What Practitioners Need to Know about the New Partnership Audit Rules
November 6, 2017
by Craig R. Cockrell
As you’ve surely heard by now, the Bipartisan Budget Agreement of 2015 (“BBA”) enacted new IRS procedures for partnership audits for tax years beginning on or after January 1, 2018. The new audit rules allow the IRS to collect taxes directly from most partnerships rather than from their partners…
So, What's Up With Estate Tax Repeal …
Mid-Fall of last year I was working with a client on a sale of an interest in a closely-held business to a grantor trust. A detailed business valuation was in process when then candidate Trump became President-elect Trump. Suddenly candidate Trump’s campaign platform, which included the repeal of…
Legislative Update: State Tax Laws for 2017
The 91st Arkansas General Assembly recently wrapped up its general session, which generated a number of changes to the State’s tax laws. This article provides a summary of each tax bill signed into law. CORPORATE TAX LAW CHANGES H.B. 1563 – H.B. 1563 amends Ark. Code Ann. §26-51-409(b). This…
Act 465 of 2017: Sales and Use Tax Exemption for Repair and Replacement of Manufacturing Machinery and Equipment
Senate Bill 362, signed into law on March 13, 2017 as Act 465 of 2017 (“Act 465”), will significantly reduce the sales and use tax burden on most Arkansas manufacturers once fully phased in by 2022. Act 465 provides for a gradually increasing refund over the next five years for sales and use tax…
Understanding Social Security
Over 65 million people in 2015 received some form of Social Security benefits. Approximately 61% of aged beneficiaries received at least half of their income from Social Security in 2014. Social Security is more than just a retirement program. Its scope has expanded to include other benefits as…