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Learn 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 (NOL)...
Read MoreOn September 23, 2019, the U.S. Treasury Department and the IRS published final regulations amending the rules governing hardship distributions for both 401(k) and 403(b) retirement savings plans. These regulations reflect the changes made by both the Tax Cuts and Jobs Act of 2017 and the Bipartisan...
Read MoreThis past week, the SEC announced proposed amendments to codify certain staff consultations and modernize certain aspects of the long outdated auditor independence rules. Specifically, the proposed amendments would concentrate on relationships or services that would most likely impact the audit...
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 tax...
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...
Read MoreOn December 16, 2019, the Ohio Development Services Agency released the applications for the Ohio Opportunity Zone Tax Credit. Similar to the federal program, the Ohio-specific tax credit provides an incentive for taxpayers to invest in projects in economically distressed areas in Ohio, or “Ohio...
Read MoreOne of the many areas the Tax Cuts and Jobs Act (TCJA) impacts includes the treatment of nonresident aliens as potential current beneficiaries of an Electing Small Business Trust (ESBT). Historically, each potential current beneficiary of an ESBT had to be a U.S. citizen or resident for the trust to...
Read MoreThe Tax Relief, Unemployment Insurance Reauthorization and Job Creations Act of 2010 introduced for the first time the concept of portability of the federal estate tax exclusion between spouses. When enacted, it was meant to apply only to estates of decedents dying before January 1, 2013. However,...
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