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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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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 »


The Costly Tax Consequences of ESOP Disqualification - August 1, 2017

Over the past several years, the IRS has renewed its focus on auditing Employee Stock Ownership Plans (ESOPs), in part because of allegedly abusive arrangements. Unfortunately, ESOPs organized in Iowa have been targeted particularly heavily. Read More »


ESOPs in Iowa Gone Wrong - July 25, 2017

The IRS is taking steps to identify abusive ESOPs. Look at your own ESOP structure with these warning signs in mind. Read More »


Digital Assets Bill Signed by Governor Branstad - May 12, 2017

Governor Branstad signed Senate File 333, the Iowa Uniform Fiduciary Access to Digital Assets Act, on April 20. Read More »


Protecting Employee Information From W-2 Phishing Scams - February 13, 2017

The IRS recently provided an update on a growing scam targeting employers. Read More »


Probate Inventory: A Public Listing of Assets - January 16, 2017

As administration of Prince's estate continues, we see more and more examples of how things could have been handled differently (and, in many ways, better) with a proper estate plan. Earlier this month, the estate filed an inventory listing the assets of the estate. What is an inventory, and why do people care? Read More »


Congress Offers Technical Corrections to Help Implement the New Partnership Audit Rules - December 29, 2016

Congress's Technical Corrections Act of 2016 was passed to address a number of concerns with the 2015 Bipartisan Budget Act relating to audits and administrative strain on partnerships. Read More »


Was Prince Married? How Does Marriage Affect an Estate? - December 1, 2016

Several months after his death, a woman came forward claiming she was married to Prince and that she was the sole heir of the estimated $300 million estate. She additionally claimed to have possession of a will signed by Prince. In this post, we'll examine what having a surviving spouse means for someone's estate. Read More »


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