…the Senate and House. The Act includes the following key tax provisions that may impact tax obligations for businesses and business owners. Taxation of Carried Interests As we detailed in…
…benefit you. Business Tax Planning Considerations for Sole Proprietors, LLCs, and S Corps This listing focuses on individual planning strategies, but many taxpayers include business income (or loss) on their…
…for calculating income-based taxes such as franchise taxes Evaluating the need for a step-up in tax basis of goodwill Minor codifications for income taxes related to employee stock ownership plans…
By John T. Murray, CPA, Tax Partner Congress Approves Year-End Tax Deal Renewing Expired Tax Breaks Through 2020 A tax package that renews expired incentives for individuals, businesses, health care,…
…the items exempt of the tax and then collect the tax from their customers on those sales. The Department of Taxation clarified in its Tax Bulletin 17-8 the tax responsibilities…
…investment or December 31, 2026. While most discussion of the TCJA provisions are forward looking to 2018 and beyond, a 2017 tax planning opportunity may still exist for certain taxpayers…
…Budget Bill provided for an individual income tax rebate of up to $250 for single taxpayers and up to $500 for married taxpayers filing a joint tax return. Qualifying taxpayers…
…Tax Time” How much are Virginia Businesses Paying in Taxes? Virginia Residency and Income Tax Requirements 2019 Tax Planning for Virginia Entrepreneurs and Executives [1] Surrounding counties as referenced herein…
2018 Tax Planning Considerations Financial Services Businesses Should Know By Gary G. Wallace, CPA | Financial Services Industry Team A year ago, everyone was anxiously reviewing Tax Reform and how…
By Virginia R. (Ginny) Belcher, CPA, Senior Tax Manager The Tax Cut and Jobs Act (TCJA) contains several provisions that impact tax exempt organizations for tax years beginning after December…
…went into effect for tax years beginning after December 31, 2017 and are set to expire for tax years beginning after December 31, 2019. Excise tax lowered The CBMTRA lowered…
…subject to tax until the next tax year. Taxpayers must maintain documentation to support their claims as to idle equipment. Virginia Code Sec. 58.1-3660 provides an exemption from state and…