Do You Have a “GILTI” Tax for 2018, and What Are You Doing About It?
Congress introduced the GILTI tax with the TCJA at the end of 2017. The tax applies to tax years beginning after December 31, 2017. GILTI is defined as the income of a “Controlled Foreign Corporation” (CFC) that exceeds the CFC’s “net deemed tangible income return.” The latter is defined as a 10% return on the …
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Deferring Gain by Investing in Qualified Opportunity Zone Funds
One of the many changes in the Tax Cuts and Jobs Act of 2017 (the “TCJA”) is the creation of a new economic tool: the Qualified Opportunity Zone Fund. This tool allows taxpayers to defer tax on capital gains from the sale of property to an unrelated party by investing in a Qualified Opportunity Zone …
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The Government Clarifies the Deductibility of Expenses Incurred or Paid for Food and Beverages During the 2018 Tax Year
On December 22, 2017, the President signed into law the legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the “TCJA” or “Act”)[1]. The Act cut the top corporate tax rate from 35% to 21% and the top individual rate from 39.6% to 37%. In addition, the Act modified various provisions …
Listen to the FGMK Webinar: The Latest Trends and Industry Fundamentals in Business Valuation
FGMK’s webinar features important business valuation insight and guidance from our Transaction Advisory Services professionals who focus on middle-market companies, private equity firms and large capitalization corporations. They discuss: Latest valuation trends Perspective on industry multiples Views on common valuation issues in today’s economic environment Common questions received from business owners and their advisors The …
Listen to the FGMK Webinar: IRC Sec. 199A Flow-Through Business Deduction Update – The Impact of the Newly Issued Proposed Regulations
FGMK recently hosted a webinar where our tax specialists offered their insight and guidance regarding the recently issued section 199A proposed tax regulations related to the 20% deduction available to flow-through entities. This is a “must-attend” presentation for those taxpayers who operate their business or consulting practice as a sole practitioner, partnership, limited liability company, …
Executive Compensation in Tax-Exempt Organizations – Now Is a Good Time to Review the Amount and Form of Compensation Paid to Your Senior Executives
Being market competitive for leadership talent is important across every type of business. FGMK has previously highlighted how the Tax Cuts and Jobs Act of 2017 (the “TCJA” or “Act”) has impacted executive compensation in public and private for-profit companies. We now turn to the Act’s potential impact on executive compensation in certain tax‐exempt organizations. …
FGMK TAX ALERT: The Newly Issued Proposed Regulations and Their Impact on the new Section 965 “Transition Tax”
On August 1, 2018, the United States Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released proposed regulations providing clarification to Section 965, the “transition tax”, which was enacted as part of the Tax Cuts and Jobs Act of 2017[1], as the United States tax system moves to a modified territorial tax …
FGMK TAX GUIDANCE: Changes to the Meals and Entertainment Deduction under the Tax Cuts and Jobs Act of 2017
On December 22, 2017, the President signed into law the legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the “TCJA” or “Act”)[1]. The Act cut the top corporate tax rate from 35% to 21% and the top individual rate from 39.6% to 37%. In addition, the Act modified various provisions …
FGMK TAX ALERT: The Newly Issued Proposed Regulations and Their Impact on Section 168(k) Bonus Depreciation
On August 3, 2018, the government issued proposed regulations (REG-104397-18) (the “Proposed Regulations”) providing clarification to Section 168(k) of the Internal Revenue Code[1] (the “Code”), as modified by the Tax Cuts and Jobs Act of 2017 (the “Act”). Section 168(k) provides for the immediate expensing of a percentage of the cost of qualified property in …
FGMK TAX ALERT: The Newly Issued Proposed Regulations and Their Impact on the New 20% IRC Section 199A Deduction
The Newly Issued Proposed Regulations and Their Impact on the New 20% IRC Section 199A Deduction. On August 8th, the Internal Revenue Service (“IRS”) issued the proposed regulations (REG-107892-18) (the “Proposed Regulations”) regarding Internal Revenue Code (“IRC”) section 199A, the 20% deduction available to flow through businesses. As expected, the Proposed Regulations highlighted issues raised …