March Economic Update

Highlights of the Tax Cuts and Jobs Act for Bankers

Michael A. Crabtree, J.D., CPA, Partner, wrote an article entitled, "Highlights of the Tax Cuts and Jobs Act for Bankers," for the Minnesota Bankers Association's March/April 2018 issue of MBA News. Click here to read the article.

Read the rest of entry »

Amazon Required to Identify FBA Sellers to State Authorities

Ever wondered how your business could wind up on some far-off state tax department’s hit list? How would another state, city or county jurisdiction ever know your company’s name, let alone have reason to question you about income taxes or sales taxes? These questions are common when businesses receive state tax questionnaires or notice letters. Conversations about how the department of revenue got your name generally result in guessing games. However, we do know that states are looking at one new method when it comes to sellers utilizing the Fulfilled By Amazon (FBA) program.

Read the rest of entry »

Sales Tax Nexus Showdown – 'South Dakota v. Wayfair, Overstock and Newegg'

The U.S. Supreme Court established the physical presence standard for sales and use tax nexus 26 years ago with its Quill Corp. v. North Dakota decision. Nonetheless, in Quill, the Court said it was up to Congress to determine constitutional standards for allowing states to determine sales and use tax collection obligations. Congress has considered various legislative options but has yet to act, leading many states in recent years to create laws directly challenging Quill in the hope of motivating the Court to reconsider its physical presence standard. The states’ efforts paid off on Friday, January 12, 2018, when the U.S. Supreme Court granted certiorari in South Dakota v. Wayfair, Overstock and Newegg. This means the sales tax nexus issue will have its day in court once again.

Read the rest of entry »

Home Equity Borrowers Get Good News from the IRS

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible under the TCJA — regardless of how the loan is labeled.

Read the rest of entry »

New Budget Agreement Brings Additional Tax Changes

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, 2018, contains several tax-related provisions that could reduce the amounts some taxpayers owe for the 2017 tax year.

Read the rest of entry »

Highlights of the TCJA for Families

The Tax Cuts and Jobs Act (TCJA) is a new law that amends the Internal Revenue Code to generally reduce tax rates and modify tax benefits and tax policy affecting both individuals and businesses, according to Congress.gov. Under this act the individual tax rates will generally be reduced through 2025. There are many elements of the new law that may change your specific situation beginning in 2018. The changes to itemized deductions may have the most variable impact on the tax situation for each person, and the child-related deductions and credits may hold the most benefit for families.

Read the rest of entry »

TCJA Temporarily Lowers Medical Expense Deduction Threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

Read the rest of entry »

February Economic Update

Did Your Business Purchase Assets in 2017?

There are many Tax Cuts and Jobs Act (TCJA) provisions that will become effective in 2018. However, there are a few changes that you may be able to take advantage of when filing your 2017 taxes. Most notably, the ability to utilize bonus depreciation to deduct 100% of your fixed asset purchases made during the last quarter of 2017. Contact our expert tax advisors to find out if your business will be able to take advantage of this retroactive provision.

Read the rest of entry »

CONNECT

 

 

 

CONNECT


Categories