Certified Public Accountants & Business Development Consultants

Newsletters

Tax Alerts
Tax Briefing(s)
We here at Clark & Leucht would like to take a moment of your time to inform you of a new Indiana income tax credit that you may want to take advantage of but action must be taken before year end to reap the tax benefits in 2007.

IDR/Newsroom/December 18, 2006 - Beginning January 1, 2007, businesses that are delinquent in paying their Indiana sales taxes could find themselves out of business.

The holidays are quickly approaching. It seems the list of things to take care of this time of year is nearly endless. For our team at Clark & Leucht, tax planning time is here. For many of our clients, the approaching year end means decisions about technology. Before you buy a new computer, upgrade to the latest operating system, or download the new version of Microsoft Internet Explorer, we would like to bring to your attention a compatibility issue that could affect your ability to use QuickBooks versions older than QuickBooks 2006. Versions of QuickBooks prior to QuickBooks 2006 release 8 are not compatible with the new version of Microsoft Internet Explorer 7.

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules.


The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration in excess of $1 million and any excess parachute payments made to certain highly compensated current and former employees in the tax year. The excise tax imposed by Code Sec. 4960 is equal to the maximum corporate tax rate on income (currently 21 percent).


The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code Sec. 162 if made for a business purpose. Proposed regulations that limit the charitable contribution deduction do not affect the deduction as a business expense.


The Treasury and IRS have issued final regulations for determining the inclusion under Code Sec. 965 of a U.S. shareholder of a foreign corporation with post-1986 accumulated deferred foreign income. Code Sec. 965 imposes a "transition tax" on the inclusion. The final regulations retain the basic approach and structure of the proposed regulations, with certain changes.


The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, 2019.