The Albany Business Review hosted five executives, including Marvin and Company Tax Director Kevin P. O'Leary, CPA, to discuss the new federal tax act. The discussion was moderated by Elaine Phelan, a professional specialist in taxation at Siena College.
What will tax reform mean for your business?
Join Marvin and Company Directors Kevin J. McCoy, CPA, CFF and Kevin P. O'Leary, CPA along with UBS Financial Services Executive Director Hal Dursema for an informative breakfast where business strategies and the tax reform act will be discussed.
Introduced as the Tax Cuts and Jobs Act, the “Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal year 2018,” P.L. 115-97, was signed into law by the President on December 22, 2017. While the individual and pass-through (e.g., S corporation) provisions are generally phased out in less than a decade, the tax cuts for C corporations are permanent changes to the Internal Revenue Code. The reduced tax rate of 21 percent, from 35 percent, is certain to increase the popularity of corporations. The benefits increase the longer earnings are retained and deferred from additional tax (e.g., no dividends or stock dispositions). S-to-C corporation conversions have been made more taxpayer-friendly in an effort to ensure C corporations are not only more competitive internationally under the new law, but also domestically. The key topics in the new law covered below include: 1) corporate tax rate reduction and the alternative minimum tax (AMT) repeal, 2) capital contributions and dividends to corporations, 3) debt versus equity (section 385) and the new limitation on deducting interest expense, 4) corporate net operating losses (NOLs), 5) bonus depreciation and full expensing, 6) section 199A deduction for qualified business income earned from S corporations, 7) electing small business trusts (ESBTs), and 8) S-to-C corporation conversions.
Preparing to file 2017 returns
One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. This article shares seven practical suggestions to help you spring into action.
Marvin and Company, P.C., one of the Capital Region’s leading accounting, auditing, taxation and management consulting firms, is pleased to announce the expansion of its exemplary staff with the addition of two new team members, three new tax interns, and several staff promotions.
Phaseout may affect 2017 returns
Can you deduct the full amount of your itemized deductions on your 2017 tax return? Under current law, deductions are reduced for certain upper-income taxpayers under the “Pease rule,” named for the congressman who initially introduced the provision. This little-known rule may catch taxpayers with rising incomes by surprise.
The IRS recently announced its annual cost-of-living adjustments for certain retirement plan limits for 2018. Any adjustments are relatively small.
Protection under annual gift tax exclusion
Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift tax exclusion, you should have no federal gift tax worries. You do not even have to file a gift tax return. And the annual gift tax exclusion limit, which has not budged in five years, is finally going up in 2018.
Thomas W. Hosey, CPA, Principal has earned the AICPA’s badge for completing the Not-For-Profit Certificate II Program.
Marvin and Company Manager, Christopher J. Healy, CPA, CGFM will be co-presenting the GFI Advanced Debt Management Forum at the New York State Government Finance Officers’ Association’s (NYS GFOA) Annual Conference on Wednesday, March 21st from 9:00 AM to 4:30 PM. Chris’s presentation will include accounting for debt issuances.