Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

March 24, 2020

COVID-19 and Its Impact on Valuations

With the Coronavirus-induced downturn in the stock markets, the valuation of many private and public companies has fallen substantially.  And while public companies may still rely on their traded prices to determine the value of a share of stock, private companies must rely on their 409A valuations to grant equity awards, or they must determine …

March 23, 2020

State Tax Update

The COVID-19 emergency is creating confusion and uncertainty as to whether individuals and businesses are required to file and pay state and local tax obligations.  The information we are receiving is changing daily. We are here to provide you with the latest information on when to file and pay your state and local tax obligations. …

March 21, 2020

State Tax COVID-19 Update

State and local governments are rapidly following the lead of the federal government’s Emergency Declaration on Coronavirus Disease 2019 (COVID-19) by providing relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency. Many states have “piggybacked” the federal government’s emergency measures, while other states have adopted their own relief measures. …

IRS Extends Filing Deadline, Allows Unlimited Tax Deferral

Times are changing, but how many more changes and modifications will we continue to see? We’ll see… First, the payment deadline moves to July 15. Then, the IRS and Treasury pushed the tax filing deadline to July 15, which aligned the due dates for filing with the extension of time for payments. Today, guidance came …

March 20, 2020

Senate “Phase III” Bill

On Thursday March 19, 2020, Senate GOP Leader Mitch McConnell unveiled his opening bid for a “Phase III” bill to respond to the economic impact, on both individuals and businesses, of the coronavirus pandemic. The measure includes direct payments to individuals and a variety of tax and non-tax lending provisions to help struggling businesses. Many …

July 17, 2018

Close-Up on the New QBI Deduction’s Wage Limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of …

February 27, 2018

Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and More Savings in the Future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly …

February 20, 2018

Tax Deduction for Moving Costs: 2017 vs. 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in …

February 13, 2018

Families with College Students May Save Tax on Their 2017 Returns with One of These Breaks

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees …

February 6, 2018

TCJA Temporarily Lowers Medical Expense Deduction Threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What Expenses Are Eligible? Medical expenses may …

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