CoNexus News




Making Dollars and Sense Out of Opportunity Zone Funds

Opportunity Zones have certainly been a hot topic since Congress passed this incentive under the Tax Cut & Jobs Act. Investment of gain proceeds into a Qualified Opportunity Zone Fund (QOF) within 180 days of a taxable gain event such as a stock or real estate sale can defer capital gain recognition until as late as December 31, 2026 while also reducing the taxable portion of that deferred gain by up to 15%. Additionally, investors [...]

August 14th, 2019|

Key Guidance Released on New Section 199A 20% QBI Deduction

Since the Tax Cut and Jobs Act’s (“TCJA”) passage in December 2017, IRS and Treasury have been hard at work analyzing all the statutory changes that overhaul large parts of the Tax Code. This has been a monumental task for sure. The changes resulting from the TCJA are intended to simplify tax reporting for some (mostly low-income) taxpayers, but have the opposite affect for others. One of the most complex areas of change under the [...]

February 26th, 2019|

2018 Year End Tax Planning

It has been almost a year since the President signed the Tax Cuts and Jobs Act of 2017 (the “TCJA”) into law. The TCJA contained the most wide-sweeping changes to U.S. tax law in over 30 years. The vast majority of these changes went into effect January 1st of 2018. While many traditional tax planning strategies are still available, the TCJA has added some new twists and turns that may factor into your tax planning [...]

December 18th, 2018|

New Sales Tax Economic Nexus Standard Affirmed in Groundbreaking U.S. Supreme Court Ruling

On June 21, 2018, the U.S. Supreme Court issued its decision in the South Dakota v. Wayfair, Inc. case with a 5-4 majority decision overturning precedent set by Quill Corp. v. North Dakota (1992). The decision upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or the number of transactions sourced to the state exceed certain thresholds, regardless whether the seller company has a physical business presence in [...]

July 2nd, 2018|

Georgia Rural Hospital Credit

In 2016, the Georgia General Assembly passed legislation that awards Georgia income tax credits to taxpayers who make contributions to qualified rural hospital organizations (“RHOs”) located in Georgia. This program became effective January 1, 2017 and extends through 2021 and includes 58 approved rural hospitals. The program allows taxpayers to make donations to RHO’s in return for Georgia tax credits. Originally, the credit was limited to 70% of funds donated but later increased to 90%. [...]

June 15th, 2018|

Tax Cuts and Jobs Act of 2017

Important Highlights for Individuals and Small Businesses On December 15, 2017, Congress released the 2017 Tax Cut and Jobs Act (“the Act”) that has now passed both the House and Senate and is expected to be signed immediately by President Trump. The Act represents the most sweeping changes in the tax code in over 30 years. Since the Act was published on December 15, we have been analyzing its details to advise clients on [...]

December 21st, 2017|

Estate Tax Exemption Portability – Relief from missed portability election recently granted by IRS under Rev Proc 2017-34, but some estates will need to act quickly!

Internal Revenue Code 2010(c) grants a surviving spouse’s estate the ability to utilize unused estate tax exemption amounts from the estate of the first spouse to die in certain situations.  This has been a most welcomed estate and gift tax management tool in recent years.  In many cases it has simplified estate planning for married couples tremendously. However, to qualify, an estate tax return (Form 706) must be timely filed, generally within 9 months of [...]

September 12th, 2017|

Quarterly Estimated Tax Payments for Individuals

The next due date for individual estimated tax payments is September 15. Are you prepared? Individuals must pay 25 percent of a required annual payment by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. The required annual payment for most individuals is the lower of 90 percent of the tax shown on the current year's return or 100 percent of the tax shown on the return for the previous [...]

September 8th, 2017|

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