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Two firms in Southeastern Pennsylvania, Dunlap Associates PC, in Chalfont, and Seitz, Leatherman Kolb LLC, in Montgomeryville, are joining forces to create DunlapSLK, effective Jan. 2, 2019. The combined firm will have nine shareholders and 47 other team members. Dunlap Associates has five shareholders and a staff of 31, while SLK is contributing four shareholders […]
Initially, the Qualified Opportunity Zone provisions of the Tax Cuts and Jobs Act did not attract a great deal of attention. With past tax laws offering economic development zones and new markets tax credits, this just seemed like more of the same. However, as tax practitioners started looking into the details, they started getting very […]
The Internal Revenue Service has updated its voluntary disclosure procedures for taxpayers with previously undisclosed funds, instituting tougher procedures. IRS deputy commissioner for services and enforcement Kirsten Wielobob issued a memorandum last week that the IRS posted publicly Thursday, outlining the process for all voluntary disclosures following the closing of the IRS’s Offshore Voluntary Disclosure […]
The Tax Cuts and Jobs Act that Congress passed last December produced some winners and some losers among different categories of taxpayers. With Congress now considering new legislation to extend some expiring tax breaks along with correcting technical problems with last year’s tax overhaul and fixing the IRS, one company is providing a list of […]
The Internal Revenue Service issued proposed regulations Wednesday on foreign tax credits for businesses and individuals after major changes in last year’s tax overhaul. The proposed regulations offer guidance on calculating foreign tax credits, and include rules for allocating and apportioning deductions that determine taxable income from foreign sources. There is a rule that treats […]
Barfield Murphy Shank Smith, a Regional Leader firm based in Birmingham, Alabama, is adding Hall Albright Garrison Barnes, based in Huntsville, effective Jan. 1, 2019. As part of the deal, BMSS’s existing location in Huntsville will relocate to HAGB’s office there. Once the merger is complete, the combined firm will have 29 partners, 94 CPAs […]
The Governmental Accounting Standards Board proposed implementation guidance Tuesday to help explain some of its pronouncements. The proposed guidance includes questions and answers to clarify and elaborate on some of GASB’s standards on cash flows reporting, post-employment benefits, derivative instruments, irrevocable split-interest agreements, tax abatement disclosures and other topics. The exposure draft, Implementation Guidance Update—2019 […]
Reform and job creation; Ohio takes bitcoin; getting everyone to agree; and other highlights from our favorite tax bloggers. Declawed Rubin on Tax (http://rubinontax.floridatax.com): Similar to concerns in 2012 about a reduction in the unified credit, the 2026 sunset of the $5 million increase in the unified credit basic exclusion amount for gift and estate […]
Ohio is becoming the first state in the U.S. to accept state tax payments through cryptocurrency. Ohio Treasurer Josh Mandel announced Monday that the state is partnering with a payment processor called BitPay to launch OhioCrypto.com, a site that will allow businesses to pay their taxes with cryptocurrency. Currently, the site only accepts Bitcoin payments, […]
The Internal Revenue Service proposed regulations Monday for a provision of the Tax Cuts and Jobs Act that limits the business interest expense deduction for some kinds of taxpayers. Bloomberg Certain small businesses whose gross receipts are $25 million or less, along with certain trades or businesses, aren’t subject to the limits under this part […]
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