Newsletters

IC-DISC: Reevaluating The Benefits After Tax Reform

The interest charge domestic international sales corporation (IC-DISC) is one of the few remaining tax incentives for U.S. exporters. It allows eligible businesses to convert a portion of their export income into lower-taxed dividends and to defer tax on this income until it’s distributed. But while the IC-DISC remains a viable option after the Tax Cuts and Jobs Act of 2017 (TCJA), the act may diminish its benefits. If you have an IC-DISC or are considering one, it’s important to assess whether the potential tax savings justify the cost. The…

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IRS Releases Further Clarification on Opportunity Zones

The 2017 Tax Cuts and Jobs Act included a variety of tax code updates and additional provisions. Among these was the creation of a new type of community development program, dubbed “Opportunity Zones.” The IRS defines these areas as “economically-distressed [communities] where new investments, under certain conditions, may be eligible for preferential tax treatments.” IRS Releases Additional Guidance on Opportunity Zones  On April 17, 2019, the IRS released a second round of guidance on Opportunity Zones. This was a welcome occurrence, since the original Opportunity Zone legislation was quite vague,…

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Oklahoma Pass-Through Entity Tax Equity Act of 2019

For all of you who saw their 2018 itemized deductions reduced because of the $10,000 cap on state and local taxes, there may be some relief beginning in 2019 if you are a member of a pass through entity (PTE). A pass-through entity is a general partnership, a limited partnership, a limited liability partnership, a limited liability limited partnership, a limited liability company, or an S corporation. Oklahoma passed a new law on April 29, 2019 that allows a PTE to file an election to pay Oklahoma income tax at…

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Tax Filing Reminders

May 15th  2018 calendar-year exempt organizations (Form 990 and 990-T) June 15th  2019 calendar-year corporations second installment of estimated income tax 2019 individual and trust second installment of estimated income tax September 16th 2019 calendar-year corporations third installment of estimated income tax 2019 individual and trust third installment of estimated income tax 2018 calendar-year S corporation income tax return (Form 1120S) on extension 2018 calendar-year partnership income tax return (Form 1065) on extension October 1st 2018 estate and trust income tax return (Form 1041) on extension October 15th 2018 calendar-year…

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