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Clarity Offered for Business Interest Expense Limitation
Posted by Claudia Mullen on Fri, Jun 14, 2019 @ 08:20 AM

The IRS released proposed regulations to provide taxpayers with guidance on applying a tax reform provision related to business interest expense deductions. The 2017 tax law commonly known as the Tax Cuts and Jobs Act (TCJA) set new limits on business interest expense deductions for most businesses, including C corporations and partnerships.

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Topics: Claudia Mullen, Tax Reform, Tax Cuts and Jobs Act, TCJA, tax reform bill, Business Interest Expense Limitation, Section 163(j)

Domestic and International Changes Make New Tax Law Complex for Life Sciences Companies
Posted by Michael Corrente on Mon, Apr 2, 2018 @ 04:31 PM

Life sciences companies have many new things to consider in light of the changes made by the 2017 tax legislation known informally as the Tax Cuts and Jobs Act (TCJA). Expensing elections for capital expenditures now have a broader scope, deductions for interest expense are subject to new limitations, and expenses for research and development will be subject to new rules for cost recovery. Several international tax developments may also affect how life sciences companies have traditionally structured activities related to research and development.

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Topics: Michael Corrente, life sciences, Tax Reform, Tax Cuts and Jobs Act, TCJA, tax reform bill

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

The Impact of Tax Reform on Private Equity and Venture Capital Companies
Posted by Scott Costa on Thu, Feb 8, 2018 @ 03:09 PM

The new tax law introduced as the Tax Cuts and Jobs Act (TCJA) includes considerable changes to the Internal Revenue Code that will impact the private equity and venture capital industries. The majority of the changes are effective Jan. 1, 2018, but some of the changes will have an impact on 2017 taxes as well. Private equity and venture capital firms should understand how the changes will impact their business, including the impact to their funds, investors, underlying investments, current and future tax structuring, as well as their management company. Firms should develop a course of action to address the changes imposed by the TCJA that will affect areas such as effective tax rates, preferred operating and acquisition structures, and the potential need for additional K-1 disclosure.

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Topics: Congress, Tax Reform, Partnership Audit Rules, Partnership Audit Regulations, tax reform bill, Partnership Audit, partnership audit regime, Scott Costa

IRS Answers Stakeholders' Questions on Electing Out of Centralized Partnership Audit Regime
Posted by Chrissy Hammond on Wed, Feb 7, 2018 @ 05:23 PM

Final regulations clarify electing out of the new centralized partnership audit regime. As of January 1, 2018, the new centralized partnership audit regime rules now govern partnerships.

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Topics: Congress, Tax Reform, Partnership Audit Rules, Partnership Audit Regulations, tax reform bill, Partnership Audit, partnership audit regime

Congress Delays Medical Device and Other ACA Taxes
Posted by Chrissy Hammond on Wed, Jan 24, 2018 @ 08:16 AM

Congress has delayed three Affordable Care Act (ACA) taxes: the medical device excise tax, the health insurance provider fee, and the excise tax on high-dollar health plans. The delays are part of a federal government funding bill signed by President Trump on January 22.

Take away.

Unless Congress delayed the medical device excise tax, the first payments would have been due January 29. "Addressing the device tax now, before any payments are made on January 29, provides medical technology innovators with the certainty necessary to support future job growth and research and development," the Medical Device Coalition told Congress on January 19.

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Topics: ACA, Congress, Medical Device Excise Tax, Tax Reform, tax reform bill

Tax Reform and Its Impact Explained
Posted by Chrissy Hammond on Thu, Dec 28, 2017 @ 04:22 PM

The Senate passed the final version of the bill introduced as the Tax Cuts and Jobs Act (TCJA) in the early hours of December 20, with the House of Representatives voting again the same day to pass the reconciled tax reform bill. President Trump signed the tax reform bill into law December 22, bringing home a major campaign promise.  Due to a violation of Senate procedural rules, the bill’s name reverted to the more ungainly title, "To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." We will refer to it merely as the tax reform bill, for ease of reference. As passed, the bill includes elements of both the House version and the Senate version of the tax reform bill.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

Breaking Down the Conference Committee's Reconciliation of the Tax Reform Bill: Part 2 - Individual, Estate, Trust, and Gift Provisions
Posted by Chrissy Hammond on Thu, Dec 21, 2017 @ 10:22 AM

The conference committee’s reconciliation of the tax reform bill, formerly the Tax Cuts and Jobs Act (TCJA), passed by Congress on December 20, includes significant changes to the taxation of individuals as well as changes impacting estates, trusts, and gifts. For individuals, it is more difficult to state that these changes will provide significant tax benefits, particularly for low and middle-class workers, and especially if the act’s temporary provisions are allowed to expire. Although there are few provisions directly affecting the taxation of trusts, it is clear that fewer individuals will be burdened with estate and gift taxes due to increased exemption amounts. In this second part of our tax reform plan series, we will focus on provisions for individuals and for estates, trusts, and gifts. Our final upcoming article will feature international changes.

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Topics: Congress, Tax Reform, House Republicans, senate, tax reform bill

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