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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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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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.
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