Spotlight on the Opportunity Zone Program

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Summary

On December 19, 2019, the IRS and Treasury released final regulations under Section 1400Z-2. These final regulations provide final guidance and generally adopt many of the rules that were promulgated in the two sets of proposed regulations that were previously issued. The first set of...

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Opportunity Zones: COVID-19 Updates & New Planning Opportunities

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Opportunity Zone ProgramThe opportunity zone program was created through the passage of tax reform in 2017, also known as the Tax Cuts and Jobs Act (P.L. 115-97). Over $10 billion dollars have been deployed into qualified opportunity zone investments. While the investment has slowed, COVID-19 and...

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Regulations Reflect Changes to Entertainment and Meal Deductions

Proposed regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. For most expenses paid or incurred after 2017, TCJA:

  • repealed the "directly related to a trade or business" and the business-discussion exceptions to the general...
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2019 & 2020 Payroll Tax Highlights

As another year draws to a close and employers begin preparing for year-end and for the new year ahead, we have compiled this summary of some important payroll tax items to keep in mind. Although this year did not see the same breadth of changes that the Tax Cuts and Jobs Act (TCJA) brought in 2018, many employers are still working to integrate...

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Inflation Adjustments Impact Qualified Small Businesses

Summary

Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be increased for inflation. Provisions of interest in the accounting methods realm include the increases to the threshold to be considered a small business taxpayer, which determines whether certain entities...

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Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments

The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these...

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The Cost of Providing Employee Parking Just Went Up

Written by Sandra Nonnenmocher, CPA, MST & Robin Bodine, CPA

As a business owner or administrator for a tax-exempt organization, you are well aware of the costs of providing parking for employees e.g. lot maintenance, snow removal, insurance, security, and other lot expenses.

What you may not be aware of is under the Tax Cuts and Jobs Act,...

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PA Education Tax Credit Guidance Issued

Pennsylvania education tax credits can still be claimed by business firms if contributions are listed as a business expense on the taxpayer’s federal return. The guidance concerns the treatment of contributions made to claim the Educational Improvement Tax Credit and Opportunity Scholarship Tax Credit. The state’s guidance applies to tax years...

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Guidance Issued on Nondeductible Portion of Parking Fringe Expenses

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of such fringe benefit expenses paid or...

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Proposed Regulations Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has issued a safe harbor that allows taxpayers to treat certain infrastructure trades or businesses as real property trades or businesses solely for...

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