayers will enjoy a lower corporate statutory rate of 21% on corporate profits or, if the U.S. business is a flow-through business, a rate of 37% (less the potential Qualified Business Deduction of 20%). We are nearly on par with many other...
Decisions, Decisions – The Impact of State Tax Rules on Trusts and Estates
Texas taxpayers dealing with trusts need to be aware of fact patterns that can sneak up and surprise them in negative ways. This word of caution applies to certain other states that, similar to Texas, are tax friendly to trusts. Such fact patterns can materialize,...
A New Precendent – Wayfair Decision
On June 21, 2018, the Supreme Court ruled that states have the authority to tax online retailers and that online shoppers may be charged sales tax by foreign (out-of-state) businesses if the state requires it. This ruling was the result of a 5 to 4 vote on the case...
Tax Cuts and Jobs Act of 2017 – Individual Impact
The Tax Cuts and Jobs Act of 2017 significantly impacts all individual taxpayers generally starting in the 2018 tax year. Most of the tax reform related to individual taxpayers is temporary as many of the tax provisions sunset (i.e. expire) after the year ending...
Self-Employment Taxes and LLC’s
Self-employment tax considerations for members of a limited liability company (“LLC”) have come to the forefront recently due to the tax court decision in Vincent J. Castigliola, et ux., et al. v. Commissioner (“Castigliola”)1. This has long been a gray area as the...
Donations via Crowdfunding: Don’t Forget Your Tax Advisor
When confronted with a disaster, such as we just experienced with Hurricane Harvey, the generosity of the human spirit becomes apparent as we all ask “What can I do to help?”. For many of you, the answer will come in the form of setting up an online fund raising...
Impact of the New Lease Accounting Rules on your Organization
What do the new lease accounting rules mean to your company? The new rules will affect your organization if you lease anything from copiers to office space. The new rules provide guidelines on lease accounting that represents the most significant change to lease...
Preparing for Liquidity Events
There is a significant amount of private equity capital waiting to be deployed into businesses. The fundamentals being sought are profitable businesses with a good model for growth. Having a market with investors seeking new ventures to deploy their capital, and...
