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What's New? Highlights of the Taxpayer First Act of 2019

With the aim of improving the interaction between the IRS and taxpayers, the Taxpayer First Act of 2019 (TFA) was signed into law on July 1. The bill includes
Tax
George Adams | 11.14.2019

Tax Considerations – Professional Service Entities

Since the passage of the Tax Cuts and Jobs Act (TCJA), there has been increased discussion regarding what is the most tax-efficient entity structure. This

Wearing the Color Pink: What an Experience!

In February of this year, I joined the team for the American Cancer Society’s (“ACS”) 2019 Real Men Wear Pink campaign, an effort that
Tax
James Sayre | 11.8.2019

Impact of Tax Reform on Accounting for Income Taxes – Changes in NOL

The Tax Cuts and Jobs Act of 2017 (TCJA) impacted nearly every U.S. taxpayer both in personal income tax filings, and indirectly through the changes in

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2020 Retirement Plan Limitations

On November 6, 2019, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2020 (IRS Notice 2019-59).

PA DOR Will Apply $500,000 Economic Nexus Rule for Corporation Income Tax Filings in 2020

The Pennsylvania Department of Revenue recently issued Corporate Tax Bulletin 2019-04[i], which implemented a $500,000 economic nexus threshold for Corporate

Clarification on 100% Bonus Depreciation for Dealership Owners

The Internal Revenue Service released proposed regulations on utilizing 100% bonus depreciation for dealerships that deduct floorplan interest expense.

Is Your Construction Company Eligible for R&D Tax Credits?

The Credit for Increasing Research Activities (IRC Section 41), or the R&D Tax Credit, as it is more commonly known, has been around since 1981. And

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Advance Payments: Potential for Longer Term Deferral under Newly Issued Regulations, Repeal of Regulation §1.451-5

Back in July, the IRS formally removed regulation §1.451-5 from the Code of Federal Regulation. The regulation had permitted some companies to defer

Micro-Captive Insurance Companies Feel Pressure with Recent IRS Settlement Offers and Court Victories

The IRS announced Tuesday that it is sending time-limited settlement offers to certain taxpayers under audit with micro-captive insurance transactions.

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