Tax Reform

  • A Primer on Qualified Business Income under IRC Section 199A

    By:
    Dean L. Surkin, JD, LLM
    |
    Mar 1, 2020
    The 2017 Tax Cuts and Jobs Act (TCJA) allows owners of pass-through entities and sole proprietors to deduct a portion of their qualified business income (QBI), codified in IRC section 199A. In general, the deduction is the lesser of 20% of qualified business income or the greater of 50% of W-2 wages or the sum of 25% of W–2 wages with respect to the qualified trade or business and 2.5% of the unadjusted basis immediately after acquisition of all qualified property.
  • Automobiles under the Tax Cuts and Jobs Act of 2017

    By:
    Ellen S. Brody, JD, CPA, Esq., and Cory M. Paul, JD
    |
    Mar 1, 2020

    The Tax Cuts and Jobs Act (TCJA) has dominated headlines since its passage in late 2017. More than two years later, the tax and accounting community are still trying to implement all of its changes, as final regulations are issued piecemeal for various IRC provisions modified by the TCJA. While much press coverage is given to clarifications of big-ticket items, such as qualified opportunity zones and the long-term effects of the TCJA as a whole, it is important to remain aware of the myriad smaller changes that were also enacted.

  • IRC Section 199A Considerations for Tax Year 2019

    By:
    Ben Lederman, CPA
    |
    Feb 1, 2020
    The qualified business income (QBI) deduction under IRC section 199A has been one of the most discussed topics in federal taxation since the passage of the 2017 Tax Cuts and Jobs Act (TCJA). Many articles have followed the release of the new law, proposed regulations, and final regulations to help practitioners to understand the deduction and its impact on their clients.
  • Final Regulations on Qualified Opportunity Funds: Trust and Estate Issues

    By:
    Kevin Matz, JD, Esq., CPA, LLM
    |
    Feb 1, 2020

    On Dec. 19, 2019, the U.S. Department of Treasury and the IRS (collectively, the Treasury Department) released long-awaited final regulations on qualified opportunity funds (QOF). The final regulations come on the heels of two tranches of proposed regulations, which generated more than 300 comment letters from organizations and other interested parties. The NYSSCPA submitted a comment letter to the Treasury Department dated Jan. 9, 2019, that addressed a wide range of issues. In addition, the American College of Trust and Estate Counsel (ACTEC) submitted two separate comment letters to the Treasury Department on trust- and estate-related issues, the second of which was dated Jun. 27, 2019.

  • A Look into the Final Treasury Regulations on the Temporarily Expanded Federal Gift and Estate Tax Exemptions

    By:
    Kevin Matz, JD, Esq., CPA, LLM
    |
    Jan 1, 2020
    On Nov. 26, 2019, the U.S. Department of Treasury and the IRS published final regulations addressing the effect of recent legislative changes to the basic exclusion amount allowable in computing federal gift and estate taxes.
  • Qualified Opportunity Zones: A Family Office Perspective

    By:
    Shashi Singal, CPA, MSA, CA
    |
    Dec 1, 2019
    Family offices, in their role as wealth-management advisors, are tasked with educating families and presenting them with the most tax-efficient options for transferring wealth, while also taking into consideration the lifestyle needs of the family. One area of interest and concern to family offices are Qualified Opportunity Zones (QOZ), as well as businesses located in such areas and Qualified Opportunity Funds (QOF).
  • The Latest Proposals on Qualified Opportunity Zone Businesses

    By:
    Michelle M. Jewett, JD, Kevin Matz, JD, Esq., CPA, LLM, Jeffrey D. Uffner, JD, LLM (taxation), Richard Madris, JD, and David C. Olstein, JD
    |
    Nov 1, 2019
    The new tax incentive added by the 2017 Tax Cuts and Jobs Act—designed to promote long-term growth in economically distressed areas known as qualified opportunity zones (QOZ)—is gaining interest among businesses and business owners interested in starting or expanding businesses in QOZs or moving existing businesses to QOZs.
Page
 

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.