Blog posts from: 2018
Supreme Court overturns physical presence requirement
A U.S. Supreme Court decision was recently issued, overturning its prior ruling on sales tax, which until now has been a foundational ruling in applying sales tax rules across multiple states. In South Dakota v Wayfair, the Supreme Court ruled...
Tax Reform Planning Series: Bunch charitable contributions through donor-advised funds
The Tax Cuts and Jobs Act (TCJA) temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, standard deduction has almost doubled. Combined with the capping of the state and...
Tax Reform Planning Series: Take advantage of the new child tax credit
Before the Tax Cuts and Jobs Act (TCJA), the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every $1,000 (or part of $1,000) by which their Adjusted Gross...
Tax Reform Planning Series: Maximize home mortgage interest deductions
Before the Tax Cuts and Jobs Act (TCJA), taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also,...
Congratulations to our clients, big winners at QL Detroit Demo Day!
On June 22, 15 companies from across the region pitched their business idea in front of a live audience for a share of over $1 million as a part of the second annual Quicken Loans Detroit Demo Day. The one-day...
Tax Reform Planning Series: New standard deduction versus itemized deductions
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000....
Tax Reform Planning Series: Take advantage of lower tax rates and investment gains
Under the Tax Cuts and Jobs Act (TCJA), 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%,...
Navigate the web securely with Last Pass
Are you navigating the web securely? Protect your business and personal information with a tool ShindelRock partner Steve Wisinski recommends, Last Pass.
IRS to end offshore voluntary disclosure program
The IRS recently announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets...
What to consider when structuring 1031 partnership exchanges
Over the last few decades, we’ve learned that partnerships can cause significant planning problems for partners and their tax advisors. Partners are not permitted to sell or dispose of their partnership interest and subsequently defer the payment of their capital...