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IRS to Waive 2018 Penalties for Under-Withheld Taxpayers Due to TCJA

Jan 29, 2019 | IRS information, Tax Cuts and Jobs Act, Tax Updates

By Susan Thomas, Kevin Drawbaugh, Peter Cooney and David Morgan WASHINGTON (Reuters) – The U.S. government tax agency said on Wednesday it would not impose penalties on many taxpayers who had too little federal income tax withheld from their pay last year, or...

Automatic Consent Procedures For Insurance Company Changing Basis of Computing Reserves Under the TCJA

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...

Tax Planning Tips: Maximize Your Qualified Business Income Deduction

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...

Tax Planning Tips: Beware of the Alternative Minimum Tax

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efforts progressed late last year, there were high hopes that the individual Alternative Minimum Tax (AMT) would be repealed.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...

Tax Planning Tips: Monitor State Response to Tax Reform

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...

Tax Planning Tips: Consider Investing in Qualified Opportunity Zones

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...
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Recent Posts

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