Insights

As the time for filing tax returns in 2018 nears its end, taxpayers should be aware of the filing deadlines applicable to their individual and business tax returns. These filing deadlines were updated by the Surface Transportation and Veterans Health Care Choice Improvement Act for tax returns filed during 2017, and continue to be effective for returns filed in 2018 and future years.

These days, the term quality of earnings (QoE) is thrown around so much that it has become common nomenclature in reference to the wide scope of work transaction accountants are focused on during a deal process. While the QoE analysis is a focal point of the broader scope of services provided by transaction advisors, it is by no means all-encompassing.

What is recurring revenue? It’s the revenue you can depend on generating, year after year, with a high degree of certainty. It’s the repeat business or long-term contracts you’ve established with clients who know and trust your business.

Favorable economic conditions alongside baby boomers looking to exit their businesses over the next ten years have resulted in an active M&A market.  While there are many exit options, business owners should consider a recapitalization using a private equity firm.

Baby Boomers are retiring in record numbers and many baby boomer business owners will be looking to exit their businesses over the next ten years

In the landmark decision of South Dakota v. Wayfair, Inc., the US Supreme Court overturned the Quill physical presence standard, deeming it “unsound and incorrect.” In turn, the Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or the number of transactions with the state exceed certain thresholds.

The Tax Cuts and Jobs Act (“TCJA”) of December 2017 makes several significant changes to the deduction for meals and entertainment related to a taxpayer’s business.

Nationwide, 4.1 million Americans pay more than $10,000 each in property taxes alone, according to ATTOM Data Solutions.  The itemized deductions of many taxpayers stand to be severely limited with the new $10,000 cap on state and local taxes enacted as part of tax reform in December of 2017, especially if multiple personal real properties are owned.

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law.  It is the most comprehensive tax reform seen in the United States since President Ronald Reagan’s 1986 Tax Reform Act. 

Included in the Tax Cuts and Jobs Act, signed into law in December 2017, is a new tax planning technique for deferring gains from sales. By investing in Qualified Opportunity Funds, taxpayers can defer (and potentially partially avoid) gain recognition on the sale of any property.