By: Courtney Kay-Decker In her latest installment of Dispatches from Davenport from Tax Notes State, Courtney responds to criticisms of the IRS Free File Program, arguing that the allegations of corporate bias are unfair and misleading. “I’ve spent a fair amount of time around the Free File Program during my professional life”, Courtney writes, “And…
By Tim Gulbranson Over the past two weeks, my colleague, Kyle Day, has waxed poetic about how his tax expertise has made him the beau of the ball in social gatherings. However, despite Kyle’s giddiness over the most recent individual and corporate tax changes, even he has to admit tax-cut legislation is nothing new, and…
By Kyle Day Last week, I reflected on my growing popularity as we reviewed some of the most significant aspects of individual income tax reform under the Tax Cuts and Jobs Act (P.L. 115-97). This week, uneasy lies the head that wears a crown of tax reform popularity as we examine the business aspects of…
By Kyle Day TAX REFORM is here! And with it, tax attorneys and accountants are dusting off their Members Only jackets, popping their collars, and reclaiming their spot as the coolest kid in school. Among other things, the Tax Cuts and Jobs Act (P.L. 115-97), reduces the corporate tax rate from 35% to 21%, establishes…
By Tim Gulbranson Introduction This past June I wrote and posted on this blog about the potential that the IRS would release new regulations on the use of Family Limited Partnerships (FLP) or Family Limited Liability Companies (FLLC) as an estate planning strategy to help shrink or eliminate a high-net worth individual’s federal estate tax…
By: Tim Gulbranson As the multi-year phase-in of the Affordable Care Act (ACA) continues, requirements for employers, employees, and government agencies continue to be rolled-out and enforced. The newest mandate of the law, the Employer Notice Program for Federally Facilitated Marketplaces (which includes both Iowa and Illinois), was implemented by the Centers for Medicare &…
By: Tim Gulbranson On May 6, the Treasury Department Office of Tax Policy announced that it plans to issue proposed regulations for Internal Revenue Code Section 2704, which regulates property valuation held by a “Family Limited Partnership” (FLP) or “Family Limited Liability Company” (FLLC). Because of the current regulatory language’s inability to successfully execute the…
By: Kyle Day The season to Netflix Turbo Tax and chill has arrived, and efforts to eFile before someone else does (fraudulently) on your behalf are underway. In case you hadn’t considered it before, the IRS recently released a Fact Sheet outlining several reasons why the 2015 tax return season may just be the best…
