Excise Tax Changes Impact Tax Exempt Organizations
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…
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…
…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…
…law by President Trump on February 9, 2018, but only for provisions affecting Taxable Year 2017. The BBA, among other things, extends through tax year 2017 several tax provisions in…
…contributions to high income tax years for tax planning purposes and then let the funds grow and appreciate in the DAF indefinitely before being distributed to charities, ACE would require…
…Hampshire does not impose an income tax on non-grantor trusts. Virginia Residency Definition for Estates and Trusts On November 22, 2019, the Virginia Department of Taxation issued Tax Bulletin 19-7…
Tax Filing Reminders and COVID-19 Related Tax Deadline Extensions Virginia tax deadline information updated April 12, 2021 In 2020, the IRS and the Virginia Department of Taxation extended numerous tax…