Update: The requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for partnership tax years beginning in 2019 but will be effective…
…tax years beginning after 2017 could no longer be carried back to a prior tax year of the taxpayer. Instead, they must be carried forward to offset 80% of taxable…
…Local Tax Deduction Taxpayers are limited to claiming a state and local tax deduction of up to $10,000 ($5,000 for married taxpayers filing separately) for the aggregate of: (i) state…
…subject to one level of tax when the gain passes through to the members. A C Corp may be subject to less favorable tax rate when paying tax on the…
…illness Under current law, an additional 10% tax applies to early distributions from tax-preferred retirement accounts. Section 326 provides an exception to the tax in the case of a distribution…
…15 years. Taxpayers can claim the credit against the following taxes administered by Virginia Tax: Individual income tax Fiduciary income tax There is a $5 million cap in available credits…
Does your nonprofit qualify for Virginia sales tax exempt status? Being a nonprofit and exempt from taxes seems to go hand-in-hand. However, in Virginia, exemption from sales tax is not…
Overview of Virginia tax credits for businesses Strategic tax planning often involves using tax credits to lower taxes. Virginia offers a variety of tax credits to promote state investment and…
Protect Your Legacy At Keiter our experienced and dedicated professionals can help you with all aspects of the estate planning, administration, and compliance process. From modest to multi-million dollar estates,…
…KPMG “US Tax Court Decision Opens Limited Partners to Self-Employment Tax Exposure” | Morgan Lewis “Tax Court Rules That Limited Partners May Be Subject to Self-Employment Tax” | Troutman Pepper…
…develop multi-year cash flow and tax strategies with greater confidence. Recommended advisory workflows: Annual CTC eligibility reviews during year-end tax planning Pre-enrollment comparisons of dependent care FSA vs. tax credit…
…or local tax credit the taxpayer receives or expects to receive. For example, if a state grants a 65 percent state tax credit and the taxpayer pays $1,000 to an…