Tax Archive

Business Tax Planning Post-Tax Reform

The Tax Cuts and Jobs Act of 2017 resulted in sweeping changes to the tax code. One year later, business owners should be aware of how the changes affect their businesses, and how to plan accordingly moving into 2019.

Individual Tax Planning Post-Tax Reform

For many taxpayers, the changes made by the most recent tax reform represent a host of tax planning challenges and opportunities. In this blog, we highlight some of the more significant changes made by the TCJA, as well as possible challenges and opportunities to lower your tax bill for 2018 and beyond.

IRS Clarifies Rules for Business Meal Deductions

The Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. Now, in Notice 2018-76, the IRS has weighed in with guidance that preserves business deductions for meals incurred in connection with entertainment activities—as long as the meals meet certain requirements.

House Has Passed Legislation on Tax Reform 2.0 - Senate is up Next

The House of Representatives passed three new bills collectively referred to as Tax Reform 2.0 on September 28. Some of the bills must still receive at least 60 votes in the Senate, which most commentators consider an unlikely outcome.

What Should Business Owners Know About the Section 199A Deduction?

The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction.

Special Report: Trio of Bills Propose New Tax Benefits and Permanent Extension of Tax Reform Provisions

On September 13, the House Ways and Means Committee approved the Republican Tax Reform 2.0 package. The measure, consisting of three separate bills, is expected to reach the House floor for a full chamber vote during the week of September 24.

IRS Responds to States’ Workarounds on New SALT Deduction Limitations

Can states issues tax credits through taxpayers’ charitable contributions to offset new state and local tax (SALT) limitations under tax reform? Several states have been creative in finding ways to work around the new limitation.

Post-Wayfair Sales Tax Primer for Tech Companies

The Supreme Court’s recent decision in South Dakota v. Wayfair spurred many e-commerce companies to reevaluate their tax structures. Yet the Court’s decision will also alter the tax processes of an industry equally dependent on online sales: technology. In this article, we unpack what this tax development means for the high-tech world in what is likely the Court’s most significant state tax decision since 1992.

“So You Think You’re an S.”

Lately, it seems like everyone has jumped on the bandwagon in an attempt to combine a limited liability company’s coolness and flexibility with an S corporation’s simplicity and fragility to create the delicate flower known as the LLC taxed as an S corporation. However, trendiness often comes with a cost, and in the case of an LLC electing to be taxed as an S corporation, that cost could be corporate-level taxes.

Virginia to Repeat Sales Tax Holiday, August 3-5, 2018

Congress isn’t alone in offering tax breaks to most U.S. taxpayers this year. Back by popular demand, most states, including Virginia, will offer a sales tax holiday, right before the start of the new school year.