Final REGS Eliminate Benefit OF SALT Limitation Workarounds
Posted by Kim Chen on June 13th, 2019
T.D. 9864; Reg § 1.170A-1, Reg § 1.170A-13, Reg § 1.642(c)-3; IR 2018-172; IR 2019-109, 6/11/2019 IRS has issued final regs and an accompanying News Release which provide rules under which the amount otherwise deductible as a charitable contribution would generally be reduced by the amount of any state or local tax (SALT) credit received […]
A refresher on major tax law changes for small-business owners
Posted by Kim Chen on June 3rd, 2019
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns […]
Devote some time to internal leadership development
Posted by Kim Chen on February 11th, 2019
Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: internal leadership training and development. Even if all your executive and management positions […]
IRS Issues Final Regulations on Deemed Repatriation Tax
Posted by Kim Chen on January 21st, 2019
: Under IRC Sec. 965, which was added by the Tax Cuts and Jobs Act (TCJA), U.S. shareholders of a specified foreign corporation are subject to a deemed repatriation tax. This is accomplished by increasing the foreign corporation’s Subpart F income by the greater of (1) the accumulated post-1986 earnings and profits of the corporation […]
IRS Waives Penalty for Underpayment of Estimated Income Tax
Posted by Kim Chen on January 18th, 2019
The IRS has announced that it will waive the Section 6654 penalty for the underpayment of estimated income tax for certain individuals who would otherwise be required to make estimated payments on or before 1/15/19. The waiver is limited to individuals whose total withholding and estimated tax payments equal or exceed 85% of the tax […]
