Posts by Tax Department

Tax Planning for 2018 & Beyond

Year-end planning for 2018 takes place against the backdrop of a new tax law – the Tax Cuts and Jobs Act – that makes major changes in the tax rules for individuals and businesses. Tax planning is now more important than ever. Below are some key strategies and items to consider. Additional information on these…

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IRS Increases Contribution Limits for Retirement Accounts

The IRS recently announced that they have increased the contribution limits for many retirement accounts for 2019.  Contribution limits for employees who participate in a 401(k), 403(b), and the Federal Government Thrift Savings Plan have increased from $18,500 to $19,000.  However, the catch-up contribution limit for employees aged 50 years or older using these accounts,…

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The Evolving Landscape of Sales and Use Tax – an Update on Wayfair

The U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, Inc. changed the rules for when states can impose sales tax collection requirements on remote sellers (see our previous post on the topic). As a result of the decision, states may now impose sales tax collection requirements on sellers who are making sales into…

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IRS Issues Guidance Clarifying Deductibility of Business Meals

Since the release of the Tax Cuts and Jobs Act in late 2017, one major point of discussion has been the deductibility of expenses for business meals. The Act amended §274, treating all entertainment expenses as non-deductible. However, the Act did not specifically clarify if certain business meals would automatically be considered entertainment expense and…

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Senate Republicans Clarify Intent of Tax Cuts and Jobs Act Provisions

On August 16, 2018, several Republican members of Congress wrote a letter to the Secretary of the Treasury and Acting Commissioner of the Internal Revenue Service to clarify Congressional intent for various provisions of the Tax Cuts and Jobs Act (TCJA).  The members wished to provide insight on Congress’ intent to aid in the issuance…

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199A Proposed Regulations Issued For Pass-Through Businesses

On August 8th the IRS issued Proposed Regulations on the Section 199A Deduction, also known as the 20% pass-through deduction.  This was arguably the most complicated piece of the Tax Reform bill signed into law in December.  Some of the major outstanding issues the Proposed Regulations were supposed to address include: Definition of section 199A…

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US Supreme Court Rules on E-commerce & Sales Tax

Yesterday, June 21, 2018, The U.S. Supreme Court issued what is most likely the Court’s most significant decision on state taxation in the last 50 years. The Court’s widely anticipated 5-4 decision in South Dakota v. Wayfair, et al. No. 17-494 held that the physical presence requirement for state tax jurisdiction is incorrect and not…

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Nonprofits May Now Have Estimated Payment Requirements for 2018

Because of recent changes to the tax law, some nonprofit organizations will find themselves with taxable income this year, requiring them to make quarterly payment of estimated taxes. What changed? Nonprofit organizations have long been subject to tax on Unrelated Business Taxable Income (UBTI), but the tax reform package passed late in 2017 created a…

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Wynne-Related Interest Claims: The Tax Court Rules

The Maryland Tax Court has issued a taxpayer-friendly decision regarding interest on Wynne-related claims. Comptroller of the Treasury v. Brian Wynne, et ux. was a case decided by the U.S. Supreme Court in 2015 that concerned the credit Maryland taxpayers can take for taxes paid to other states. As a result of the Supreme Court’s…

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