The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in NYC to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in NYC to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies.
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
Understanding Single Audit Compliance Requirements - It's No Joke!Citrin Cooperman
Has your not-for-profit organization received federal funding or additional funding under the CARES Act? This informational session discussed audit requirements for organizations receiving federal funds (i.e. Single Audits), reporting considerations, and specific requirements relative to COVID-19 response funds, including Paycheck Protection Program loans, Economic Injury Disaster Loans, Provider Relief Funds, and more.
You’ve Received COVID-19 Related Federal Assistance – Now What?Citrin Cooperman
In this webinar, we discussed the complex web of audit and reporting considerations that organizations who received COVID-19 related federal assistance must consider as they approach year-end planning and look forward to 2021.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
5 Things Every Hospitality Business Owner Should Consider in the New Tax LawTony Perricelli
The tax reform bill President Trump signed into law on December 22, 2017 contains many changes that will have a profound impact on both individual and corporate taxes. This presentation takes a look at 5 important changes that will affect almost all hospitality businesses including restaurants, hotels, caterers, and retail establishments. It also includes some bonus info on several important individual tax law changes.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
Understanding Single Audit Compliance Requirements - It's No Joke!Citrin Cooperman
Has your not-for-profit organization received federal funding or additional funding under the CARES Act? This informational session discussed audit requirements for organizations receiving federal funds (i.e. Single Audits), reporting considerations, and specific requirements relative to COVID-19 response funds, including Paycheck Protection Program loans, Economic Injury Disaster Loans, Provider Relief Funds, and more.
You’ve Received COVID-19 Related Federal Assistance – Now What?Citrin Cooperman
In this webinar, we discussed the complex web of audit and reporting considerations that organizations who received COVID-19 related federal assistance must consider as they approach year-end planning and look forward to 2021.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
5 Things Every Hospitality Business Owner Should Consider in the New Tax LawTony Perricelli
The tax reform bill President Trump signed into law on December 22, 2017 contains many changes that will have a profound impact on both individual and corporate taxes. This presentation takes a look at 5 important changes that will affect almost all hospitality businesses including restaurants, hotels, caterers, and retail establishments. It also includes some bonus info on several important individual tax law changes.
The Tax Cuts and Jobs Act is a reality. Find out what that means to you in this informative presentation. Presented by Brian Kempf, Christopher Axene, Cindy Kula and Inez Bowie, this presentation focuses on the various business related provisions, individual provisions, international concerns and implications to estates and trusts.
Listen to the explaination behind the slides. Watch the full recording of this free webinar here --> https://register.gotowebinar.com/register/7354592984523668995
Tax Reform - Issues and Opportunities - A Primer for MLPs, PE Funds andPubli...Michael J. Blankenship
Topics to be Covered Include:
Pass-Through Business Income Deduction and Tax Planning for MLPs
New Treatment of Carried Interest
Rethinking Your Compensation and Benefits Plans
Tax Issues and Planning on New Tax Rates, NOLs and Deductions
Public Company Issues and Disclosures
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
During this webinar we will review the current status of the tax world for both business and personal tax. This webinar will dive into how we got to where we are at, what is going on now, and where we might be headed in 2017 and beyond. This presentation will also highlight new, proposed tax reform plans, how they differ from the current plans, and how they might impact both business and personal income tax.
Strategic and proactive tax planning is key to saving taxes. The recent US Tax Reform signed into law by Trump creates new opportunities (and preserves some of the old) to plan and maneuver the tax code.
NCET Biz Cafe | Mike Bosma, Is My Entity Still the Right Vehicle? | Jan 2019Archersan
C Corp, S Corp, LLCs and beyond: The alphabet soup that comprises business designations can leave you with questions — lots of questions.
And that’s in a “routine” climate.
But the current business climate is anything but predictable, as tax reform has left even MORE unanswered questions. This Biz Café is here to help you rest assured that your business entity has the right designation for maximum cash flow.
Get a jump start on tax season with this presentation that will help you secure answers to your tax and deduction questions. Mike Bosma is our guest, who has been the Reno office Principal in Charge since joining CliftonLarsonAllen in January 2017. He has been in public accounting specializing in taxation for more than 24 years and is dedicated to assisting taxpayers attain higher levels of success through proactive tax planning, creative restructuring and strategic business solutions.
And he’s joining us for the January Biz Café, called “Is My Entity that I Selected Pre-Tax-Reform Still the Right Vehicle?”
Here are some questions that may just be keeping you as a business owner up at night:
• With the new 21 percent corporate tax rate, should I be a C corporation?
• How do I maximize the 20 percent 199A deduction as an S corporation?
• Should everyone be an LLC so we don’t have to pay wages?
• I am a professional services firm; how do I structure my affairs to minimize taxes?
M&A and Exit Planning Trends 2021 Webinar | Hosted by Laurie Barkman, SmallDo...Laurie Barkman
As a result of the pandemic, many business owners are accelerating their exit timeline and changing their definition of wealth. This online panel discussion held on February 18, 2021 explored key market dynamics and implications for M&A and exit planning.
2020 Tax Changes and 2021 Perspective: Overview of recent legislation, including COVID stimulus plans, and potential future legislation which will impact your business and future value.
M&A Market: How the pandemic has impacted the current state of the M&A market including valuations, exit strategies, and timing.
Exit Planning Process: Why it’s more important now than ever.
Value Building: How your current growth strategy fuels your transition strategy, and can pay dividends in the short term.
Moderator and Host:
Laurie Barkman, CEO & Strategic Growth Advisor, SmallDotBig
Panelists:
Brian Baum, Managing Director, Interchange Capital Partners
Christopher Brodman, President, Metz Lewis
David Eichenlaub, Managing Director, Confluence Advisors
Mary Richter, Shareholder, Schneider Downs
If you’re thinking about your readiness to exit, and want to take a step forward, you’re invited to get your complimentary Readiness Assessments. Reach out to Laurie Barkman, lbarkman@smalldotbig.com to get the process started.
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Senior Tax Manager and SALT Leader, Michael Eby, and Tax Supervisor, Lindsey Waltemyer.
It provides an overview of the enacted 2017-2018 Pennsylvania State Budget; a brief update on recently passed Pennsylvania tax legislation and court decisions of interest; and discusses how states, including Pennsylvania, are addressing these changes at the Federal level in their own respective tax structure.
C-Suite Snacks Webinar Series: Modern Decision SupportCitrin Cooperman
The role of finance continues to evolve in response to the ever-changing business environment. In order to keep your business agile, it is important to make sure that you're fully benefiting from a best-in-class FP&A function.
During this C-Suite Snacks webinar, Dominic DiBernardo, Partner and Corporate Performance Management Practice Leader, discusses what modern decision support looks like and the ingredients for a great financial planning and analysis (FP&A) function.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
C-Suite Snacks Webinar Series: Building an Advisory BoardCitrin Cooperman
Many private businesses evolve to the point where adding an advisory board can be a significant resource for the owners and senior leadership team, as they accelerate growth and profitability in their companies.
During this C-Suite Snacks webinar, Mark Dailey, a partner at Newport, LLC and seasoned advisory board expert, discusses when you should evaluate building a board, the leading practices and board structures you should consider, and the responsibilities that come with running your board.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
C-Suite Snacks Webinar Series: Prepping Your Company's Financials for SaleCitrin Cooperman
The business acquisitions market is booming and it’s a seller’s market out there! What can you do NOW to make sure that your business is ready?
Join us at our upcoming C-Suite Snacks webinar as Peter Colgan, Transaction Advisory Services Practice manager, discusses what business leaders find most challenging about preparing their financials for sale and how to efficiently conquer those challenges through the lens of a sell-side financial due diligence.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
Preparing for the new lease accounting standard can seem like a daunting task. In this webinar, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standard in 2022.
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
C-Suite Snacks Webinar Series: The Talent Wars - Can Benefits Be Your Secret ...Citrin Cooperman
In today’s candidate-driven job market, offering a competitive benefits package can significantly improve your company’s success in both attracting and retaining talent. In this webinar session, Shaun Gagnon, president and managing partner of Cambridge Insurance Advisors, shares his insights on maximizing your employee benefits to attract employees and combat the talent shortage.
Topics included:
• Trends in open enrollment and wellness fairs
• Popular and practical benefits
• The war on talent
• Cost increases and how to deal with them
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
High Net Worth Webinar Series - The Business of Digital Assets & BlockchainCitrin Cooperman
The recent rise of Bitcoin and digital assets has created significant new opportunities and challenges for investors. This emerging asset class is transforming both the technology and finance industries. In this session, you will learn about Bitcoin, its progeny, the emerging use cases for digital assets, and how investors are getting involved.
High Net Worth Webinar Series - Estate Planning Strategies and UpdatesCitrin Cooperman
There’s much uncertainty in the world of estate planning for high net worth individuals and their families. With numerous legislative proposals that would drastically alter the current estate planning landscape, listen in as our Trust and Estate Services Practice team discusses: various proposals, including those in Congress and the Biden Administration’s Green Book, estate and gift planning strategies for the remainder of tax year 2021, and more.
Showtime for Shuttered Venue Operators Grant (SVOG) RecipientsCitrin Cooperman
We discuss the ever-changing guidance around the conditions attached to the distribution of these funds and the specific requirements your organization needs to execute.
C-Suite Snacks Webinar Series: A Year Like No Other - Manufacturing and Distr...Citrin Cooperman
Our second annual Manufacturing and Distribution Pulse Survey Report explores the impact of the pandemic on the industry, and how businesses have pivoted to survive, including managing new product offerings, technology implementation, and supply chain disruptions.
During this webinar session, we discussed how 200 leaders of M&D companies, ranging from $20 million to over $1 billion in revenue, responded to our survey.
Topics included:
• How COVID-19 has accelerated the 4th Industrial Revolution
• Product sourcing changes
• Business pivots and what made them successful
Manufacturing & Distribution Update: The Economic Impact on the IndustryCitrin Cooperman
This presentation focused on what the future is likely to bring to manufacturers and distributors as the nation attempts to claw its way back from the worst of the COVID-19 crisis.
C-Suite Snacks Webinar Series: What's Your IP Worth? Discovering the Value of...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Every day brings news of a new music catalog sale, strategic piece of intellectual property purchased by a large company or private equity firm, or major transaction of a patent-driven business.
During this C-Suite Snacks webinar session, we discussed which intangible assets and intellectual property are commanding the highest prices and what is behind the value of these assets. Key takeaways included:
- An overview of what drives IP value
- COVID-19 impacts on IP value
- Current IP value trends
C-Suite Snacks Webinar Series: Best-In-Class Finance and Accounting: Should Y...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
During this C-Suite Snacks webinar session, Jason Slivka, executive vice president of strategic initiatives, and Steve Ronan, principal and leader of our Business Process Outsourcing Practice, discussed how outsourcing your accounting function drives profitability and business value. They covered:
- Cleaning up historical books and records
- Combining in-house staff and outsourced capabilities
to get best-in-class expertise across your accounting
function
- How better forecasting and financial analysis drives
better management decisions
- Best practices for accounting technology
- Trends in middle-market accounting operations
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The recently proposed tax provisions in the Biden Administration’s American Families Plan should provide substantial incentives for business owners to discuss the creation of an Employee Stock Ownership Plan (ESOP).
During this C-Suite Snacks webinar session, Howard Klein and Heather Oboda covered more about ESOPs, including:
- An overview of what an ESOP is including financial and non-financial benefits
- The common misconceptions about ESOPs
- How the current tax proposals make an ESOP more attractive
MasterSnacks: Cybersecurity - Playing Offense: A Proactive Approach to Cybers...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
In today's world, a cyber attack happens every 39 seconds on average. For every doom and gloom story we can tell, there are also instances where another organization’s proactive defense has helped to avoid a cyber attack.
During our final MasterSnacks: Cybersecurity session, we discussed strategies your company can implement to move your IT environment from reactive to proactive. We also shared examples of current clients whose proactive positions have had a real impact in thwarting hackers' attempts at infiltrating their organizations. We covered:
- Case studies on companies that have successfully staved off cyber attacks
- Proactive strategies for protecting your infrastructure
- Automated tools to facilitate more timely evaluation and monitoring
MasterSnacks: Cybersecurity - Disaster Recovery: Hoping for the Best but Plan...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
Since a disaster is more a matter of “when” and not “if,” it’s critical to have a plan in place to ensure a rapid recovery. Whether it’s a natural cataclysm or a human-made catastrophe, having actionable, tested steps in place to recover could mean the difference between a brief outage and weeks of downtime.
During session 2, we covered disaster recovery planning. Key takeaways included:
- Knowing the key components to include in a plan
- Understanding Recovery Time Objective (RTO) and Recovery Point Objective (RPO)
- Differentiating between disaster recovery, business continuity, and incident response plans
C-Suite Snacks Webinar Series: Mise en Place: Ensuring the Success of Your Bu...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
While restaurant owners are taking precautionary health measures to protect their staff and customers, reopening may require a difference business approach altogether. Many realize that customer needs and expectations have shifted, and it is imperative for these owners to adjust to the new reality in order to succeed.
During our C-Suite Snacks webinar session, we covered how to set your business up for success in order to thrive going forward. Key takeaways included:
- Leveraging on landlords and new lease options
- Rethinking operations and e-commerce expectations
- Minding your PPPs, RRFs, SVOGs, and ERTCs
- Strategies for cash flow and revenue streams
MasterSnacks: Cybersecurity - Third-Party Crashers: Avoiding Service Provider...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
As your business wages war against cyber criminals, you must combat the vulnerabilities posed by your own third-party service providers. Your external providers must be held accountable in order to keep your business safe and secure.
During Session 1 of our MasterSnacks:Cybersecurity series, we covered more about mitigating third-party risks by evaluating and managing your service providers. Key takeaways included:
- Third-party risk evaluation and management systems
- Strategies to mitigate risk
- The value and difference between SOC Reports
C-Suite Snacks Webinar Series: In The Weeds- The Cannabis Industry...What's I...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
When in your lifetime have you witnessed the birth of an industry? As this industry transitions from illegality into a state-legal/federally illegal business, it faces business challenges like no other. Between difficulties in obtaining basic banking services, being taxed on gross margin rather than net income, and complex state and local regulatory environments, business owners and entrepreneurs face enormous hurdles.
During this webinar session, we covered the business challenges in the cannabis industry. Key takeaways included:
• Overview and business challenges faces
• Taxation of the industry
• Cash flow and fraud risks
MasterSnacks: Cryptocurrency Taxes on Bitcoin and Digital AssetsCitrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
The recent cryptocurrency bull market has attracted many new retail and institutional investors. With this transformational technology, there are tax considerations related to every transaction. During this MasterSnacks: Cryptocurrency session, we covered:
• Taxation of digital assets
• Unusual tax situations for crypto assets (forks, airdrops, securities, etc.)
• Tax tips related to cryptocurrency to save time and money
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
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2. JOE BUBLÉ, C PA
Tax Practice Leader,
Partner
TODAY’S SPEAKERS
MODERATOR PANELISTS
ALLISON BRACK, CPA, MST
Partner
MICHAEL KLINE, CPA, MST
Partner
JOHN GENZ, CPA, MST
Partner
MATTHEW BONNEY, CPA
Partner
ANDREW ROTTER, JD, CPA
Partner
PAUL DAILEY, CPA, MBA
Partner
JENNIFER SKLAR-ROMANO, JD, LL.M, MBA
Director
RON HEGT, CPA
Partner
EUGENE RUVERE, CPA, MST
Partner
2
5. GENERAL BUSINESS PROVISIONS
Limitation of Business Interest Deduction:
• Business interest expense limited to:
o Business interest income plus 30% of adjusted taxable income for the year and
o Floor financing interest of the taxpayer
• Adjusted taxable income is taxable income excluding:
o Any income, gain, deduction or loss that is not allocable to a trade or business,
o Business interest income and interest deduction
o NOL deduction
o 20% pass-through deduction or
o For years before January 1, 2022, depreciation, amortization and depletion
• Small business exception
o $25 million gross receipts
o Attribution rules apply
• Carryforward period of disallowed interest is unlimited 5
6. GENERAL BUSINESS PROVISIONS
• Pass-Through Entities
o Applied at entity level
o Carryforwards allocated to owners
• Real estate trade or business opt out
o Irrevocable election
o Change in depreciable lives
o Bonus depreciation no longer available
• Things to consider…..
o Make election year after purchase of large real estate asset
o Entities with real estate and non real estate activities
• Can they opt out entirely or a portion?
o Does opt out election affect existing assets being depreciated?
6
7. DEPRECIATION CHANGES
Section 179
• Effective for tax years beginning after December 31, 2017
• Increased from $510,000 to $1,000,000
• Phase out increased from $2,030,000 to $2,500,000
• Maximum deduction of $25,000 for sport utility vehicles
• Qualified real property is expanded to include roofs, HVAC property, fire protection, and alarm
and security systems.
7
8. DEPRECIATION CHANGES
Bonus Depreciation
For qualifying assets placed in service after September 27, 2017 and before January 1, 2023:
• 100% first year deduction for assets with depreciable life of 20 years or less
• Assets can be new or used
• Cannot be taken if ADS depreciation is used
• Transition rule: Can continue to use 50% for assets placed in service for the first tax year ending
after September 27, 2017
8
9. DEPRECIATION CHANGES
Things to consider…………….
Bonus vs Section 179
• State differences
• Trade or business income limitation – section 179
• No limitation on bonus depreciation
• Neither one has AMT adjustment
• Bonus must be taken on a whole class of assets
• Qualified Real Property qualifies for Section 179
9
10. DEPRECIATION CHANGES
Qualified Improvement Property (“QIP”)
• Elimination of reference to qualified leasehold improvement property, qualified restaurant
property and qualified retail improvement property
• QIP needs to meet two requirements:
o Made to the interior portion of a non-residential building
o Placed in service after the date the building is placed in service
• Depreciable life is uncertain
• Ability to take bonus depreciation depends on depreciable life
10
11. GENERAL BUSINESS PROVISIONS
• Increased gross receipts threshold to $25 million
o Cash method of accounting
o Accounting for inventories
o UNICAP
o Accounting for small construction contracts
• Like-Kind Exchange limitation
• Employer Deduction for Fringe Benefit Expenses limitations
• Exclusion of Entertainment Expense deduction
11
13. CHANGES TO CORPORATE TAXES
• Corporate tax rates reduced
o Corporate tax rate would generally be a flat 21% rate for tax years beginning in 2018
o Some of the larger firms are advising fiscal year filers to prorate the corporate rate for before
and after 1/1/2018
o The 21% tax rate also applies to Personal Service Corporations
• Dividends received deduction percentages reduced
o If the corporation owned at least 20% of the stock of another corporation, an 80% dividends
received deduction was allowed.
• For tax years beginning after Dec. 31, 2017, the 80% dividends received deduction is
reduced to 65%
o If the corporation owned less than 20% of the stock of another corporation, a 70% dividends
received deduction was allowed.
• For tax years beginning after Dec. 31, 2017, the 70% dividends received deduction is
reduced to 50%.
13
14. CHANGES TO CORPORATE TAXES
• Corporate Alternative Minimum Tax (“AMT”) repealed
o Under the old law, the corporate AMT was 20% with an exemption amount of $40,000, that
commenced phasing out at $150,000 of alternative minimum taxable income. Certain smaller
businesses were exempt from the AMT.
o For tax years beginning after 2017, the AMT is repealed
o However, a prior AMT credit is refundable and can offset regular tax liability in an amount equal to:
• 50% of the excess of the minimum tax credit for the tax year over the amount of the credit
allowable for the year against regular tax liability
o This increases to 100% for 2021
14
15. CHANGES TO CORPORATE TAXES
• Modification of Net Operating Loss (“NOL”) Deduction
o For tax years ending on or before 12/31/2017, a NOL may generally be carried back two years and
carried over 20 years to offset taxable income with no 80% limitation
• There was an exception for carryback provisions of specified liability losses and some casualty
and disaster losses
o For tax years beginning before 12/31/2017, but ending after 12/31/2017
• The two year carryback and the exception for special carryback provisions are repealed
• NOLs can be carried forward indefinitely
o For tax years beginning after 12/31/2017
• The NOL deduction is limited to 80% of taxable income
• The two year carryback and the exception for special carryback provisions are repealed
• NOLs can be carried forward indefinitely
o The two year carryback will continue to apply in the case of certain losses incurred in the trade or
business of farming
o Property and casualty insurance companies can carryback NOL two years and carryover 20 years
• The 80% limitation does not apply to property and casualty insurance companies
15
16. CHANGES TO CORPORATE TAXES
• Repeal of Domestic Production Activities Deduction (Section 199)
o Under the old law, taxpayers generally could claim a domestic production activities deduction
equal to 9% of the lesser of the taxpayer’s qualified production activities income, or the
taxpayer’s taxable income for the tax year for property that was manufactured, produced,
grown, or extracted within the U.S.
o The domestic production activities deduction is repealed for tax years beginning after
December 31, 2017
16
17. CHANGES TO CORPORATE TAXES
• Five-year write-off of Research & Experimentation (“R&E”) expenses
o Under the old law:
• Taxpayers could elect to currently deduct R&E
• Forgo a current deduction and amortize over the useful life of the research, but not less than 60
months;
• Or elect to recover them over 10 years
o For taxable years beginning after 2021, specified R&E expenses are required to be capitalized and
amortized over a 5-year period beginning with the midpoint of the tax year in which the specified R&E
expenses were paid or incurred
• 15 years in the case of expenditures attributable to research conducted outside the U.S.
• Specified R&E expenses subject to capitalization include expenses for software development, but not
expenses for land or for depreciable or depletable property used in connection with the research or
experimentation
• Also excluded are exploration expenses incurred for ore or other minerals (including oil and gas)
• In the case of retired, abandoned, or disposed R&E property, any remaining basis must continue to be
amortized over the remaining life
o Prior to 2026, use of this provision is treated as a change in the taxpayer’s accounting method
o R&E credit survives
17
18. CHANGES TO CORPORATE TAXES
• Limitation of Excessive Employee Compensation
o Under the old law, publicly held corporations were limited to no more than $1 million per year.
However, exceptions applied for:
• commissions;
• performance-based remuneration, including stock options;
• payments to a tax-qualified retirement plan; and
• amounts that are excludible from the executive’s gross income
o For tax years beginning after Dec. 31, 2017
• The exceptions to the $1 million deduction limitation for commissions and performance-
based compensation are repealed;
• The definition of covered employee is revised to include the principal executive officer, the
principal financial officer, and the three other highest-paid officers and;
• If an individual is a covered employee for a tax year beginning after December 31, 2016,
the individual remains a covered employee for all future years
o These changes do not apply to any remuneration under certain written binding contracts which
were in effect on Nov. 2, 2017, and which was not materially modified after that date
18
19. CHANGES TO CORPORATE TAXES
• Impact on Financial Reporting (ASC-740)
o The effect of a change in tax laws or rates must be recognized at the date of enactment, December 22, 2017
• Deferred tax assets and liabilities must be adjusted for the effect of the change in tax laws or rates and such
change may also require a reevaluation of a valuation allowance for deferred tax assets
• The effect must be included in income from continuing operations, including items of deferred tax that were
originally accounted for in other comprehensive income, for the period that includes the enactment date
o Since the change was enacted in 2017, an entity with a calendar year-end is required to recognize the
effect in its 2017 financial statements
o A fiscal year-end company must recognize the effect as a discrete item in the interim period of the
enactment and must not apportion among interim periods remaining in the current fiscal year through an
adjustment of the annual effective rate
• Companies with deferred tax assets will recognize income tax expense, and companies with deferred tax
liabilities will recognize income tax benefit
• The significant components of income tax expense attributable to continuing operations for each year
presented, including adjustments of a deferred liability or asset for enacted changes in tax laws or rates, must
be disclosed in the financial statements or footnote disclosure
o The Securities and Exchange Commission published Staff Accounting Bulletin No. 118 (SAB 118) for publicly traded
companies to ensure timely public disclosures of the accounting impacts of the legislation.
• In SAB 118, the staff addressed certain fact patterns where the accounting for such change is incomplete upon
issuance of an entity’s financial statements for the reporting period of enactment
19
21. SECTION 199A
Qualified Business Income Defined:
The term ‘qualified business income’ means, for any taxable year, the net amount of qualified
items of income, gain, deduction, and loss with respect to any qualified trade or business of the
taxpayer. Such term shall not include any qualified REIT dividends, qualified cooperative
dividends, or qualified publicly traded partnership income.
The term ‘qualified items of income, gain, deduction, and loss’ means items of income, gain,
deduction, and loss to the extent such items are effectively connected with the conduct of a trade
or business within the United States.
**Qualified Business Income does not include guaranteed payments or reasonable S Corporation
compensation.
21
22. WHAT ARE THE MECHANICS OF THE DEDUCTION?
In the case of a taxpayer other than a corporation, there shall be allowed as a deduction for any
taxable year an amount equal to the sum of—
‘‘(1) the lesser of—
‘‘(A) the combined qualified business income (defined below) amount of the taxpayer, or
‘‘(B) an amount equal to 20 percent of the excess (if any) of—
‘‘(i) the taxable income of the taxpayer for the taxable year, over
‘‘(ii) the sum of any net capital gain (as defined in section 1(h)), plus the aggregate amount of
the qualified cooperative dividends, of the taxpayer for the tax- able year, plus
‘‘(2) the lesser of—
‘‘(A) 20 percent of the aggregate amount of the qualified cooperative dividends of the taxpayer for
the taxable year, or
‘‘(B) taxable income (reduced by the net capital gain) of the taxpayer for the taxable year.
22
23. COMBINED QUALIFIED BUINESS INCOME
Combined qualified business income is computed as follows:
1. The SUM OF
The LESSOR OF:
a. 20% of the taxpayers “qualified business income (defined below)” OR
2. The GREATER OF: (alternative analysis involved when income is above various thresholds)
a. 50% of the W-2 wages with respect to the business, OR
b. 25% of the W-2 wages with respect to the business PLUS
2.5% of the unadjusted basis of all qualified property
2. PLUS the LESSOR OF:
a. 20% of qualified cooperative dividends, OR
b. Taxable income less net capital gain
The 20% deduction has limitations and phase outs and gets more complex when the taxable income is greater
than $315,000 but less than $415,000 when MFJ, and more than $157,500 but less than $207,500 for all other
taxpayers.
23
24. WHICH TAXPAYERS QUALIFY FOR THE DEDUCTION?
There is little guidance available as to which industries qualify.
However, the following specified services will not qualify if income exceeds certain thresholds:
• Health, law, accounting, actuarial science, performing arts, consulting, athletics, financial
services, brokerage services, or
• Any trade or business where the principal asset of such trade or business is the reputation or
skill of one or more of its employees or owners (this potentially can limit many other service
businesses).
The following business entities should qualify for the deduction:
• Real Estate (potential issues with net lease entities)
• Manufacturers
24
26. INTERNATIONAL TAX REFORM PROVISIONS
• Modified Territorial Tax Regime
o Adoption of dividend participation exemption system
o U.S. corporate shareholders of specified foreign corporations (SFC) allowed a full deduction
against the foreign-source portion of dividends received
• 100% dividends received deduction (DRD)
• SFC = 10%-owned foreign corporation (not including a PFIC that is not a CFC)
• Applies only to C corporations
• Individual and pass-through shareholders continue to be subject to the existing world-wide
tax regime
o U.S. shareholder must hold the stock of the SFC for more than 1 year
o Foreign tax credits disallowed for any dividend to which the DRD applies
o Subpart F and Section 956 investment in U.S. property rules continue to apply to certain CFC
shareholders
o Exception for hybrid dividends
• Hybrid dividend = amount received from a CFC for which the CFC received a tax
deduction or other tax benefit
26
27. INTERNATIONAL TAX REFORM PROVISIONS
• Mandatory Repatriation Tax
o One-time toll tax on undistributed nonpreviously taxed foreign earnings and profits (E&P)
o Pre-2018 accumulated deferred E&P MUST be included as Subpart F income
o Income inclusion for 2017 tax year
• Absent current IRS guidance, payment due with extension
o Toll tax applies to ALL U.S. shareholders of a SFC that is also a deferred foreign income
corporation (DFIC)
• In contrast to the DRD, which is available only to corporate U.S. shareholders, the toll tax
applies to all U.S. shareholders, including individuals, partnerships/LLCs, S corporations
and trusts
• Deferral allowed for S corporations until a triggering event occurs
• U.S. shareholder = U.S. person owning 10% of the vote of a DFIC
• DFIC = any SFC of a U.S. shareholder that has accumulated post-1986 deferred foreign
income greater than zero
27
28. INTERNATIONAL TAX REFORM PROVISIONS
• Mandatory Repatriation Tax (con’t)
o E&P measurement date greater of E&P on Nov. 2, 2017 or Dec. 31, 2017
• Accruals after November 2 will not be taken into account in computation of E&P – e.g.,
foreign taxes accrue at year-end, so they will reduce E&P only at December 31
measurement date
o Allocation of E&P deficits permitted
• E&P deficits of SFCs are allocated pro rata among the DFICs based upon the ratio of each
DFIC’s positive E&P over total positive E&P
• Allocation will impact which DFIC’s deemed paid foreign tax credits may be used to
offset the toll tax
o Payment is due over 8 years
• No interest
• 8% for first 5 years, then 15%, 20% and 25% for years 6 through 8, respectively
28
29. INTERNATIONAL TAX REFORM PROVISIONS
• Mandatory Repatriation Tax (con’t)
o Tax Rates
• Corporations - 15.5% on cash/cash equivalents and 8% on noncash assets
• Individuals- 17.54% on cash/cash equivalents and 9.05% on noncash assets
o 3.8% Net Investment Income Tax (NIIT) applies for actual distributions
• Not subject to 8 year pay-out
o May elect to be taxed at corporate rates on Subpart F income inclusion
• Foreign cash position includes aggregate cash positions of all SFCs, not just DFICs
o Fiscal year CFCs could possibly get a one-year break (Prop. Reg. §1.898-1(c)(1))
o Taxpayers can elect to preserve NOLs
o Disallowance for specific portion of foreign tax credit (FTC)
• Disallowed FTC rate of 55.7% to 77.1% based upon U.S. shareholder’s ratio of the
aggregate foreign cash position to the total Subpart F inclusion
o State tax ramifications?
• No current state guidance allowing 8 year pay-out
29
30. INTERNATIONAL TAX REFORM PROVISIONS
• Modifications to Subpart F anti-deferral regime
o Expansion of U.S. Shareholder definition to include value as well as vote
o Downward attribution from foreign persons to related U.S. persons
o Repeal of 30-day minimum holding period
• Global Intangible Low-Taxed Income (GILTI)
o Applies to U.S. shareholders of CFCs
o Treated as Subpart F income
o Refers to shareholder’s net CFC tested income over shareholder’s net deemed tangible
income return
o 80% deemed paid foreign tax credit is available
o Separate foreign tax credit basket applies
o U.S. corporate shareholders allowed a deduction for 37.5% of its foreign-derived intangible
income and 50% of its GILTI
30
31. INTERNATIONAL TAX REFORM PROVISIONS
• Base Erosion Anti-Abuse Tax (BEAT)
o Aimed at preventing companies from stripping out U.S. earnings via deductible payments to
foreign affiliates
o Applies to C corporations with average annual gross receipts of at least $500,000,000 for the
three preceding tax years and a “base erosion percentage” of at least 3%
o BEAT is equivalent to the excess of 10% ( 5% for 2018) of “modified taxable income”
(generally, regular taxable income plus the base eroding payments such as interest and
royalties) over its regular tax liability as reduced by credits
• Sale of partnership interest by U.S. non-residents
o Rev. Rul. 91-32 position codified in response to taxpayer-friendly Tax Court decision in Grecian
Mining case (currently under Appeal by the IRS)
o Nonresidents selling an interest in a U.S. partnership will be taxable on the gain as deemed
attributable to ECI
o Hypothetical sale mandated as if the U.S. partnership sold all of its assets
• 10% WHT imposed on gross proceeds
o FIRPTA rules continue to apply to gain from the sale of real estate held by a U.S. partnership
o Effective for sales after Nov. 26, 2017, however, WHT requirement only applies to dispositions
after Dec.31, 2017 31
32. INTERNATIONAL TAX REFORM PROVISIONS
• Planning Considerations
o Conversion to C corporations for DRD eligibility
o Incorporation of foreign branches
o Restructuring to avoid applicability of Subpart F regime (e.g., check-the-box planning)
o Leveraged blocker structures
32
35. IMPACT ON NYS RESIDENT AT VARIOUS INCOME LEVELS
Income Level Federal Tax (decrease)
400,000 (19,000)
500,000 (18,000)
750,000 (4,000)
1,000,000 (5,000)
2,000,000 (16,000)
3,000,000 (4,000)
Assumes $10,000 of dividends, $40,000 Real Estate Tax, Two Children
35
36. IMPACT ON NYC RESIDENT AT VARIOUS INCOME LEVELS
Income Level Federal Tax (decrease)/increase
400,000 (19,000)
500,000 (18,000)
750,000 2,000
1,000,000 9,000
2,000,000 13,000
3,000,000 40,000
Assumes $10,000 of dividends, $40,000 Real Estate Tax, Two Children
36
37. THINGS THAT ARE GONE
• Personal Exemptions
• State and Local Income and Property Tax-$10,000 exception
• Miscellaneous Itemized Deductions
o Tax Preparation Fees
o Investment Advisory Fees
o Employee Business Expenses
o Moving Expenses
o Entertainment Expenses (not Meals)
• Personal Casualty Losses
• Moving Expenses
• Shared Responsibility Payment (2019)
• Alimony Taxability and Deduction (2019 Agreements)
• Gambling expenses in excess of net winnings
37
38. THINGS THAT HAVE CHANGED
• Interest Expense
o Mortgages
• Home Mortgages In Existence on December 15, 2017—no changes
• Post 12/15/17 home acquisition interest deduction limited to principal amounts of
$750,000. Second homes continue to qualify.
• Refinances post 12/15/17 grandfathered at $1 million ONLY up to debt level at date of
refinance. (No cashing out of equity).
o Home Equity Line of Credit
• Interest allowed on HELOC only to extent proceeds were used to acquire, construct or
substantially renovate property.
• EXAMPLE-$200,000 HELOC used in 2016 to buy $100,000 car and $100,000 to repair and replace
roof on home. In 2018 interest on roof repair only deductible.
38
39. THINGS THAT HAVE CHANGED
• Medical Expenses deductible to extent they exceed 7.5% of Adjusted Gross Income, down from
10%.
• Charitable Contributions to Public charities limit increased from 50% of AGI to 60% of AGI
• Standard Deduction almost doubled to $24,000 for married couple.
o Timing of Deductions
• Child Credit Increased to $2,000 per child and $500 per non child dependent
o Credit fully available until AGI reaches $400,000. ($200,000 single).
o Up to $1,400 refundable if tax liability is zero.
• Stock Option Income recognition from grants by private companies can be deferred for five years
• Business losses limited to $500,000 per year. Any excess carried forward as Net Operating Loss.
• Net Operating Losses cannot be carried back. Can be carried forward indefinitely
o Use of losses limited to 80% of taxable income for post 2017 losses.
39
40. ALTERNATIVE MINIMUM TAX
• An alternative tax system that disallows many deductions and taxes income at a lower rate
(For 2017: 28% vs 39.6%).
• Taxpayer pays the higher of the two computations.
• Currently (2017 and prior) the largest disallowed expenses for AMT are state and local income and
real estate taxes and miscellaneous itemized deductions.
40
41. ALTERNATIVE MINIMUM TAX – 2018 VERSION
• For 2018 28% vs 37%
• AMT exemption increased
• With state and local taxes and miscellaneous itemized deductions repealed, the largest cause of
AMT eliminated
• Anticipation is that many who were hit with AMT in the past will no longer be so.
41
43. STATE AND LOCAL IMPLICATIONS
• State conformity, or lack thereof, with Internal Revenue Code
o Rolling conformity
o Static conformity
o Selective conformity
• Above the line and below the line changes
o Starting point for state taxable income generally federal taxable income (“FTI”)
o Federal tax law changes that impact calculation of FTI may impact state taxable income
o But there may be modifications to get from FTI to state taxable income
• Mechanical but wait-and-see on decoupling/conformity actions
43
44. STATE AND LOCAL IMPLICATIONS
The SALT Deduction Issue and Residency Planning
• Assuming no successful end run for the states (e.g., through creating charitable deduction in lieu of
state tax payment)
• Increase in desire to move to low/no tax states like FL, NV, or the very tempting SD
• General residency rules – it’s not just about 183 days
44
45. STATE AND LOCAL IMPLICATIONS
• Domicile – five factors
o Home
o Active business involvement
o Time spent
o Items near and dear
o Family connections
• Statutory residency
o Abode for substantially all of the year
o More than 183 days (generally any part of a day)
45
46. STATE AND LOCAL IMPLICATIONS
• Income sourcing
o Residency change benefit is generally just for:
• capital gains
• interest
• dividends
o Flow-through income – typically won’t change with a residency change
• Planning
o Residency change generally requires a life change
o Flow-through entity planning
• Apportionment methodologies
• Income shifting/special function entities
46
47. CONTACT US
JOHN GENZ
(347) 505-6308
jgenz@citrincooperman.com
MATTHEW BONNEY
(646) 695-7899
mbonney@citrincooperman.com
ANDREW ROTTER
(646) 695-7831
arotter@citrincooperman.com
PAUL DAILEY
(347) 505-6357
pdailey@citrincooperman.com
JENNIFER SKLAR-ROMANO
(646) 979-3954
jsklar-romano@citrincooperman.com
RON HEGT
(914) 358-3342
rhegt@citrincooperman.com
EUGENE RUVERE
(914) 949-2990
eruvere@citrincooperman.com
JOE BUBLÈ
(646) 695-7876
jbuble@citrincooperman.com
ALLISON BRACK
(646) 695-7878
abrack@citrincooperman.com
MICHAEL KLINE
(267) 479-0138
mkline@citrincooperman.com
47