Posts from October 2018.

Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee's share of social security (FICA) from these wages and salaries, add the employer's "matching share" of FICA, and then deposit these taxes with the IRS. The Employer must file a quarterly return with the IRS (Form 941) reporting all wages and salaries paid, all tax deposits made during the quarter, and pay any balance due with the quarterly return.

The Recession took a heavy toll on businesses throughout the country, with many ...

Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended to provide a deduction to owners of these pass-through business entities who do not otherwise benefit from the new 21% flat tax Congress has given to corporations under the new tax law. While Section 199A is intended to benefit these generally smaller types of business entities and their owners, the new tax law is riddled with complexity and exceptions, and so ...

After months of eager anticipation, today the Department of the Treasury released regulations defining and refining certain requirements set forth in the "Opportunity Zone" law.

While the Opportunity Zone statute provided a framework for tax-deferred investments, most projects have been on hold pending the regulatory framework. The regulations released today answer many questions, while others remain unaddressed. According to today's release, more guidance will be forthcoming by the end of the year.

Some highlights of the proposed regulations include:

Substantial ...

Authored by: John M. Jolley, Sherri L. McGirt, and Jennie Cerrati

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation Skipping Tax, the most prominent of which is the increased applicable exclusion amount, which is the amount that is excluded from a decedent's gross estate for federal estate tax purposes. The applicable exclusion amount was $5.49 million for decedent's dying and gifts made in 2017. This amount is doubled for decedent's dying and gifts made after 2017 and before 2026. It is currently $11.18 million and ...

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