Further Consolidated Appropriations Act 2020

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The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired. Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act).  

Not-for-Profit News Flash December 2019

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Tax Alert from Maloney+Novotny

Although not law yet, Congress has reached a budget bill agreement that includes tax extenders and two important provisions for not-for-profit organizations.  The President is expected to sign the bill. First, the much-maligned provision in the Tax Cuts and Jobs Act of 2017 which forced not-for-profit organizations to recognize taxable revenue for the costs of providing employees with certain transportation benefits including parking has been repealed.  

Ohio Tax Update

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Tax Alert from Maloney+Novotny

This is an update to an article posted earlier this summer regarding the signing of Ohio’s state budget bill, which passed on July 18, 2019. Read on to get an overview of the elements which were updated in October 2019.  

Divorce Tax Issues

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In addition to the difficult personal issues that divorce entails, several divorce tax issues need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four divorce tax issues to understand if you are in the process of getting a divorce. Here are just some of the divorce tax issues you may have to deal with if you’re getting a divorce. In addition, you must decide how to file your tax return (single, married filing jointly, married filing separately or head of household).

Bonus Depreciation Guidance

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Tax Alert from Maloney+Novotny

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027. (The phaseout reductions are delayed a year for certain property with longer production periods.)  

ACA PCORI Fee Due By July 31, 2019

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Tax Alert from Maloney+Novotny

The PCORI (Patient Centered Outcomes Research Institute) Fee filing deadline of July 31, 2019 is fast approaching.  This fee was implemented as part of the Affordable Care Act and applies to an employer’s health plan. The PCORI fee is temporary and only applies for plan years beginning after September 30, 2012 and ending before October 1, 2019.

Gift Tax Return

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Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required.

QBI Deductions

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Tax Alert from Maloney+Novotny

As part of the recently issued Sec. 199A QBI deduction regulations, the IRS issued guidance for certain real estate businesses. It allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business (for purposes of the QBI deduction) if certain requirements are met.  

Tax Extenders

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Tax Alert from Maloney+Novotny

No action is likely to be taken on tax “extenders” for now. Extenders are tax provisions that the U.S. Congress periodically considers for renewal. Prior to the end of the 115th Congress, there was guarded optimism that a bill would be passed before filing season began to extend provisions that expired.  

SALT Credit Deduction Limit

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Tax Alert from Maloney+Novotny

Proposed Regs. Limit Charitable Contributions Made to Avoid SALT Credit Deduction Limit
An individual, estate, and trust generally must reduce the amount of any charitable contribution deduction by the amount of any state and local tax credit, or SALT credit, he or she receives or expects to the receive for the transfer under proposed regulations. The rules will blunt attempts by state and local governments to get around the new SALT credit deduction dollar limits.