New Mexico Adopts Mandatory Combined Reporting
Beginning in 2020, New Mexico combined reporting will be mandatory for corporations that are members of a unitary business group. New Mexico has an exception,…
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Bipartisan IRS Reform Bill Awaits Trump’s Signature
Congress has approved a bipartisan IRS reform bill, which now awaits President Trump’s signature. Bipartisan IRS Reform The bipartisan Taxpayer First Act of 2019 (HR…
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Oregon Corporate Activity Tax Enacted
Oregon enacted legislation: creating a Corporate Activity Tax (CAT) on certain gross receipts; and reducing the personal income tax rates for the lowest three brackets.…
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IRC §1202 Exclusion May Affect Decision to Convert S Corporation to C Corporation
Shareholders who are considering converting their S corporation to a C corporation might think IRC §1202 seals the deal. While the 1202 exclusion of gain…
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Illinois Takes Step Closer to Graduated Income Tax Rates
Illinois took one more step closer to adopting graduated personal income tax rates. State lawmakers ended the last week of their regular session by: agreeing…
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Section 199A Deduction Can Complicate Strategies for Retirement Plan Contributions
The IRC §199A deduction for qualified business income can complicate strategies for contributions to retirement plans. For lower-income taxpayers, the 199A deduction can effectively reduce…
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Massachusetts Resurrects Millionaire Tax
Lawmakers resurrected proposals (S.B. 16 and H.B. 86) to amend the Massachusetts Constitution to allow an additional income tax on millionaires. What Do the Amendments…
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SECURE Act and RESA Bills – Pooled Multiple Employer Plans (MEPs)
Multiple employer plans (MEPs) will be expanded if the Senate passes RESA, its version of the House’s SECURE Act. Under these bills, a new class…
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Kiddie Tax Changes Adversely Affecting Military Families Receiving Survivor Benefits
Families of military service members who designated survivor benefits to a child have been surprised by higher tax liability due to changes in the kiddie…
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OVDP Replaced, New Voluntary Disclosure Practice for Offshore Assets
The IRS has a new voluntary disclosure practice for offshore assets. The new practice replaces replaced the Offshore Voluntary Disclosure Program (OVDP). Like OVDP, the…
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