Final Bonus Depreciation Regulations Issued
The IRS issued final regulation on bonus depreciation under IRC Sec. 168(k) on September 16, 2019. This was a follow up to their previously issued proposed regulation released in August 2018. The final regulation clarified that qualified improvement property placed in service after 2017 is no longer eligible for bonus
Illinois Tax Amnesty October 1, 2019 – November 15, 2019, Tax and Credit Changes
Illinois’ tax amnesty program will run from October 1, 2019, through November 15, 2019, and covers taxable periods after June 30, 2011, and prior to July 1, 2018. Interest and penalties can be abated for taxpayers who move into compliance. Tax Amnesty Programs – S.B. 689 The budget bill enacts
Research and Development Tax Credit Expansion Act
On July 22, 2019, a bill (the Research and Development Tax Credit Expansion Act) was introduced that would be effective for taxable years beginning after December 31, 2019 to expand refundability and increase simplification of the research credit for certain small businesses. The Research and Experimentation (R&E) tax credit promotes
The SECURE Act of 2019 Could Change the way you Look at Estate Planning
The SECURE Act (Setting Every Community Up for Retirement Enhancement) of 2019 is poised to make big changes to estate planning. Money put into a retirement account with pre-tax dollars is not taxed until it is withdrawn from the account, the SECURE Act will reduce the time an inherited retirement
GILTI or not GILTI?
Additional regulations for Global Intangible Low-Taxed Income (“GILTI”) were released on June 14, 2019. Taxpayers were relieved to find two favorable adjustments: Proposed GILTI high-tax exclusion Final guidance on how to calculate GILTI for partnerships High-Tax Exclusion GILTI was put into place to tax the intangible earnings of companies and
Virtual Currency Owners: Be on the Lookout for IRS Letters!
The IRS has started sending out educational letters to taxpayers with virtual currency transactions that have possibly failed to report income and pay the tax from the virtual currency transactions or did not report their transactions properly. There are three variations of the letter: Letter 6173, Letter 6174 and Letter