Your Schedule K-1s being filed this year may look very different from last year, particularly for private equity and investment industry funds. Toward the end of 2019, the IRS issued a new Schedule K-1 Form (Form 1065) that aims to gather more information from partnerships than ever before.The...
Read MoreIn late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of...
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that...
Read MoreThe SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 was signed by President Trump on December 20, 2019, and makes significant changes to the retirement landscape.The SECURE Act aims to help Americans more effectively prepare for retirement and maximize their savings...
Read MoreOdds are you may have children or grandchildren who are starting or who will soon be starting college. If they are certain as to their desired career path, they will choose their college and major accordingly. However, many do not know what they want to do when entering college, or, their first...
Read MoreOn November 26, 2019, the Treasury Department and IRS released final regulations related to the Tax Cuts and Jobs Act’s (TCJA) temporary increase of the gift and estate tax exemption. The TCJA increased the exemption from $5 million to $10 million (indexed for inflation) from 2018 through...
Read MoreIn July 2019, the IRS released a Chief Counsel Memorandum explaining how a corporate taxpayer should calculate their charitable contribution deduction and use charitable contribution carryovers when the corporation has current year taxable income — before using prior year net operating loss...
Read MoreCongress gave an early Christmas present to tax-exempt organizations that provide parking for their employees. On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020, repealing Internal Revenue Code Section 512(a)(7) retroactively as if it were never...
Read MoreWith its winter recess looming, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide omnibus spending package titled the Further Consolidated Appropriations Act, 2020. Signed by President Trump today, the legislation extends certain income...
Read MoreOn December 19, 2019, the IRS and the U.S. Department of the Treasury released the final regulations on investing in Qualified Opportunity (QO) Funds. The 544-pages of regulations address many areas, just a few of which are listed below:Taxpayers can invest the entire amount of Section 1231 gains...
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