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Senate Republicans Clarify Intent of Tax Cuts and Jobs Act Provisions

Posted By: Tax Department , August 17, 2018

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

Posted By: Tax Department , August 9, 2018

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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New Rules Remove Requirement To Report Donors for Many Tax Exempt Organizations

Posted By: Marketing , August 2, 2018

Taxpayers who file Form 990 or 990-EZ, with the exception of organizations described under 501(c)(3), will have modified reporting on Schedule B Schedule of Contributors as a result of Revenue Procedure 2018-38 issued by the IRS.  Most tax-exempt organizations reporting Schedule B on Form 990 and 990-EZ and Part IV of Form 990-BL are no…

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US Supreme Court Rules on E-commerce & Sales Tax

Posted By: Tax Department , June 22, 2018

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

Posted By: Tax Department , June 15, 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

Posted By: Tax Department , June 7, 2018

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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