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Davis Brown Tax Law Blog

The Davis Brown Tax Law Blog provides clients with updates and analysis of tax law - including asset and stock purchase/sale transactions, public and private bond financing, tax credit financing and international tax law.



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Tax Reform Proposed Regulations - Tax Savings for Iowa Businesses? - August 15, 2018

This update is the first in a series of posts analyzing the proposed treasury regulations associated with new Internal Revenue Code § 199A as it applies to Iowans. Read More »

 

Iowa's New Internet Sales Tax has a Green Light - June 21, 2018

On Thursday, June 21, the U.S. Supreme Court ruled in favor of South Dakota in South Dakota v. Wayfair. The precedent established in the 1992 Supreme Court case, Quill Corp. v. North Dakota requiring a physical nexus in the state in order for states to demand payment of sales taxes is dead. Read More »

 

Understanding Iowa's New Internet Sales Tax - June 8, 2018

On May 30, 2018, Iowa's Governor signed Senate File 2417. Among other things, it applies Iowa's 7% sales tax to sales over the internet in Iowa. The impact of this law will be great, if allowed to take effect. Read More »

 

Handling Decedent's Property by Affidavit - June 4, 2018

In March 2018, Governor Reynolds signed HF 2125 into law, with effective date, July 1, 2018. This law increases the limit of personal property that can be transferred after death using an affidavit. Read More »

 

Checking and Double-Checking Beneficiary Designations - May 22, 2018

When it comes to your estate plan, ensuring appropriate beneficiary designations is just as important, if not more important, than your will. Far too often, beneficiary designations are not updated appropriately and the person you wanted to receive the assets, doesn't. Read More »

 

Iowa Legislature Passes Kill-Quill Bill - May 16, 2018

On May 5, 2018, the Iowa Legislature passed Senate File 2417. It is the most significant Iowa income tax cut bill in recent memory and substantially lowers individual Iowa income tax rates. Iowa Governor Kim Reynolds has praised the bill and is expected to sign it. Read More »

 

Estate Tax Implications of the 2017 Tax Cuts and Jobs Act - May 3, 2018

The Tax Cuts and Jobs Act changes the federal estate-tax exemption amount, which may affect how your will or trust should be set up. Read More »

 

Omnibus Spending Bill Addresses the So-Called "Grain Glitch" - April 2, 2018

On March 23, 2018, President Trump signed the $1.3 trillion omnibus spending bill (also referred to as the Consolidated Appropriations Act, 2018), keeping the federal government open and appropriating funding through September. Among the highlights of the spending package are large appropriations for defense, infrastructure, fighting the opioid epidemic, as well as addressing gun control. However, buried deeper within the bill are tax provisions, including technical corrections intended to fix the so-called 'grain glitch'. Read More »

 

New Federal Corporate Income Tax Rate Decrease Affects Borrowers - January 17, 2018

Late in 2017, H.R.1, the federal tax reform bill (the "Federal Tax Act") was signed into law. Effective January 1, 2018, the maximum federal corporate income tax rate decreased from 35% to 21%. In many instances, this change in corporate tax rates will be significant for borrowers with debt on which the interest is tax-exempt. Read More »

 

A Summary of the Proposed Partnership Audit Regulations - October 18, 2017

This blog post is intended to identify the most material aspects of the proposed regulations the IRS has introduced to implement the BBA partnership audit rules, and provide guidance on what actions a partnership should consider taking at this time. Read More »

 

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