PAUL’S TAX BLOG

PAUL’S TAX BLOG 2018-03-12T13:40:17+00:00

The End is Here

The US Supreme Court finally ruled on the sales tax case from South Dakota. The case as you may recall was a direct challenge to the status quo that exempted sellers from having to collect sales taxes from buyers in states where the seller had no physical presence. The old regime has been a great boon to internet commerce and a source of huge frustration for states that want to get their hands on more taxes. It has also hurt local businesses who have difficulty competing against online sellers even without the absence of sales taxes charged on internet purchases. And it certainly was a big benefit to consumers….

Tax Credits to Take Advantage Next Tax Season

If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit amount is $7,500, which can be used to directly offset tax liability. The credit is nonrefundable but is not subject to AGI limitations. The credit is available to both personal and business use purchases. American Opportunity Tax Credit U.S. Code Title 26 § 25A allows…

Unintended Consequences

One of the (presumably) unintended consequences of the Tax Cuts and Jobs Act of 2018 (TCJA) is the impact that it will have on charitable giving. There are plenty of people who donate money and property to various nonprofit groups for purely philanthropic reasons. However, when there is an institutional subsidy in the form of a tax break in existence, it encourages donors to be more philanthropic. That is the whole point of a tax deduction for charitable giving, it encourages people to give more, because it’s less painful to give your money away when the government pays you to…

TCJA impact on NOLs

One of the less publicized effects of the new tax law or TCJA (Tax Cuts and Jobs Act law) that passed late last year is the impact on net operating losses.  The full effect of the changes won’t be felt until 2019 because only NOLs generated after 12-31-17 are subject to the new guidelines.  Traditionally, any taxable losses generated in one year could be carried forward to fully shield any taxable income generated in subsequent years.  The initial losses could be carried forward up 20 years (and optionally back two years) until such losses were fully absorbed.  Under the pre-TCJA…

How the Tax Cuts and Jobs Act Could Affect Not-For-Profit Organizations

Not-for-profit organizations may not be the first thing that comes to mind when reviewing the provisions of the Tax Cuts and Jobs Act of 2017. However, this major tax reform significantly changes how taxes are assessed for corporations, pass-through entities, and individuals. These entities are a core component of a not-for-profit organization’s donor base, and what financially affects donors will financially affect not-for-profit organizations. According to Charity Navigator, 72% of charitable giving in 2016 came from individuals. With this in mind, it important to note the Tax Cuts and Jobs Act just about doubled the standard deduction (increasing from $12,700…

Sales Tax: coming to an internet near you?

As most of you are no doubt aware, there is much concern by states over lost revenue from internet purchases where an out of state seller does not collect sales tax on sales to customers in a state that imposes a sales tax. Estimates for uncollected sales taxes are as high as in the billions nationwide. It’s such an issue that In California in an effort to coerce folks into voluntarily paying the tax, the state has gone as far as requiring people to affirmatively claim on their income tax filings that they have no unpaid sales taxes from out…

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