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The Impact of the New Tax Law on Pass-Through Entities
Posted by Claudia Mullen on Tue, Mar 27, 2018 @ 07:06 PM

If there are winners and losers under the new tax reform law, pass-through entities—S corporations, partnerships, LLCs, and sole proprietorships (collectively, pass-through entities)—can count themselves among the winners. The tax reform law introduced as the Tax Cuts and Jobs Act (TCJA) is primarily designed to provide tax cuts for businesses of all types, and it delivers on that goal. It also adds complexity, and in some circumstances, the potential tax savings for C corporations may outpace the savings afforded to pass-through entities. This formerly unorthodox scenario and many other new provisions for pass-through entities require careful study to ascertain the full impact of TCJA on such businesses.

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Topics: Claudia Mullen, Congress, Tax Reform, tax reform bill, pass-through entities

Does the New Tax Law Make Entity Selection More Complicated?
Posted by Leigh Nali on Tue, Mar 27, 2018 @ 04:20 PM

The new corporate tax rate is one of the hallmarks of the tax legislation introduced as the Tax Cuts and Jobs Act (TCJA). At a flat 21 percent, it represents a double-digit decrease from the previous top rate of 35 percent. Pass-through entities, such as partnerships, LLCs, and sole proprietorships also benefit from reductions in their tax rates. The top individual tax rate drops from 39.6 percent to 37 percent and business owners may be able to take advantage of the new 20 percent deduction under Internal Revenue Code Section 199A on qualified business income. On its face it may appear that the corporate structure is the best option, however, you need to dig deeper to conclude on that.

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Topics: S Corporation, entity structure, Tax Cuts and Jobs Act, TCJA, Leigh Nali, C Corporation

Myth Busting the New GDPR and ePrivacy Data Protection Regulations
Posted by Michelle White on Tue, Mar 13, 2018 @ 11:40 AM

Time is running out for companies to make significant changes to their data policies. But the biggest problem isn’t finding the time to make the changes before they go into effect; it’s the fact that many organizations don’t know the new rule applies to them.

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Topics: Michelle White, Privacy Laws, GDPR, ePrivacy Regulation, General Data Protection Regulation, EU GDPR

State Tax Implications of Federal Tax Reform
Posted by Tarra Curran on Fri, Mar 9, 2018 @ 08:23 AM

The recently enacted tax reform legislation represents the most significant change to federal tax law since 1986. But while much of the focus has been on the direct effect of the new federal provisions, there are major indirect implications for state income taxes as well.

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Topics: Tarra Curran, Taxes, Massachuetts, Tax Cuts and Jobs Act, TCJA

Tax Reform’s Top Accounting Issues
Posted by Paul Languirand on Thu, Mar 8, 2018 @ 03:05 PM

Much of the attention around tax reform has been on the tax side of the equation—the corporate tax cuts, the changes to business tax deductions, and the lower tax rates for individuals. But the tax law comes with accounting considerations as well that must be addressed earlier than you may expect.

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Topics: Paul Languirand, Tax Reform, Tax Cuts and Jobs Act, TCJA, Accounting Issues

Retirement Plan Participant Contributions – Are Your Deposits Timely?
Posted by Diane Caron on Tue, Mar 6, 2018 @ 11:18 AM

One of the most common errors in retirement plan administration is the late deposit of participant contributions. The U.S. Department of Labor (DOL) defines participant contributions as amounts withheld from wages by an employer for deposit to the plan. This includes employee elective deferrals, employee after-tax contributions, and participant loan repayments.

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Topics: retirement plans, Diane Caron, participant contributions, Retirement Plan Participant Contributions

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