The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses can claim it.

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File Download: October Economic Update

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Take a second to investigate whether you could qualify for a 100% exclusion on the capital gains of the sale of your C corporation stock.

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The South Dakota vs. Wayfair U.S. Supreme Court ruling from June 2018 continues to spur new state laws and guidance. The newest change impacting Minnesota sales tax registrants has to do with requirements to collect local sales taxes. On September 7, 2018, the Minnesota Department of Revenue informed taxpayers they must collect local Minnesota sales taxes on certain sales even if their business does not have physical presence in those local jurisdictions. Businesses primarily impacted will be those delivering taxable products/services to their customers’ locations in Minnesota. Retailers only making point of sale transactions to customers who visit their retail business locations may not experience a change.

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Opportunity zones were created by the Tax Cuts and Jobs Act and allows taxpayers to defer capital gains and potentially reduce the amount of gain realize. There is also a possible exclusion of gain on appreciation from Qualified Opportunity Fund investments.

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On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family and retirement savings and new business innovation. For example, one proposal would allow new businesses to write off more of their initial start-up costs.

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File Download: September Economic Update

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs clarify is how taxpayers can elect to aggregate, or combine, their trades or businesses for purposes of the QBI deduction (also called the pass-through or Section 199A deduction).

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You will not be able to covert your 2018 Roth IRA like in the past, but as of right now, 2017 IRA conversions are still eligible. The Tax Cuts and Jobs Act (TCJA) has had far reaching effects across the board, and Roth IRA conversions are no exception.

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