Mark G. Kmiecik

Location: Milwaukee
T: 414.225.1406
F: 414.278.3606
111 E. Kilbourn Avenue, Suite 1400
Milwaukee, WI 53202-6613

Publications: Attorney Mark G. Kmiecik

  • New Partnership Audit Rules for 2018

    November 6, 2017

    The new partnership audit rules under the Bipartisan Budget Act of 2015 (the “BBA Rules”) are scheduled to go into effect on January 1, 2018 for partnerships with a calendar year. The BBA rules signal a marked change in the way entities that are classified as partnerships for federal income tax purposes are audited in that for the first time, the entities, not their partners or members, are liable to pay the tax resulting from an IRS adjustment (“Imputed Underpayment”). The tax rate on that Imputed Underpayments is the highest rate under § 1 or § 10 of the Internal...

  • Attention Employers: The IRS May Be Googling Your Employee Benefits Communications

    June 10, 2015

    Public sector and tax-exempt employers in Wisconsin should be aware that the IRS appears to be targeting section 403(b) plans for examination. Prior to and during recent IRS examinations of 403(b) plans in the state, we have learned that the audit trigger more than once was the IRS’s review of the employers’ websites for 403(b)-related communications. Unfortunately, the information revealed that the employers’ respective 403(b) plans were not being operated in compliance with IRS requirements. The posted documents ultimately led to the IRS selecting the employers’ plan for examination. As the IRS has emphasized in two recent newsletters targeted to federal,...

  • Work Opportunity Tax Credit Extended; IRS Issues Guidance on Certification for 2014 Tax Year.

    March 10, 2015

    Private sector employers are now further incentivized for their efforts in hiring otherwise disadvantaged workers. The IRS recently issued guidance extending the time employers may claim a Work Opportunity Tax Credit (“WOTC”) of $2,400 or more for each qualified employee hired in 2014. Because the Tax Increase Prevention Act of 2014 (see D&K’s Client Alert, President Signs Tax Increase Prevention Act of 2014: Incentives for Employers and Individuals) extended the WOTC retroactively for the 2014 tax year, employers need additional time to comply with the certification requirements of WOTC. Notice 2015-13, summarized below, provides employers guidance on compliance aspects of...

  • President Signs Tax Increase Prevention Act of 2014: Incentives for Employers and Individuals

    January 8, 2015

    On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (HR 5771). Otherwise known as the “Tax Extenders” Act, this law retroactively extended through the end of 2014, over 50 tax breaks that expired on December 31, 2013. While there were discussions of making permanent a number of these extenders, particularly the Bonus Depreciation and Section 179 deductions, Congress ultimately passed on making any of these provisions permanent and punted the fate of the extenders to 2015 and the incoming 114th Congress. So, yes, that means that these very same provisions expired as of...

  • Year-End Strategies Pave the Way for Minimizing Your Tax Burden in 2015

    November 24, 2014

    The final months of 2014 are a great time to finalize your tax planning opportunities and set the stage for minimizing your tax outlay in 2015. As a business owner, please be aware that in the wake of the election, sources indicate tax extenders are likely to pass, with some differences between the two houses in Congress being characterized as “easily resolvable” — one house leaning toward passing tax extenders as one bill, the other addressing tax extenders as six separate bills. Broad tax reform, even if put on a fast track would not likely take effect until late 2015...

  • Wisconsin’s New Trust Code: Ten Important Aspects Impacting Estate Plans

    June 6, 2014

    On July 1, 2014, Wisconsin’s New Trust Code (“WTC”) takes effect making Wisconsin the 29th jurisdiction to adopt a version of the Uniform Trust Code (“UTC”). The UTC grew out of the realization that modern era trust business is now globalized like the economy, and that a uniformity of trust laws is necessary to provide administrative and statutory consistency among the states. The continuing movement of states, like Wisconsin, to adopt a version of the UTC reflects this national character of the trust business and the importance of keeping up with current developments or risk falling behind in the competition...

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