Tax Cuts and Jobs Act

Public Storage Announces Tax Treatment of 2020 Dividends

Retrieved on: 
Wednesday, January 20, 2021
Commercial Building & Real Estate, Construction & Property, Real estate investment trust, Dividend, Public Storage, Tax Cuts and Jobs Act, Service companies, Dividend tax, Companies, Finance, Corporate tax in the United States

Public Storage (NYSE:PSA) announced today the tax treatment of the Companys 2020 dividends.

Key Points: 
  • Public Storage (NYSE:PSA) announced today the tax treatment of the Companys 2020 dividends.
  • The Company did not declare a capital gain distribution, nor did it have any unrecaptured section 1250 gain for 2020.
  • For shareholders other than corporations the ordinary dividends are qualified REIT dividends under the qualified business income provisions enacted as part of the Tax Cuts and Jobs Act of 2017.
  • Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities.

Beer Institute Praises U.S. Congress and President Trump for Extending COVID Relief to Millions of Americans

Retrieved on: 
Monday, December 28, 2020
Excise, Tax Cuts and Jobs Act, United States Brewers' Association

The permanent alcohol excise tax relief contained in this legislation will help support American jobs at a time of significant economic uncertainty.

Key Points: 
  • The permanent alcohol excise tax relief contained in this legislation will help support American jobs at a time of significant economic uncertainty.
  • In 2017, Congress included two years of excise tax relief for all brewers and beer importers as part of the Tax Cuts and Jobs Act, which was extended for one year in December 2019.
  • According to recent polling done by the Beer Institute, 63 percent of Americans support Congress making the current federal excise tax rates permanent for all brewers and beer importers .
  • Brewers Association, the Beer Institute is committed today to the development of sound public policy and to the values of civic duty and personal responsibility.For additional updates from the Beer Institute, visit our website ,follow @BeerInstitute on Twitter, like the Beer Institute on Facebook ,and follow the Beer Institute on Instagram .

MEDIA ALERT — New developments on the state and local tax deduction cap

Retrieved on: 
Tuesday, December 15, 2020
Other Government, Finance, Banking, Accounting, Public policy, Government, Professional services, Fashion, Retail, Other Professional Services, Taxation in the United States, Alphen aan den Rijn, Wolters Kluwer, Tax Cuts and Jobs Act, Itemized deduction, Certified Public Accountant, Tax deduction, Deduction, Business, Articles, Publishing

What: The Tax Cuts and Jobs Act, enacted in 2017, imposed a $10,000 cap on the state and local tax itemized deduction, which until then did not have a limit.

Key Points: 
  • What: The Tax Cuts and Jobs Act, enacted in 2017, imposed a $10,000 cap on the state and local tax itemized deduction, which until then did not have a limit.
  • Since the enactment of the cap, several states have tried some workarounds to help their citizens who were adversely impacted by the federal cap.
  • Success may depend on whether or not the Democrats gain control of the Senate
    Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting , can help explain the various efforts to work around the state and local tax deduction cap.
  • PLEASE NOTE: The content of this alert has been prepared by Wolters Kluwer Tax & Accounting for general informational purposes only.

Culp Announces Improved Profitability and Liquidity Expectations for First Quarter Fiscal 2021 and Anticipated Impact of Final GILTI Tax Regulations

Retrieved on: 
Wednesday, August 5, 2020
Textiles, Manufacturing, Tax, Corporate tax avoidance, International taxation, Tax avoidance, Presidency of Donald Trump, Tax Cuts and Jobs Act, Internal Revenue Service, Income tax in the United States

Additionally, effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the Tax Cuts and Jobs Act of 2017.

Key Points: 
  • Additionally, effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the Tax Cuts and Jobs Act of 2017.
  • Prior to this enactment, GILTI represented a significant U.S. income tax during fiscal 2019 ($2.1 million) and fiscal 2020 ($1.9 million) on the companys foreign earnings.
  • With the enactment of these final regulations, the company is now eligible for an exclusion from GILTI since it meets the provisions for the GILTI High-Tax exception included in the final regulations.
  • The company expects to report financial and operating results for the first quarter of fiscal 2021 in early September.

Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2021

Retrieved on: 
Tuesday, August 4, 2020
Presidency of Donald Trump, Tax Cuts and Jobs Act, Tax, Presidency of Barack Obama, History of the United States 1991–present), Presidency of George W. Bush, Units of time, Economy of the United States, Political debates about the United States federal budget, Deficit reduction in the United States

(3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.

Key Points: 
  • (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
  • (4) Represents expected cash tax rate for fiscal 2021 excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
  • Capital expenditures for the quarter ending September30, 2020 are expected to be about $15 million.
  • Capital expenditures for all of fiscal 2021 are expected to be between $50 million and $70 million.

With a Lengthy Tax Filing Season Over, Let’s Focus on Other Developments in Federal Income Taxes

Retrieved on: 
Thursday, July 30, 2020
Software, Technology, Accounting, Professional services, Tax, Taxation in the United States, Internal Revenue Service, Tax investigation, Tax Cuts and Jobs Act, International taxation, Income tax in the United States, Alternative minimum tax

The briefing highlights key developments during the filing season that will impact taxpayers of all types for the remainder of 2020.

Key Points: 
  • The briefing highlights key developments during the filing season that will impact taxpayers of all types for the remainder of 2020.
  • This tax briefing is designed to bring taxpayers up-to-date on what has been happening while everyone was focused on tax return preparation.
  • Key items included in the 2020 tax developments are:
    COVID-19 Legislation.
  • The IRS continues to issue guidance implementing the Tax Cuts and Jobs Act as well as addressing other matters.

Not All 529 Plans Offer Same Tax Benefits

Retrieved on: 
Thursday, July 16, 2020
529 plan, Tax, Economy, Income tax in the United States, Tax credit, Income tax, Money, Tax deduction, Deduction, Personal finance, Tax Cuts and Jobs Act, Michigan Education Savings Program

The Education Plan, New Mexicos 529 plan, offers the following tips:

Key Points: 
  • The Education Plan, New Mexicos 529 plan, offers the following tips:
    If you live in a state that has state income tax, most 529 plans selected by residents of that state will be eligible for a tax deduction or tax credit for money invested in the 529 plan.
  • Six states offer full tax parity, which allows investors to pick any states 529 plan and still receive a tax deduction from their state of residence.
  • The remaining 16 states offer no state tax deduction or credit for 529 plan contributions, so selecting a 529 plan is state tax neutral for residents of these states.
  • Given the differences in plan costs and the state income tax benefits available, it is possible to determine how much of the 529 plan costs can be covered by the tax benefit.

MEDIA ALERT – CARES Act Provides New Opportunities for Businesses to Utilize Net Operating Losses, But Deadlines Are Looming

Retrieved on: 
Thursday, June 11, 2020
Consulting, Accounting, Professional services, Finance, Taxation in the United States, Internal Revenue Code, Net operating loss, Tax, Economy, Tax Cuts and Jobs Act, Nol, Nol, Corporate tax, Articles, Apple Inc., Corporate tax avoidance

Wolters Kluwer Tax & Accounting:

Key Points: 
  • Wolters Kluwer Tax & Accounting:
    What: Business taxpayers have new opportunities to generate cash from the net operating loss (NOL) provisions of the CARES Act.
  • Taxpayers who have net operating losses or who may create net operating losses through other provisions of the CARES Act, such as additional first-year depreciation or additional business interest deductions, need to be familiar with the elections and deadlines to act on NOLs.
  • Why: The Tax Cuts and Jobs Act (TCJA), enacted in 2017, eliminated NOL carrybacks, allowed unlimited NOL carryforwards, and provided an 80 percent of taxable income limit on NOL deductions.
  • Through a language error, the TCJA imposed a retroactive elimination of NOL carrybacks on businesses with fiscal years starting in 2017.

MEDIA ALERT: Restaurants, Retailers, and Other Lessees Can Now Rapidly Expense Improvements for Tax Purposes

Retrieved on: 
Wednesday, June 3, 2020
Consulting, Accounting, Professional services, Finance, Taxation in the United States, Tax, Accounting, Corporate taxation, Depreciation, Economy, Tax Cuts and Jobs Act, Business, MACRS, Cost segregation study

The QIP, which includes leasehold improvements, retail improvements, and restaurant property, had previously qualified for 15-year depreciation but the TCJA had accidentally recategorized QIP as requiring 39-year depreciation.

Key Points: 
  • The QIP, which includes leasehold improvements, retail improvements, and restaurant property, had previously qualified for 15-year depreciation but the TCJA had accidentally recategorized QIP as requiring 39-year depreciation.
  • Why: Taxpayers who made qualifying improvements in 2018 can now go back and claim 15-year depreciation or 100 percent first-year bonus depreciation in 2018.
  • Taxpayers who had already filed 2019 tax returns prior to enactment of the CARES Act can do the same for 2019.
  • Taxpayers who had not yet filed 2019 tax returns can claim 15-year depreciation or 100 percent first-year bonus depreciation on 2019 qualifying improvements.

SeerTax, Inc. Launches an Online Corporate Income Tax Service To Help Businesses Save Big on Tax Preparation Costs

Retrieved on: 
Tuesday, May 5, 2020
Economy, Corporate tax avoidance, Income tax in the United States, Internal Revenue Service, Tax Cuts and Jobs Act, Tax, Corporate tax, Corporate tax in the United States, Tax haven

HARRINGTON PARK, N.J., May 5, 2020 /PRNewswire/ --SeerTax, Inc. announces the launch of SeerTax.com, an online corporate income tax preparation service aimed at reducing corporate income tax preparation costs by more than 50 percent.

Key Points: 
  • HARRINGTON PARK, N.J., May 5, 2020 /PRNewswire/ --SeerTax, Inc. announces the launch of SeerTax.com, an online corporate income tax preparation service aimed at reducing corporate income tax preparation costs by more than 50 percent.
  • This new, internet-based and software-driven service will transform the corporate income tax preparation service market.
  • Since the IRS enacted the 2017 Tax Cuts and Jobs Act, many corporations began experiencing a sharp increase in the cost of tax return preparation.
  • SeerTax.com uses Tax Series to handle complex tax calculations automatically to reduce costs for its corporate clients.