By D|K's Labor and Employment Team One of the changes included in the final tax reform bill last year was the elimination of the employer deduction of the cost of company-provided parking and transit expenses. As a result, companies that either pay for employee parking or reimburse transit fees should evaluate the financial effect of the changes...
By Jacqueline L. Messler When estate planners meet with clients to review their estate plan, it is very common to run across clients who created irrevocable trusts in the 1980s, 90s, or early 2000s. The goal in creating these irrevocable trusts was often to reduce the size of the client’s estate to avoid estate tax. Now that fewer people are...
By Mark G. Kmiecik & Danielle Snyder Fadel 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...
By Ann M. Rieger & Jacqueline L. Messler While recent news reports focus on the potential for tax change as result of the introduction of the “Tax Cuts and Jobs Act” in the House on November 2, 2017, the IRS continues its job of administering existing law. Under the current rules, several key gift and estate tax exclusions are adjusted for...
By Ann M. Rieger Since the start of the new administration, there has been much speculation regarding potential tax law changes. Below is a comparison of revisions proposed by President Trump on the campaign trail, the House of Representatives in the House blueprint known as the “Better Way for Tax Reform,” and the Tax Cut and Jobs Act proposal...
Attracting capital remains challenging for most investors due to regulatory burdens, higher capital costs, and the high risk, high return nature of venture capital. Often, capital projects won't get off the ground unless projected returns are above market rates. This "mini-IPO" or "on-ramp to IPO" allows investors to raise up to $50 million in a...
By Bruce B. Deadman Under a new IRS program, tax-exempt entities who sponsor 403(b) retirement plans can adopt pre-approved documents that include determination letters that confirm the tax-qualified status of their plans. Plan sponsors need to adopt pre-approved plans before March 31, 2020, in order to qualify for the program. Under a 403(b)...
By Ann M. Rieger With the coming of a new administration in Washington, D.C., there has been much speculation regarding potential tax law changes. Below is a comparison of various revisions being discussed by both President Trump and the House of Representatives in the House blueprint known as the “Better Way for Tax Reform.” Final legislation...
By Jacqueline L. Messler The IRS has announced the 2017 inflation adjusted numbers for several important gift and estate tax exclusions. Each year, several key gift and estate tax exclusions are adjusted for inflations, including the estate tax exclusion, the annual gift tax exclusion, and the estate tax deduction for decedents dying with certain...
By Joseph E. Tierney, IV The treatment of remodeling and repair costs has long been an area of controversy between the Internal Revenue Service (IRS) and restaurant owners, retailers, and even landlords. A retailer seeking to remodel its premises to refresh its brand or a restaurant owner seeking to refresh its floor and décor faced a significant...
