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Tax Briefing(s)

2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul Tax Cuts and Jobs Act 2017 Year-End Tax Planning IRS Releases Comprehensive Repair/Capitalization Final Regulations IRS Guidance on Same-Sex Marriage

IRS Outlines Guidance on Business Interest Deduction
The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be cov...

2018 Fiscal-Year Blended Tax Rates for Corporations
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the ...

IRS Provides Guidance for Reporting Fines, Penalties
The IRS has provided transitional guidance regarding the new reporting requirements for certain fines, penalties, and other amounts under Code Sec. 6050X, which was added by the Tax Cuts and Jobs...

IRS Provides 2018 Luxury Auto Caps, Lease Inclusion Tables
The IRS has issued "luxury car" depreciation caps for passenger automobiles first placed in service during calendar year 2018. For purposes of this guidance, "passenger automobiles"incl...

Qualified Opportunity Zones Designated
The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under th...

IRS Provides Workbook for 2017TY Transition Tax; FAQs Updated
The IRS has issued Publication 5292, How to Calculate Section 965 Amounts and Elections Available to Taxpayers, which provides guidance for determining the new transition tax on untaxed fore...

Additional Guidance on Foreign Earnings Transition Tax
The Treasury and IRS have issued another piece of guidance on the foreign earnings transition tax under Code Sec. 965. The new provision, which was enacted as part of the Tax Cuts and Jobs Act (&...

Withholding on Partnership Interest Transfers by Foreign Persons Addressed
The Treasury Department and the IRS have announced their intention to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in the amount of withhol...

Proposed Regs Would Expand ACA-Exempt Short-Term Insurance
In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...

AL - Alabama tax amnesty application period opens July 1
The 2018 Alabama tax amnesty application period opens on July 1, 2018. It runs through September 30, 2018. The Department of Revenue has launched a websitededicated to the program. As previously ...

FL - Sales of prefabricated panels installed into realty are not fixtures and are subject to tax
The taxpayer’s sales of prefabricated panel sections that are installed into realty are retail sales of tangible personal property subject to Florida sales tax.Prefabricated Panel SectionsThe pa...

GA - Georgia enacts partnership adjustment reporting requirements
Georgia enacted requirements for reporting federal partnership and pass-through entity adjustments. Partnerships and their direct and indirect partners must report final federal adjustments.Reporting ...

LA - Checkoff for coalition against domestic violence created
Louisiana added a new personal income tax “checkoff” for contributions to the state’s Coalition Against Domestic Violence. This allows taxpayers to donate all or a part of their tax ...

NC - North Carolina budget proposes rate and other changes
North Carolina Gov. Roy Cooper’s budget for fiscal year 2018-19 proposes to:freeze the corporate income tax rate;reduce the personal income tax rate on income below a certain threshold...

SC - Purchased or leased jet ski subject to maximum tax
The South Carolina Department of Revenue has updated a ruling to state that a purchased or leased personal watercraft, such as a jet ski, qualifies as a "boat" and therefore is subject to th...

TN - Angel investor credit modified
A Tennessee angel investor credit amendment allows investments to be direct or indirect. Ch. 892 (H.B. 2217), Laws 2018, effective May 3, 2018, applicable to tax years beginning on or after January 1,...

VA - Additional tax imposed in “Historic Triangle” region discussed
The previously enacted additional 1% Virginia retail sales and use tax imposed in the "Historic Triangle" is discussed. The additional tax is effective July 1, 2018. The Historic Triangle co...

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ANNOUNCEMENTS

Thank you to Bob Glaser, Petrina Lawrence and the North Carolina Automobile Dealers Association for inviing C. Gregory Porter, CPA to present to the Executive Forum in Cary NC on December 12, 2017! Great turnout and response!

Porter & Company will be attending the National Automobile Dealers Association Convention March 22-25, 2018 in Las Vegas, NV. Please come visit us at the AutoCPA Booth #921N

C. Gregory Porter will be attending the AutoCPA Group semi-annual conference in Nashville, TN May 17-18, 2018!

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