Gifts in Kind: CA Bill Vetoed
Connecticut Law Provides Corporate Tax Credit for Employer Payments of Certain Employee Student Loan Debt
Weekly IRS Roundup December 2 – 6, 2019
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 2 – 6, 2019.
December 2, 2019: The IRS issued final regulations providing guidance relating to the determination of the foreign tax credit as well as guidance relating to changes made by the 2017 US tax law. The regulations finalize the proposed regulations that were published on December 7, 2018. The regulations also finalize…
Marketplace Monday: Michigan Legislature Approves Marketplace Collection Law
Washington Healthcare Update | Dec. 9, 2019
House
House to Vote on Pelosi Drug Pricing Bill This Week
On Dec. 5, it was announced that Speaker Nancy Pelosi’s (D-CA) drug pricing bill, H.R. 3, will be voted on next week in the full House. As of now, there is no complete score of projected savings from the Congressional Budget Office (CBO) before the vote occurs. CBO has only evaluated the part of H.R. 3 that allows for direct government negotiation of some…
Final IRS Guidance for Rental Deduction Still Leaves Triple Net Leases Out in the Cold
Many real estate investors hoping for clarity on whether they will be eligible for the tax break for pass-through entities under the Tax Cuts and Jobs Act (TCJA) will be disappointed that guidance from the Internal Revenue Service (IRS) will not help much for projects leased on a triple-net basis. Read Marvin A. Kirsner’s article for the Daily Business Review, “Final IRS Guidance for Rental Deduction Still Leaves Triple Net Leases Out in the Cold.” (subscription).…
The Death of a Partner: Out With the Old Taxable Year, In With the New?
I once heard it said that death keeps no calendar.[i] That may be, but it can sure unsettle a partnership’s advisers when the decedent is one of the partners and their estate chooses to use a fiscal year[ii] for its taxable year. Let’s see why.
Partnership Income
As we know, a partnership[iii] is not, itself, a taxable entity,[iv] and the partnership’s owners – i.e., the partners – are liable for income…
Tips for Your Not-for-Profit’s Functional Expense Schedule
https://youtu.be/XumeECsn8-c
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Nicole Riley, one of our audit senior managers and one of the faces of PKF Texas’ Not-for-Profit team. Nicole, welcome back to the Playbook.
Nicole: Great to be back.
Jen: So, I’ve heard you in presentations talk about the functional expense schedule for not-for-profits. What is this and what do not-for-profits need to know about it?…
Needed by Everyone who Makes, Adjusts or Litigates an Insurance Claim
Small Business Tax Deductions for 2020
Small Business Tax Deductions are critical in order to reduce your tax liability because they directly reduce Taxable Income. Taking advantage of every single potential tax deduction is the most effective way you can reduce your taxes. In this article, we are going to explore a comprehensive list of Small Business Tax Deductions. Along the
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