Jan 4, 2019 | Insurance, Tax Cuts and Jobs Act, Tax Updates
AUTOMATIC CONSENT PROCEDURES FOR INSURANCE COMPANY CHANGING BASIS OF COMPUTING RESERVES UNDER TCJA In a Revenue Procedure, IRS has provided the procedures under Code Sec. 446 and Reg § 1.446-1(e) for an insurance company changing its basis of computing reserves...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips
You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such as partnerships, LLCs, and...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips
As tax reform efforts progressed late last year, there were high hopes that the individual Alternative Minimum Tax (AMT) would be repealed. Unfortunately, it still exists under the TCJA. The good news is that you are allowed a relatively generous AMT exemption, which...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips
States react differently to changes to federal tax law. For example, some states automatically conform to federal tax law as soon as legislation is passed. Other states require their legislatures to adopt federal tax law as of a fixed date. This generally occurs on...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips
Tucked away in the TCJA is the creation of Qualified Opportunity Zones (QO Zones). These are low-income communities that meet certain requirements. Investing in QO Zones can result in two major tax breaks: (1) temporary deferral of gain from the sale of property and...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips
Under the Tax Cuts and Jobs Act, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal...
