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Taxpayers May Want to Consider Accelerating Large Dollar Purchases Under the New Tax Law
By on December 27, 2017
As the year comes to a close, one additional matter that individual taxpayers may want to consider is whether to expedite any large dollar purchases into this year if sales tax will be due on those transactions.
By on December 22, 2017
The House of Representatives and the Senate have been busy these past few weeks in their attempt to drag some semblance of H.R. 1, also known as the Tax Cuts and Jobs Act ("TCJA"), over the proverbial goal line, and it appears that they have done so this week. Barring any additional procedural snafus, the TCJA should land on President Trump's desk for his signature before the break for the holidays. While there hasn't been much publicity surrounding the possible changes to non-qualified deferred compensation plans, employers of privately held companies should pay particular attention to the end result of the TCJA as passed in its final form.
By on December 22, 2017
In a much anticipated decision the Texas Supreme Court today issued its decision in Graphic Packaging Corp. v. Hegar, No. 15-0669, (December 22, 2017). The Court held that Graphic Packaging could not use the three-factor apportionment formula provided for in the Multistate-Tax Compact for apportioning Texas franchise tax, notwithstanding that Texas is a member of the Compact.
Estate Tax and the New Tax Act
By on December 21, 2017
As we sit on the precipice of the new tax act going into effect (it only needs the President's signature to become law), it appears that the only transfer tax change in the Act consists of the doubling of the Section 2010(c) basic exclusion amount from $5,000,000 to $10,000,000 for transfers made and decedents dying after December 31, 2017 and before January 1, 2026.
A Couple of Interesting Rulings in Undisclosed Foreign Account Penalty Cases
By on December 5, 2017
Read about two cases involving interesting rulings in Undisclosed Foreign Account Penalty Cases: United States v. Forbes and Jarnagin v. United States.
Bitcoin Is Drawing the Interest of Investors and the IRS
By on December 4, 2017
In a prior blog post (here) my colleague Chris Weeg discussed using Bitcoin as part of year end charitable giving. Bitcoin has been in the news lately as the value of a single Bitcoin has risen dramatically in the last month. Some financial experts view Bitcoin as the next great investment, while other financial investors believe that Bitcoin is a scam. Currently Bitcoin has limited usage beyond investment, but one of the Big 4 accounting firms says it has begun accepting Bitcoin as payment (here). In addition, futures trading on Bitcoin is expected to start next week.
As Year-End Approaches, Donations of Bitcoin and Other Virtual Currencies Explained
By on December 1, 2017
Time is running out to make charitable contributions for the 2017 tax year. With virtual currencies trading at record highs, contributions of this pioneering property may be a viable option for some. The most common (and valuable) virtual currency is Bitcoin, which is valued at approximately $9,600 as of this writing and up over 900% year-to-date. Other popular virtual currencies include Etherum (valued at approximately $415) and Bitcoin Cash, a split-off of Bitcoin (valued at $1,260). For those riding the Bitcoin rocket ship (or, perhaps, the Bitcoin roller coaster), you may consider taking advantage of the following favorable charitable contribution tax rules.
