Business Separation Under 199A Remains a Mystery

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The IRS recently issued final regulations for Section 199A, which allows a 20 percent deduction from a taxpayer’s ordinary income from certain qualified trades or businesses. There is not currently a clear test to determine whether businesses are separate for purposes of the deductions.  Jerry addressed a variety of key issues relating to the 199A deduction in an ALI-CLE National … read more –>

Jerry August quoted in New York Times: Tax Breaks for Private Plane Ownership

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Dream of Owning a Plane? This Tax Break Can Help. Growing up in central Connecticut in the 1980s, Joshua Siegel loved everything about flying. He couldn’t afford flying lessons, let alone his own plane, but he kept dreaming. By his 20s, he had achieved some financial success and was able to take advantage of a new tax deduction meant to … read more –>

Supreme Court asked to overturn Quill’s physical presence standard with South Dakota’s economic nexus tests for imposing sales tax on out-of-state state retailers

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State of South Dakota v. Wayfair, Inc. et al

In what portends to be the next landmark Supreme Court decision on a state’s constitutional power to impose state sales tax on interstate commerce the Court recently heard oral arguments in South Dakota v. Wayfair, Inc., et al, cert granted, 138 S.Ct. 735 (1/12/2018).  The issue before the Court is whether South Dakota sales tax scheme can satisfy the requirement under the Commerce Clause by imposing sales and use tax collection on a remote seller without such seller’s having a physical presence in South Dakota.

The Tax Cuts and Jobs Act of 2017 introduces major reforms to the international taxation of U.S. corporations

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Reprinted From The Winter 2018 Issue Of ALI-CLE’s The Practical Tax LawyerWinter 2018 Edition On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (“TCJA”) of 2017, P.L. 115-97, which introduced a set of tax cuts and other reforms that will affect substantially all U.S. taxpayers, both corporate and individual. The key feature of the new … read more –>