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2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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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IRS Regs Detail How Businesses can “Aggregate” for the Pass-through Income Deduction

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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New TCJA Rules for Roth Conversion

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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IRS Issues Guidance on New Bonus Depreciation Rules

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed at this point, the IRS will allow taxpayers to rely on them for property placed in service after September 27, 2017, for tax years ending on or after September 28, 2017.

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August Economic Update

Minnesota and Wisconsin Announce Sales Tax Collection Requirements for Remote Sellers

Since the U.S. Supreme Court’s decision in South Dakota v. Wayfair on June 21, which allowed states to require retailers to collect sales tax on purchases made by residents of states where the retailer has no physical presence, states have been providing a steady stream of guidance announcing their own intentions to begin sales tax collection by remote sellers. Minnesota and Wisconsin are two of the latest states to make such announcements, stating that remote sellers will be required to collect sales tax from residents beginning October 1.

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Is More Tax Reform on the Horizon?

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of what the tax package may contain.

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Second Quarter 2018 Market Perspective

July Economic Update

Quill is Gone: What Does that Mean for Physical Presence Requirements?

On June 21, 2018, the U.S. Supreme Court sided with the State of South Dakota to overcome the physical presence test required by the 1992 Quill Corp. v. North Dakota case. In Quill, the Court required retailers to have physical presence in a state before it could be held responsible for sales tax in that state.

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