Newsletters
Tax-exempt Organizations to Pay UBIT for Providing Parking Benefits to Employees
Posted July 2018
The Tax Cuts and Jobs Act (the Act) passed in late 2017 has brought a collection of changes to almost every business. Although many tax cuts, such as reducing the corporate tax rate from 35% to a flat rate of 21%, are widely and warmly welcomed, the Act trims down some tax breaks that businesses have depended on for many years, including qualified transportation benefits.
Supreme Court’s Internet Sales Tax Ruling
Posted July 2018
The Virtual Age Demands Change
In the modern era in which we live, interpretation of laws is in flux. The virtual world creates new areas of query for lawmakers, courts, businesses, and their advisors. The interpretation of the Commerce Clause of the U.S. Constitution has been up for debate in recent years due to the increasing demand for goods in the online market place. Consumers are purchasing at an increasing rate through remote sellers who, due to their lack of physical presence in the purchaser’s state, have not collected and remitted sales tax to those states. The impact: wide‐swept state sales tax losses.
NEW 1040 FORM: SHORTER FOR 2018, BUT HAS MORE SCHEDULES
Posted July 2018
The IRS has issued drafts of the 2018 Form 1040 and new Schedules 1 through 6. This is a major redesign and allows the politicians to say that the tax return has been reduced to postcard size. The new 1040 is about half the size of the current version, with only 23 numbered lines (down from 79). The front page includes signature lines and no financial information. The numbers are reported on the back page of the 1040 and additional Schedules are completed only if they apply to the taxpayer. The new Schedules include detail and some information that was on the old Form 1040. For example, Schedule 1 includes state tax refunds, capital gain income and unemployment compensation