In terms of state and local tax developments, 2018 has been one of the most monumental years in recent memory. As the year draws to a close, there are a number of items that financial institutions should consider as part of their year-end planning.
The Tax Cuts and Jobs Act of 2017 (the Act) made very significant changes to the taxation of employers on qualified transportation fringes (QTFs) that they offer to their employees. QTFs, which are not taxable to the employee, include “qualified parking,” which is defined as parking on or near the business premises of the employer or on or near a location from which the employee commutes to work. Qualified parking does not include any parking on or near the employee’s residence.
The Tax Cuts and Jobs Act of 2017 (the Act) made very significant changes to the taxation of employers on qualified transportation fringes (QTFs) that they offer to their employees. QTFs, which are not taxable to the employee, include “qualified parking,” which is defined as parking on or near the business premises of the employer or on or near a location from which the employee commutes to work. Qualified parking does not include any parking on or near the employee’s residence.
The purpose of this letter is to explain how and why this year’s tax season may differ from recent years.
Subchapter Z of the Internal Revenue Code, created by the Tax Cuts and Job Act of 2017, provides taxpayers with incentives for investing in “Qualified Opportunity Zones.” These are specifically designated areas in need of economic development that are nominated by states and certified by the Secretary of the U.S. Treasury.
Earlier this year, we provided a summary article entitled International Tax Provisions of the Tax Cuts and Jobs Act. As its name implies, it provides an overview of a number of the features in the December 2017’s Tax Cuts and Jobs Act (the “Act”) that affected foreign activity.
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU is part of a broader disclosure framework project by the FASB.