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Consider All the Tax Consequences Before Making Gifts to Loved Ones

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 19, 2018 / No comments

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple

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Tax-Free Fringe Benefits Help Small Businesses and Their Employees

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 9, 2018 / No comments

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance

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IRS Issues New TCJA Guidance for Businesses

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 1, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses several related issues, including eligibility, types of leave covered and calculation of the credit amount.

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2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 12, 2018 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October

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IRS Issues Guidance on New Bonus Depreciation Rules

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 24, 2018 / No comments

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed

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IRS Issues Proposed Regulations on the Pass-Through Business Income Deduction

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 22, 2018 / No comments

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or

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Provide for Family Members with Special Needs Using an SNT

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 21, 2018 / No comments

If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT). Also known as a supplemental needs trust, an SNT allows you to enhance a family

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How Will the Tax Cuts and Jobs Act (TCJA) Affect State Income Taxes?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted July 10, 2018 / No comments

State legislatures have been busy formulating responses to changes brought by the TCJA. Many have already passed conformity statutes. Others have issued preliminary reports to clarify for the public how the TCJA impacts their state income taxes, including changes to standard and itemized deductions, personal exemptions and more. Still, other states have enacted laws to

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The House GOP Budget May Open the Door for More Tax Cuts

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 27, 2018 / No comments

House Republicans’ newly unveiled budget plan would allow lawmakers to use the reconciliation process to implement a second tax cut (or “Phase 2”) of the Tax Cuts and Jobs Act (TCJA). Under reconciliation, the bill would require only a simple Senate majority for passage instead of the usual 60-vote threshold. The House Ways and Means

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Supreme Court opens door to taxation of online sales

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 26, 2018 / No comments

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the

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