TODAY, August 27, 2018, is the last day to make contributions to charitable funds that reduce state and local tax liabilities. New regulations will take affect that will limit the charitable deduction. The IRS just released the proposed regulations (REG-112176-18)…
On June 21, 2018, the U.S. Supreme Court issued an opinion in South Dakota v. Wayfair, overturning its earlier precedents in National Bellas Hess and Quill, and eradicating the decades-old “physical presence” requirement for sales and use tax nexus. The…
In what is sure to be regarded as a landmark decision for state and local taxation, the United States Supreme Court ruled today that states can levy sales taxes on purchases made through out-of-state online retailers, dealing a heavy blow…
Tax season is in full swing and returns are being submitted every day. That means tax refund checks have started to be issued by the IRS. Before you cash that check though you may want to check with your accountant…
The recent Tax Cuts and Jobs Act enacted December 22, 2017 by President Trump is tax reform legislation that represents the most significant overhaul of our tax law in more than 30 years and encompasses significant changes to the taxation…
The international tax reform provisions in the Tax Cuts and Jobs Act (the “Act”) present both challenges and opportunities for many clients with investments and businesses overseas. The U.S. has moved to a hybrid territorial system in an attempt to…
President Trump this morning signed the new tax reform legislation, after Congress passed it through the Senate and House earlier this week. As the bill becomes law here are some of the key points of the legislation. Please note: these…
The Senate early on December 2, 2017, approved the “Tax Cuts and Jobs Act” (H.R. 1) by a 51-49 vote. The House and Senate must now agree to the same version of the bill. Individual Tax Rates There are currently…
Effective January 1, 2018, the Florida Department of Revenue has reduced the sales tax on the total renting, leasing, letting or granting a license to use commercial real estate from 6% to 5.8% (in higher rate counties such as Miami-Dade…
Below is an outline of proposed bill by U.S, House of Representatives Ways & Means Committee. Some of the key points proposed in the Tax Cuts and Jobs Act HR-1 bill are: Individual Tax Rates • There are currently seven…