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    Month: March 2019

    Retirement Plan Loans and Exiting Employees

    As discussed in our seminars, the Tax Cuts and Jobs Act changed the rules for deemed distributions of loans from employer-sponsored retirement plans when an employee leaves employment.  (See page 57 of the M+O=CPE Individual Tax Year-End Workshop Reference Book Tax Year 2018 for a discussion of these provisions.) The outstanding loan amount is treated as a deemed distribution, unless the form...

    Additional Form 2210 Relief

    The IRS has announced additional relief for some taxpayers who might otherwise be subject to the penalty for underpayment of estimated taxes. As discussed in our January 16, 2019 post, the IRS had previously provided relief for some individual taxpayers who may have insufficient withholding due to changes made by the Tax Cuts and Jobs Act and the revised withholding tables issued shortly afte...

    Strategies for Qualified Improvement Property

    As discussed in our seminars, qualified improvement property was affected by a technical glitch in the Tax Cut and Jobs Act, which was enacted on December 22, 2017.  Qualified improvement property is any improvement to an interior portion of a building which is nonresidential real property that meets certain other restrictions and requirements.  (See pages 59 to 60 of the M+O=CPE Individual Tax...

    New York State and Wayfair Decision

    New York State recently issued N-19-1, Notice Regarding Sales Tax Registration Requirements for Businesses with No Physical Presence in New York State, in which it reminded businesses that, due to the Supreme Court’s June 2018 decision in the South Dakota v. Wayfair case, certain existing provisions in the New York State Tax Law that define a sales tax vendor immediately became effective. A ...

    Bonus Depreciation for Vehicles

    As discussed in our seminars, the provision that allows 100% bonus depreciation contains a technical glitch related to computing depreciation on bonus-eligible vehicles that weigh 6,000 pounds or less.  The glitch affects the allowable depreciation after the first year of the vehicles’ recovery period. Due to the way the bonus provision was drafted and the way that it interacts with other p...