
Tag Archives: Tax Law
A Legislative Solution for Conservation Easements
A Legislative Solution for Conservation Easements: Jackson & Campbell’s Tax Chair, Nancy Ortmeyer Kuhn, provides insightful commentary on charitable conservation easements and the proposed tax legislation that caps charitable deductions for taxpayers. She also discusses the Supreme Court’s recent decision in West Virginia v. EPA, and how that may impact Treasury Regulations. Read more here: CE Legislation Article ... Read More
TAGGED: Real Estate Law, Tax Law
Estate Tax Considerations for 2022: How Clients Can Plan in an Uncertain Time
The Internal Revenue Service ("IRS") has released annual inflation adjustments for 2022. These include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions (the “unified credit”), annual gift tax exclusions, and retirement account limits. The changes are as follows: The unified credit will increase to $12.06 million for an individual (from $11.7 million in 2021). This means that a married ... Read More
TAGGED: news, Tax Law, legislation, estate planning, trust and estates, taxes & IRS
Client Alert: Exempt Organizations Engaged in Illegal Activities – Will They Be Held Accountable?
In the aftermath of the January 6, 2021 insurrection, the focus has shifted to the entities that may have financed the insurrection. Thousands of individuals travelled to Washington, D.C. for the rally and insurrection, and news reports have alleged that charitable organizations may have assisted in funding the participants’ expenses. On January 13, 2021, members of the Ways and Means ... Read More
Client Alert: Employers Liable for Deferred Payroll Taxes
The Internal Revenue Service has issued guidance for employers who, in response to the President’s Executive Memorandum dated August 8, 2020, choose to defer payroll taxes for employees from September 1, 2020, through December 31, 2020. In Notice 2020-65, issued August 28, 2020, the IRS specified that the deferred payroll taxes are due to the IRS prior to ... Read More
TAGGED: Tax Law, Payroll Taxes, Notice 2020-65, irs
Client Alert: Additional Help For Individuals From The Tax Code
The COVID-19 pandemic was designated under the Stafford Act as a national emergency on March 13, 2020. By doing so, the federal government opened a new area for tax-free help to those impacted directly by the disease, or indirectly due to the shelter-in-place directives. Section 139, enacted after 9/11, allows employers, or really anyone so inclined, to provide “qualified disaster relief ... Read More
TAGGED: Section 139, reimbursements, CARES Act, Tax Law, COVID-19, Stafford Act, Families First Act
Client Alert: The Families First Act, the CARES Act, and IRS Guidance for Employers
The Families First Coronavirus Response Act (FAMILIES FIRST ACT), Public Law No. 116-127 (March 18, 2020), and the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT), Public Law No. 116-136 (March 27, 2020) provide relief to employees and employers (including nonprofits) during this pandemic. The relief provided by the FAMILIES FIRST ACT is in the form of additional paid ... Read More
Are Business Lunches Entertainment?
The new tax legislation, called the Tax Cuts and Jobs Act (TCJA) eliminated most deductions for client entertainment expenses. Prior law allowed a 50 percent deduction for both meals and entertainment expenses, and so there was no need for businesses to differentiate between the two categories. The newly enacted TCJA eliminated deductions for entertainment, amusement, and recreation expenses, but ... Read More