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News: Steve Phillips Presents National Webinar Regarding S Corporation Conversions under TCJA

The Tax Cuts and Jobs Act of 2017 reduced the maximum corporate income tax rate to 21% for regular “C” corporations.  The marginal maximum tax rate for individuals was lowered, but not quite so drastically, to 37%.  Many believe that the lower corporate tax rate would influence taxpayers to convert…

News: Steve P. Addresses Cedar Park Chamber Meeting

Cedar Park, Texas – September 12, 2018 On Wednesday, September 12, Steve Phillips presented a program to the Cedar Park Chamber of Commerce monthly meeting.  His presentation focused on the federal tax reform law enacted in 2017 which has been in effect throughout 2018. The 150+ members were treated to…

Welcome!

As managing partner of PHILLIPS GOLDEN LLP, I would like to welcome you to our website.  We hope that the information you find here is helpful.  Please be aware, however, that any contact you make to us through our website or any reply to inquiries you make through our website…

Fiduciary Legal and Administrative Fees Survive TCJA Elimination!

The Tax Cuts and Jobs Act of 2017 (Pub. L. No. 115-97) (“TCJA”) eliminated the deduction for miscellaneous itemized deductions, at least temporarily, until 2025. This means that expenses incurred for the production of income described in IRC Section 212, such as those incurred to manage investments and tax preparation…

TCJA Update – Pass-Through Deduction Regulations – Late July

Administration officials are now saying that the new and desperately needed rules under IRC Section 199A will not be issued until late July. This author will go out on a substantial limb and tell you not to hold your breath — a Labor Day deadline is more likely.  The Treasury…

Cryptocurrency on the Hot Seat – Targeted IRS Enforcement

The IRS, on July 2, 2018 through its Large Business and International division, announced that it will begin targeted audits and other enforcement actions in a few specific areas. Importantly, the area of virtual currency or “cryptocurrency” was singled out for one of these enforcement campaigns. Through these campaigns, the…

News: Steve P. Presents National Webinar – Tax Aspects of Mergers and Acquisitions – Section 338(h)(10) Elections

The Tax Cuts and Jobs Act of 2017 significantly enhanced the tax deductions available for the costs of both new and used property used in a trade or business.  These enhanced deductions — including 100% immediate deductibility of asset costs — have caused M&A professionals, including tax professionals, to reassess…