…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,…
…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…
…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…
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…
…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…
…marginal tax rate would be increased from 37% to 39.6% Effective for tax years beginning after December 31,2022. The tax rate would apply to taxable income over $450,000 for married…
…situation is unique and you should speak with your tax advisor before making any decisions on these or other tax provisions. Tax Provisions Made Permanent and Extended Tax provisions made…
…available. More PTE Tax and OSC Details Virginia SALT Cap Workaround (PTE Tax) The proposed legislation provides that a qualifying pass-through entity may elect for Taxable Year 2021 through Taxable…
…addition to the CARES Act’s provision for individual taxpayer recovery rebates, the new law provides individual tax relief. The following is a summary of some of the individual tax provisions…