The recently passed tax act uses the mechanics of subpart F to impose a one-time “toll tax” on the undistributed, non-previously taxed, post -1986 foreign earnings and profits (E&P) of certain U.S.-owned corporations as part of the transition to a new partial territorial tax regime.
For anyone who has been through it before, the process of buying/selling a home is not something most people would say they enjoy. It includes countless forms and applications, piles of financial information, and negotiation email chains that seem to never end.
General Data Protection Regulation. If you or your business operates within the European Union, chances are you have heard of it already. But what is it? What does it mean for you? How do you prepare for compliance?
The Tax Cuts and Jobs Act of 2017 (TCJA) created three new tax incentives (summarized below) for investing in low-income communities. New Internal Revenue Code Sections 1400Z-1 and 1400Z-2 provide for the temporary deferral of inclusion in gross income for capital gains reinvested in a Qualified Opportunity Zone through a Qualified Opportunity Fund, and the permanent exclusion of certain capital gains resulting from the sale of an investment in a Qualified Opportunity Fund.
After the Tax Cuts and Jobs Act (Act) was signed into law on December 22, 2017, many business owners have been concerned about the potential impact of the Act on them and their businesses, and many took a renewed interest in whether their current entity type still makes sense. The Act generated a lot of publicity surrounding the large tax rate reduction for C Corporations, which was reduced from graduated rates topping out at 35% to a flat rate of 21% for tax years starting after 12/31/2017.
The Tax Cuts and Jobs Act of 2017 (the Act) made some very significant changes to the deductibility of meals and entertainment expenses. The purposes of this article are to summarize those changes and to provide businesses with some guidelines for grouping 2018 (and beyond) meals and entertainment expenses based on whether they are 100%, 50%, or 0% deductible (or, in the case of certain transportation workers, 80% deductible) under the new rules. This discussion assumes that the expense in question is an ordinary and necessary business expense, and is not lavish or extravagant; if either of these criteria are not met, then the expense is automatically nondeductible.
In an effort to increase their revenue from sales and use taxes, a growing number of states have enacted or are considering legislation that requires unregistered, non-collecting vendors to inform their in-state customers that their purchases are subject to that state’s sales and use tax, and in some instances, to report their customers’ names and purchase information to the state.