Join us for an update on tax policy developments in Congress and the U.S. Treasury, presented by RSM’s tax policy team.
Join us for an update on tax policy developments in Congress and the U.S. Treasury, presented by RSM’s tax policy team.
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Increasing capital gains rates and low corporate tax rates create opportunity for an exclusion of gain on Qualified Small Business Stock.
Senate Finance Chairman Wyden unveils draft international tax reform bill that would overhaul GILTI, FDII and BEAT rules.
Double tax on dividends received by United States shareholders from foreign corporations addressed via TJCA through section 962.
Join our tax leaders as we discuss where things stand in Congress, examine the tax agenda for fall and consider the path to policy change.
Doing business overseas may trigger unexpected tax consequences, but careful planning can help mitigate the tax bite.
As manufacturing companies rethink their global footprint, they have to bear in mind the changes in tax rules that target global income.
The IRS has recently released new draft instructions for schedules K-2 and K-3 for international tax reporting purposes.
Join RSM’s tax policy team on this webcast as they provide an update on developments in President Biden’s proposed tax plans.
New Jersey budget deal commits less than 5% of the state’s budget surplus to tax relief, ignoring mobile individuals and businesses.
Guidance provides procedures to implement the retroactive 30-year ADS recovery period for residential rental property.
MTC updates status of combined reporting and transfer pricing initiatives, announces new initiatives on pass-through and digital tax issues.
Wisconsin budget bill moves forward with tax cuts aimed at encouraging individuals and businesses to stay and invest in the state.
Tax bill makes significant changes to rules affecting income taxes, inheritance taxes, credits, bonus depreciation and federal conformity.
IRS concludes that a section 481(a) adjustment retains its character as depreciation when computing a taxpayer’s ATI for section 163(j).
G-7 agreement on a 15% global minimum tax could end the race to the bottom in global taxation, but global and U.S. outlooks remain complex.
North Carolina Senate pushes forward major tax reform bill, continuing down the path to repeal the state’s corporate income tax.
Massachusetts legislature approves 2022 ballot measure to add 4% additional tax on all income over $1 million effective January 1, 2023.
Join RSM professionals on this webcast to learn details on President Biden’s fiscal year 2022 budget and the Treasury’s tax Greenbook.
During conversations on Saturday June 5, 2021, the G7 made historic strides toward multilateral agreement on a 15% global minimum tax rate.
New details of President Biden’s tax plan are shaping congressional negotiations and middle market considerations.
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
President Biden’s proposed tax changes for individuals and corporations face uncertainty as negotiations continue in partisan environment.
Lingering questions about the timing of President Biden’s potential tax changes, including retroactivity, could soon be answered.
Mexico bans subcontracting arrangements. Companies need to act by Aug. 23 2021 to avoid tax, legal and judicial consequences.
Examining the taxpayer ramifications of President Biden’s proposal to fund IRS enforcement capabilities with an additional $80 billion.
Join RSM on this webcast to explore the American Families Plan and the related tax implications affecting the middle market.
Proposals include a $500,000 cap on gain deferral for like-kind exchanges and eliminating stepped-up basis with a $1 million exemption.
Summary of the American Families Plan and the potential impact that it could have on the real estate industry.
The tax components of the American Families Plan would greatly affect the middle market, but they face a fraught political journey.
Biden’s plan to grow the middle class, expand economic growth and leave the US more competitive, may be funded with tax changes.
Tax policy helps shape business strategies and results. RSM’s tax leaders break down what tax laws and regulations mean for taxpayers.
The international tax landscape is shifting based on recent reports from the White House, Senate Finance Committee and U.S. Treasury.
From retroactivity to loss of planning techniques, this year we face a unique set of concerns when considering gift and estate planning.
Bill would treat carried interest as ordinary income and subject to it to self-employment tax, regardless of the holding period.
Sweeping changes are coming. Don’t let required capitalization of research expenditures wreak havoc on your tax return.
Privately held C corporations may be able to maximize gain exclusions and unlock a lower corporate tax rate through section 1202.
Mexico released tax changes for 2021. Some new rules may have significant impact on U.S. companies doing business in Mexico.
Partially finalized regulations on business interest expense deductions provide helpful clarifications for multinational businesses.
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
IRS modifies guidance on wages that are includible when computing section 199A deduction for taxpayers with short tax years.
Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.
Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
Final carried interest regulations ease rules for capital interest allocations as well as related party transfers.
New final regulations include rules for CFCs, depreciation/amortization ‘add-back recapture’ and self-charged interest.
The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
Learn why the IRS is increasing its scrutiny on high net worth athletes and entertainers, and what can be done before an audit.
The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
For corporations with NOLs that anticipate 2021 income, a change of fiscal year may mitigate the impact of the 80% NOL deduction limitation.
The CARES Act enacted a temporary suspension of the TCJA’s 80% limitation on the use of NOLs, this will impact FTC and ODL calculations.
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
New regulations under section 4968 provide favorable guidance to private colleges and universities subject to the excise tax.
The final regulations address the treatment of administration expenses and excess deductions on termination of an estate or trust.
The IRS and Treasury released the final bonus regulations applicable to property acquired and placed in services after Sept. 27, 2017.
The IRS released final regulations affecting S corporations that revoked their status in response to TCJA and lower C corporation tax rates.
State tax increases in various forms seem inevitable because of massive budget shortfalls caused by the pandemic and economic crisis.
IRS releases final and proposed regulations on the deduction for dividends from foreign corporations and related reporting rules.
Former Vice President Joe Biden’s tax plan features significant changes. Rates seem likely to rise, even if President Trump wins re-election
The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.
Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.
Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.
The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.
Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.
Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.
The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.
The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.
The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
Deferral of the $500,000 business loss limitation may create immediate complications for 2018 and 2019 tax returns.
CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships
Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.
Questions surround new tax legislation in response to COVID-19. RSM’s Tax Policy Now examines extended deadlines, paid leave and cash flow.
New proposed regulations provide helpful examples of business entertainment and meals deductions still permissible after TCJA restrictions.
Tax Policy Now podcast examines filing tax returns now or pursue an extension, given the wait for Treasury Department legislative action.
Guidance provides clarity to current and former small business farmers on procedural options for exemption from UNICAP for certain plants.
Advisor must document amounts used to “investigate” an actual buy or sell – a study may make sense if amounts are substantial.
In early September, Mexico released a proposed tax reform package with significant changes in the country’s international tax regime.
Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.
The IRS is willing to consider relief from double taxation resulting from the application of section 965 in limited circumstances.
New Jersey becomes the sixth state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.
RSM’s tax leaders bring insight on upcoming policy shifts for the Tax Cuts and Jobs Act in a short audio cast.
The global economy has decelerated over the past two years as an uncertainty tax continues to damp overall economic activity.
The comment letter explains that certain S corporations that experienced an ownership change should also qualify under these rules.
House bill, if enacted, would increase SALT deduction cap in 2019 for certain taxpayers and repeal SALT deduction cap for 2020 and 2021
The SECURE Act makes changes affecting retirement benefits in qualified plans and in IRAs for both the employers and individuals.
The IRS has released the final version of Form W-4 reflecting changes to employee withholding from the Tax Cuts and Jobs Act.
The IRS released proposed regulations which supplant and largely following previous guidance in Notice 2018-68 with important distinctions.
New tax laws and industry trends create planning opportunities for fund owners and management firms in the year ahead.
Notwithstanding unfavorable changes to the Code, capital gain treatment is still available on the sale of patents in certain scenarios.
The Final QOZ Regulations have been submitted to the Office of Management and Budget for final review and publication is expected soon.
Final regulations affect whether a controlled foreign corporation is a related person under attribution rules.
Comments address concerns and recommendations regarding proposed regulations addressing section 382 built-in gains and losses.
The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.
Favorable rule for corporate stock acquisitions where life insurance contracts are less than 50 percent of the target corporation’s assets.
New IRS enforcement campaign targeting the section 965 transition tax compliance indicates a likely increase in section 965 audit activity.
Revenue Procedure 2019-43 supersedes Rev. Proc. 2018-31, providing procedures to change accounting methods with automatic consent.
Puerto Rico has enacted new legislation to provide additional tax benefits for investing in projects in PR opportunity zones.
The IRS released long-awaited guidance outlining how former S corporations should source distributions between S corp and C corp earnings.
IRS to retain regulations treating some related party debt as equity, but will propose rules easing one of the regulations’ harshest rules.
A business guide to tax considerations for 2019 to help make informed decisions after the Tax Cuts and Jobs Act.
Proposed rules limit the impact and reduce the reporting burden caused by tax reform changes to CFC ownership rules.
A federal district court agreed with the IRS that an S corporation’s AAA balance resets to zero following a switch to C corporation status.
IRS has finalized safe harbor provisions that rental real estate enterprises may use to qualify as a trade or business for section 199A.
Final bonus depreciation rules similar to previously proposed rules, uncertainty remains for certain transactions.
Final and re-proposed regulations released by the Treasury and IRS address important factors for 100% bonus depreciation.
A robust look at several significant international provisions for foreign-derived intangible income, also referred to as section 250.
Tax Court allows ordinary business bad debt deduction, rejecting argument that loans not secured by real property were nonbusiness loans.
Passthroughs that have applied the Proposed (not final) GILTI regulations must notify their partners or shareholders to avoid penalties
Recent activity among state and local gross receipts taxes may signify that a historic approach to taxation is ready to be a new trend.
Rev. Proc. 2019-37 offers procedures for accounting method changes to comply with proposed regulations under sections 451(b) and 451(c).
The much anticipated proposed regulations, under Reg. section 1.451-3, implement section 451(b) and affect nearly every taxpayer.
Proposed regulations would accelerate credit card fee income and similar items, but would not affect most interest income items.
Proposed Reg. section 1.451-8 clarifies how taxpayers can use the section 451(c) method to defer recognition of certain revenue.
Proposed section 382 rules would prohibit section 338 approach for determining NUBIG/RBIG, and require a modified section 1374 approach.
Changes to the built-in gain rules under section 382 would drastically reduce the availability of NOLs following an ownership change.
IRS issues proposed regulations regarding special valuation rules for employee’s personal use of an employer-provided vehicle.
New Jersey Division of Taxation rescinds unpopular GILTI and FDII allocation guidance issued in December; new guidance expected shortly.
The introduction of the services cost method concept to the Base Erosion Anti-Abuse Tax (BEAT) is a welcome benefit to some taxpayers.
Revenue Procedure 2019-33 provides procedures for taxpayers to make or revoke certain bonus depreciation elections.
Final regulations issued in late June 2019 on GILTI inclusion could have a considerably differently impact on PE and VC fund structures.
Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.
The California fiscal year 2020 budget addresses TCJA conformity and other new and amended state tax provisions.
Final regulations terminate Reg. Section 1.451-5, which previously allowed multiyear deferral of advance payments for goods and services.
Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.
The new pass-through entity level tax may benefit some individuals subject to the $10,000 SALT deduction limitation.
The 2019 legislature passed several tax changes, issued marketplace facilitator rules and provided additional credits and incentives.
Revisions to the U.S. income tax treaties with Switzerland, Luxembourg, Japan and Spain may pass the Senate after years of being stalled.
New York enacts legislation exempting 95% of GILTI and increases the sales component of the economic sales tax nexus threshold.
The proposed regulations clarify fixes addressing the “grain glitch” and specify information cooperatives must provide to their patrons.
The IRS FAQ states that 1231 gains invested in a QOF before the second set of proposed regulations can still be eligible for gain deferral.
The Senate recently passed the Taxpayer First Act after eliminating the controversial Free File Program from the bill.
Minnesota’s long-awaited conformity bill presents new challenges for individual and corporate taxpayers; remote seller provisions modified.
Withholding generally applies to transfers of partnership interests by foreign persons, regulations generally follow previous guidance.
Favorable estate planning rules in place to 2026 would be less so in 2021 under some Democrats’ proposals. Time to consider the what ifs?
9th Court of Appeals rejects common law “mailbox rule” in favor of section 7502 regulations detailing mailing requirements.
The proposed regulations would impact S corporations owned by ESBTs that have non-resident alien beneficiaries.
The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.
Changes to the international tax system will require U.S. taxpayers to navigate important foreign tax credit transition rules.
Kentucky addresses IRC conformity, amends various income tax provisions and enacts marketplace provider nexus.
The reduced corporate tax rate enables a pass through entity to increase net R&D credit benefit by making a section 280C(c)(3) election.
Intersection of GILTI rules and business interest expense limitation rules creates opportunity to characterize interest expense.
Understanding the impact GILTI will have on your multinational organization may maximize tax planning opportunities and minimize risk.
The IRS released Rev. Rul. 2019-11 regarding the tax treatment of state and local tax refunds.
Carefully consider international blockchain enterprise structuring in light of the Tax Cuts and Jobs Act (TCJA)
Proposed rule would benefit certain purchasers of banks and other C corporations owning life insurance contracts.
Legislation would have addressed various tax reform provisions, conformity, and remote seller sales tax nexus.
Proposed regulations for section 250 deductions provide multi-step process to account for NOL deductions and interest deduction limitation.
Legislation relating to the Base Erosion and Profit Shifting (BEPS) Action Items has resulted in expanded tax due diligence engagements.
Recently issued proposed regulations provide election that may allow multinational businesses to increase their interest deduction.
Final section 965 regulations extend the deadline to make, or amend a previously made, basis adjustment election to May 6, 2019.
Revenue procedure 2019-13 provides a safe harbor for depreciating passenger autos that qualify for bonus but are limited by section 280F.
The bill decouples from the SALT deduction cap, increases the standard deduction and addresses GILTI and 163(j) income.
RSM and the US Chamber of Commerce present key areas of the Tax Cuts and Jobs Act to help businesses understand the impact.
Read to learn about new tax guidance that could affect the private club industry and how clubs can minimize liability.
IRS increased the user fees for certain method changes, and revised the Form 3115 with new filing location, among other changes.
Rental businesses hoping to claim the 20 percent section 199A deduction should consistently apply the trade or business standard.
The final regulations make a number of important substantive changes, some favorable to taxpayers and some unfavorable.
Under the Bluebook’s interpretation, intent for application of 80 percent limitation was taxpayer favorable.
The IRS has released the final pass-through deduction regs. This is welcome guidance to taxpayers claiming this new 20 percent deduction.
For section 199A deduction calculation purposes, it is critical for businesses to file timely its W-2 Wage and Tax Statements.
Newly introduced tax reform technical corrections bill will serve as the roadmap for future legislative tax correction packages.
Missing the little known requirement for certain disregarded entities to file a pro-forma tax return could result in substantial penalties.
Corporations' cash refunds of AMT credits would increase under OMB’s decision that automatic federal budget cuts do not apply.
Understanding pass-through deductions is key for PE dealmakers. Insights and answers from experts on how the deduction impacts deal making.
Technical corrections bill would reverse Treasury interpretation for section 199 and 199A deduction for fiscal year pass-through entities.
New Jersey Division of Taxation provides updates to its section 965 reporting procedures in an effort to streamline compliance obligations.
The IRS released Notice 2019-09 providing guidance to assist taxpayers in implementing new executive compensation rules under section 4960.
Revenue Procedure 2019-12 provides a safe harbor for businesses to deduct quid pro quo contributions under section 162.
The Token Taxonomy Act would exempt many virtual currency exchanges from taxation and would require virtual currency reporting.
Revenue Procedure 2019-08 clarifies depreciation for electing real property trades or businesses and section 179 expenses under TCJA.
Regulations would implement law requiring gains on the sale of some partnership interests to be treated as connected with a US business.
JCT summary of law differs from Treasury guidance regarding pass-through of DPAD from fiscal year entity to owner in 2018.
New proposed regulations implement sections 245A(e) and 267A regarding hybrid dividends and transactions with hybrid entities.
The IRS and Treasury have recently released proposed regulations regarding the new Base Erosion and Anti-Abuse Tax (BEAT).
A new LB&I directive provides guidance on how to risk assess DPAD claims and when to assess an erroneous claim for refund credit penalty.
Rate reduction triggered after revenue metrics achieved; draft TCJA guidance published addressing the personal income tax.
Insurance companies seeking to make a change to the basis of computing certain reserves receive new automatic accounting method change.
Workaround aims to address the federal $10,000 SALT deduction cap; enacts economic nexus for out-of-state retailers.
The IRS has issued new FAQs for the 2018 tax year to provide guidance on filing and payment obligations under section 965.
Complexity of the Tax Cuts and Jobs Act and technology delays at the IRS may force taxpayers to extend filings.
The IRS provides guidance to assist in determining expenses for parking fringe benefits for purposes of section 274(a)(4) and 512(a)(7).
Notice 2018-97 provides needed year-end clarity on certain interpretive and administrative issues for the new deferral opportunity.
IRS provides automatic consent for method changes implementing the yet-to-be-clarified revenue recognition rules of section 451(b).
Proposed rules address many open issues and would prescribe complex calculations for taxpayers deducting business interest expense.
Insights on the importance of staying up-to-date on tax law changes that could influence investments decisions and could impact the industry
Opportunity zones could be beneficial for both commercial real estate professionals and the communities they invest in.
Highlights summarizing why contractors that have entered into primarily operating leases will be most affected by the new lease guidance.
IRS Deputy Associate Chief Counsel Daniel McCall said government is working on regulations to correct downward attribution of CFC status.
The IRS issued long-awaited guidance on the treatment of negative amounts subject to capitalization under the simplified UNICAP methods.
The IRS has issued new FAQs to provide clarification and guidance for the filing of section 965 transfer agreements.
Fiscal year pass-through owners may claim DPAD on 2018 return despite repeal for fiscal years beginning after 2017.
The supplemental budget bill addresses the inclusion of global intangible low-taxed income for personal and corporate income tax purposes.
The proposed regulations address many concerns around qualified opportunity zones but questions remain to be addressed in further guidance.
The IRS released proposed regulations and a Revenue Ruling providing guidance on the newly created Qualified Opportunity Zones.
For real estate investors and businesses, the final tax reform bill makes several significant changes compared to prior law.
Watch and learn the impact of the tax changes on mergers and acquisitions and the type of entity that stands to be most affected.
Proposed regulations eliminate Reg. section 1.451-5, which provides a method of deferring revenue from advance payments.
A business guide to tax considerations for 2018 and beyond to help the middle market make smart, informed decisions.
Understand the critical legislative updates and changes from 2018 affecting state and local tax planning and compliance.
New Jersey enacted GILTI conformity and various other corporation business tax changes; provided guidance on 965.
Treasury official states income from an SSTB exceeding the de minimis threshold would bar a taxpayer from taking the 199A deduction.
A “Special Update” to the IRS transition tax FAQs grants an extension of the deadline for filing section 965 transfer agreements.
Real Estate Roundtable’s Tax Policy Advisory Committee suggests liberalizations and clarifications to proposed regulations.
The IRS issued interim guidance on the deductibility of certain business meal expenses that are related to entertainment activities.
Some e-file software does not conform to IRS guidance for S corp shareholders wishing to make a 965(i) election, and they must paper file.
How tax laws affect a company’s growth and cash flow depends on management’s priorities. The key is investing for the long term.
RSM’s report examines how companies are investing in their businesses. In a deeper dive, we explore what manufacturers are considering.
The IRS announces that it intends to extend the period in which to make a basis election under the transition tax regulations.
Middle market executives are somewhat risk averse when it comes to making capital investments. They could be missing an opportunity.
This article addresses the intersection of the U.S. tax code as applied to houses, boats, and now fractional boat memberships.
Planned proposed regulations to provide that accrued market discount is not includible in income under section 451(b).
IRS has issued Notice 2018-71 to address questions around claiming the new section 45S employer tax credit for family and medical leave.
Proposed regulations would require complex calculations and new record keeping to comply with new tax laws on offshore income.
The IRS recently released Notice 2018-67 which provides provisional guidance on the application section 512(a)(6).
Tax Reform 2.0 would make many popular items from the 2017 Tax Cuts and Jobs Act into permanent features of the tax code.
H.R. 6756, the American Innovation Act of 2018, increases the amount of start-up and organizational expenses a business can deduct.
Businesses are spared the effects of proposed regulations intended to curb charitable contributions made in exchange for state tax credits.
The IRS has recently issued Notice 2018-67, providing interim and transition rules for determining UBTI for separate trades or businesses.
Proposed regulations curtail state laws that circumvent the SALT deduction cap by crediting charitable contributions against state taxes.
A critical analysis of the government’s proposed regulations for the 20 percent deduction, with recommendations for possible improvement.
Rev. Proc. 2018-44 updates the automatic method change procedures to incorporate tax reform’s changes to section 481.
Notice 2018-68 offers initial guidance on the application of section 162(m), addressing TCJA changes to the several key provisions.
Fiscal year corporations seeking to carry back certain net operating losses gain reason to hope from Committee members’ letter.
Initial thoughts, observations and insights on several key areas of the new pass-through deduction proposed regulations.
The IRS has released proposed regulations containing guidance on several areas of the new 20 percent pass-through deduction.
The Internal Revenue Service releases the proposed regulations under section 168(k) (100 percent bonus depreciation).
Revenue Procedure 2018-40 expands automatic consent procedures for method changes for small businesses in accordance with TCJA.
IRS proposed regulations explain when acquisitions will qualify for bonus depreciation (expensing) under the 2017 tax changes (TCJA).
Proposed regulations addressing the implementation of the section 965 transition tax have been released by the IRS.
The following is a list of frequently asked questions and answers about how the new tax law will impact real estate investors.
Estate planning strategies to help minimize future estate, gift and generation-skipping taxes for estates in excess of the exemption.
Exempt corporations with a fiscal year end will be subject to a blended federal tax rate for their fiscal year ending in 2018.
Learn the valuation impacts resulting from the TCJA and its effect on business owners and investors assessment of ownership interests.
Statutory construction principles employed by the Supreme Court again focus on the plain language of statute to determine its meaning.
Read RSM's Ramon Camacho and Ayana Martinez interview with BEPS Global Currents regarding the Tax Cuts and Jobs Act and OECD BEPS project.
The middle market pulse in the wake of tax reform is cautious on capital expenditures and optimistic on growth. Learn more.
The middle market pulse in the wake of tax reform is cautious on capital expenditures and optimistic on growth. Learn more.
New FAQs provide relief for certain taxpayers with Q1 2018 estimated tax underpayments or missed installment elections.
A closer look at the Tax Cuts and Jobs Act reveals both benefits and drawbacks for consumer products companies.
Corporations anticipating the refundable alternative minimum tax credit may find their refund limited by sequestration.
Business owners need to consider the impact tax reform has on the benefits of retirement plan contributions.
Taxpayers who have already filed a 2017 tax return and included the section 965 amounts should amend their return.
A practical look at how individuals can understand the impact of TCJA on their planning and what steps they might consider in response.
Mention of “reasonable compensation” in the new 20 percent passthrough deduction isn’t meant to incorporate the S corporation rule.
Notice requires calculation of recognized built-in gain or loss without regard to section 168(k) for ownership changes after May 8.
A look into how to deal with the various tax risks associated with the uncertainty of the Tax Cuts and Jobs Act.
The TCJA established Opportunity Zones for taxpayers to invest proceeds from property sales in a fund to defer capital gains tax.
IRS issues significant last minute 2017 income tax payment guidance affecting taxpayers subject to the section 965 repatriation tax.
The Franchise Tax Board issued the fourth and final report on the state’s conformity to the Federal Tax Cuts and Jobs Act of 2017.
Corporations calculating blended rate federal income tax liability for an affected fiscal year can refer to Notice 2018-38.
Companies should review the tax treatment of their M&E expenses to comply with the changes of expenses to 0%, 50% and 100% deductible.
To address questions around the new section 45S employer tax credit for family and medical leave, the IRS published an FAQ document.
With all the attention given to cryptocurrencies, it’s time to take a look at what the potential tax implications may be for 2017 taxes.
Life sciences companies making payments to related foreign parties should be aware of how to determine the gross receipts calculation.
Responding to federal tax reform, New York addresses the state and local tax deduction and the new federal international tax provisions.
Get answers to frequently asked questions about the tax deferral opportunity on qualified equity grants for private companies.
The recent passage of comprehensive federal tax reform has taxpayers evaluating the impact of the new rules on their current tax positions.
Notice 2018-23 provides transitional guidance that delays when governments and governmental entities must report pursuant to section 6050X.
Provision in the Tax Cuts and Jobs Act enacts excise tax on exempt organization compensation paid over $1 million per year.
Join RSM as we discuss how tax reform impacts your entity structure from a federal, international, and state and local perspective.
An analysis of moving from pass-through to C corporation must consider the implications of conversion on the owner’s estate planning.
Following up on another recent tax bill, Idaho updates conformity for 2018 tax years, and reduces personal and corporate tax rates.
California Franchise Tax Board issues first of three reports discussing implications of recent federal tax reform.
Join RSM US professionals for this one-hour on-demand webcast as we discuss how tax reform affects foreign-owned companies.
Michigan responds to federal tax reform, maintains and increases the state personal exemption for the 2018 tax year.
IRS and Treasury intend to issue Regs to close a perceived loophole that would have excluded S corps from normal three-year hold period.
Virginia and West Virginia legislation aims to address state conformity with federal tax reform, but take markedly different approaches.
New provisions enacted through tax reform become effective for tax years 2018 through 2025; lower total indebtedness cap to $750,000.
A review of the most common benefits offered to employees, that are contained, as well as those that are not included in the TCJA.
An uptick in key interest rates suggests that now is the time to take advantage of the planning opportunities created by the new tax law.
Learn how the recent tax reform affects executives, founders and general partners of alternative investment fund structures.
The recently passed government funding bill includes two tax provisions that will affect tax-exempt organizations.
Accounting methods and other notable items in the second quarter update to the IRS and Treasury’s 2017-2018 Priority Guidance Plan.
Pass-throughs should review their strategy for dealing with self-employment and net investment income taxes as part of new law review.
The tax savings opportunities permitted to operators of privately owned and operated aircraft has been significantly reduced.
Treasury official suggests government may not have authority to grant relief for foreign corporations caught by ‘downward attribution’ rule.
Along with the new laws for unrelated business income tax, there are added provisions for organizations formed as trusts for tax purposes
Treasury official outlines areas for which guidance will soon be issued to implement the Tax Cuts and Jobs Act.
Section 4968 imposes an excise tax on an applicable institution for each taxable year equal to 1.4 percent of the net investment income.
As the tax reform provisions roll out, deal teams have additional tax attribute facets to consider when acquiring or exiting an investment.
Taxpayers taking the new 20 percent deduction for pass-throughs and other non-corps may not reap any benefit for state tax obligations.
IRS issues additional guidance addressing the calculation earnings and profits, and other aspects of the new one-time repatriation tax.
The FASB recently issued Q&As to address certain accounting issues raised by TCJA. Following is our summary of the FASB Staff Q&As.
Tax reform bonus: Reduced R&D tax credit rate under section 280C(c)(3) actually increases while corporate tax rate decreases.
An article with information about interagency guidance issued by banking regulators related to the Tax Cuts and Jobs Act.
Mobility professionals should consider these four important tax reform changes and the cost impact of the new law on their businesses.
The recently enacted Tax Cuts and Jobs Act has produced widespread tax law changes for exempt organizations.
Employers have until February 15 to implement new 2018 income tax withholding rates to reflect recent law changes.
A summary of the FASB’s decisions on Jan. 10, 2018 on various income tax accounting issues arising from the Tax Cuts and Jobs Act.
Availability of newly refundable AMT credit carryforwards in light of section 383 credit utilization limitation presents issue.
Refundings of tax-exempt bond issues now treated as taxable income to bondholders under the Tax Cuts and Jobs Act.
Major changes to the treatment of research and experimentation expenditures are coming in 2022 as a result of Tax Reform.
Families may now use section 529 account plans to pay for public, private or religious elementary or secondary school expenses.
Compensation and benefit related changes require employers to reevaluate some policies and react accordingly soon.
Many questions arise for tax-exempts around separate trade or business activities for unrelated business income purposes.
Taxpayers must not overlook acquisition dates or that qualified improvement property is 39-year property and not bonus eligible.
Taxpayers with international activities will quickly realize that tax reform has taken the complex world of international taxation and added ...
Changes to excise tax and regulatory requirements related to craft beverages provides significant savings, potential for industry growth.
The new tax law has many changes that will require employers to reconsider some of their compensation and benefit policies.
With the passage of federal tax reform, both business and personal income taxpayers will need to consider how the federal changes will affect state...
President Donald Trump has signed the recently passed tax bill – the Tax Cuts and Jobs Act (H.R. 1) – into law.
Tax reform has been signed into law. Read RSM’s summary of the major business, international and individual tax provisions.
New corporate tax rules provide benefits, take away significant deductions and generally adds complexity to the corporate tax system.
While the Tax Cuts and Jobs Act generally will lower business income tax rates, businesses with debt financing may see an increased tax bill
The House and Senate conferees agreed on tax bill provisions that would largely cut taxes for domestic businesses.
The final tax bill would reduce the tax burden on pass-through businesses using a combination of approaches taken from both bills.
Latest version of Tax Cuts and Jobs Act provides some relief to tax-exempts on one hand but eyes big changes on the other.
House and Senate conferees have agreed on a final tax bill. If approved by both bodies, and signed by the President, it will become law.
The IRS and the U.S. Department of the Treasury have released Notice 2017-73, outlining proposed guidance on donor advised funds.
A provision in the Senate tax reform bill will substantially increase penalties related to late filed Form 5472.
Highlights of the provisions in the Senate Committee on Finance proposal that may affect tax-exempt organizations.
As new tax bills are proposed and debated, U.S. companies may want to explore the effect on their expatriate workforce, particularly with respect ...
The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.
Review legislative changes and other tax concerns that affect 2017 tax compliance and how to plan for 2018. Download our guide.
Federal tax reform is a major talking point in the new administration; how and when that reform is enacted could dictate state responses.
Boards should prepare for a range of options as it relates to tax reform to be prepared to take action, regardless of what changes come.
Repealing the estate tax but keeping the gift tax will complicate wealth transfer planning. But there are ways to avoid big mistakes.
RSM's Dave Kautter was confirmed earlier today as assistant secretary of the Treasury, tax policy. Patti Burquest will replace Kautter as ...
Contending with several quarters of weak growth in overall state tax collections, between 25 and 40 states are facing revenue shortfalls. The ...
The House of Representatives passed the American Health Care Act as a first step toward modifying the Affordable Care Act.
Regulations make technical changes to section 871(m) withholding rule but questions about legal effect remain in light of regulation freeze.
To receive the maximum tax benefit from investment in qualified opportunity zones, real estate investors must understand the options.
Understanding the impact GILTI will have on your organization may maximize planning opportunities and minimize risk.
With the Tax Cuts and Jobs Act signed into law in December, learn what key provisions may impact your tax situation.
The new tax legislation is the most significant tax overhaul to the U.S. tax code in 30 years. How will tax reform affect your tax planning?
The regulatory environment is constantly evolving; PE professionals need to be sure they are aware of and in compliance with the changes
For private equity firms, it is important to take a step back and evaluate what tax structure will be the most beneficial in the long-run.
Key provisions of tax reform affect some industries more than others. Our industry leaders take a look at how tax reform matters to yours.