Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and corresponding Schedules K-1 was March 15, which has...

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100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to:

  • elect out of 100 percent bonus depreciation;
  • elect 100 percent bonus depreciation on specified plants in the year of planting or...
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Duty Refund Opportunity on Chinese Imports

Trouble with China Tariffs? This Could Help.

Turbulence related to tariffs has become troublingly commonplace. In May of this year, the President announced that retaliatory tariffs on nearly $200 billion of Chinese exports under Section 301 of the Trade Act of 1974 would increase from 10 to 25 percent for tariff codes set forth on the...

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Top 10 Considerations for Customs Planning In 2019 & Beyond

A Roadmap for Understanding Total Tariff Liability

Since the announcement of additional tariffs on foreign steel and aluminum and many products of Chinese origin, trade tensions have dominated both executives’ planning agendas and news headlines. Many companies were caught off guard by the tariffs, as there hasn’t been a comparably turbulent...

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Family Office Structuring in Light of Lender Ruling

Recent court rulings and tax reform legislation has an impact on family office expense deduction. The lack of definition and bright-line test determining “trade or business activities” means that we must carefully consider the distinct facts and circumstances of each family office. Background Tax reform legislation on December 22, 2017,...
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A Roadmap for Preventing Construction Disputes

By Robert Otruba, Mark Baker, Wiley Wright, Simon Braithwaite, Ian Shapiro

Whether resolved through mediation, arbitration or trial, construction disputes can be costly and time consuming for both project owners and contractors. Construction disputes may involve just a few thousand dollars or may be valued in the billions. The time required...

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Top 10 Contractor Questions Emerging From The Cybersecurity Maturity Model Certification

The U.S. Department of Defense (DOD) has recently announced the creation of a new Cybersecurity Maturity Model Certification (CMMC) program. The DOD has stated the new CMMC program will provide a cybersecurity framework for enforcement of their Defense Federal Acquisition Regulation Supplement (DFARS) requirements to protect controlled...

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PA Supreme Court: Freight Broker Could Deduct Freight & Delivery Prior to BPT Calculation

A Pennsylvania corporate income taxpayer could deduct freight and delivery charges from gross receipts before calculating a city’s business privilege and mercantile tax. This decision by the Pennsylvania Supreme Court in favor of the taxpayer, a freight broker, allowing for the deduction of the city’s business privilege and mercantile tax,...

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Veterans Urged to Claim Refund for Tax Overpayments on Disability Severance

The IRS has urged veterans who received disability severance payments after January 17, 1991, and reported it as taxable income, to file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment.

Veterans who received a one-time lump-sum disability severance payment when they separated from their...

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Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity.

The Treasury Department and the IRS had issued the temporary regulations ( T.D. 9766) to clarify that the rule that a disregarded entity is treated as a corporation for employment tax purposes does not...

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