Tax Attorney Blog by Jonathan D. Mishkin
Considerations for Utilizing C Corporations Under New Tax Law
While the reduced 21% tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been wonderful news for these entities and their owners, there are fundamental tax principles that largely remain unchanged that should remain in consideration. 1. C...
read moreNew 20% Deduction Available For “Qualified Business Income” (“Pass-Through” Income)
There is a significant new tax deduction that provides a substantial tax benefit to individuals with "qualified business income" from a partnership, S corporation, LLC, or sole proprietorship (i.e., "pass-through" income). The deduction is equal to 20% of the...
read moreNew Statewide Transit Tax
As a result of the 2017 legislative session, effective July 1, 2018, all employers in Oregon are required to withhold, report and remit one-tenth of one percent (.001%) of wages paid to their employees to the Department of Revenue. The term "employee" is defined as...
read moreQualified Business Income (Pass-Through) Under the Newly Enacted Tax Law
Just before Christmas, President Trump signed legislation providing a significant new tax deduction taking effect in 2018. This should provide a substantial tax benefit to individuals with “qualified business income” (QBI) from a partnership, S corporation, LLC,...
read moreTwo-year reduced tax rate on brewers and winemakers in new tax legislation
The new tax laws signed by President Trump make numerous temporary changes to the taxes imposed on beer, wine, and distilled spirits. These provisions will sunset after 2019. 1. Reduced Rate of Excise Tax on Beer Section 13802 of the new tax legislation amends Section...
read moreNew Due Date for Foreign Bank Account Reporting
If you’ve ever filed a foreign bank account report (FBAR), then June 30 may be ingrained in your memory as the filing deadline. It had been crucial to remember that date for two reasons: It was out of sync with other individual filing deadlines There was no extension...
read more