Redpath Insights

Are You Eligible for the IRS 199A Rental Property Tax Deduction?

The question of whether rental property is eligible for the new 20% pass-through deduction is a significant question within the new tax law. The recently released final regulations under IRC 199A, as well as an accompanying notice of a proposed...

Substantiation to Prepare For an IRS Examination

Most businesses incur travel, meal, gift, and listed property expenses in the ordinary course of business. The IRS requires documentation in order to substantiate that these expenses have a legitimate business purpose and if substantiation is not...

What Employers Need to Know About Qualified Transportation Fringe Benefits

On December 10, 2018, the IRS issued Notice 2018-99 that provides interim guidance for calculating the nondeductible portion of parking expenses provided to employees. This new requirement is a result of changes made as part of the Tax Cuts and...

New Guidance Will Require More Nonprofits to Pay Unrelated Business Income Tax

The tax-exempt sector has received the much-anticipated interim guidance from the Internal Revenue Service regarding the application of qualified transportation fringe (QTF) benefits.  Under this interim guidance, many tax-exempt organizations...

Small Business Taxes: New and Improved Access and Accounting Methods

The IRS has provided procedures that benefit many small business taxpayers by allowing them to obtain automatic consent to change to new accounting methods allowed under the Tax Cuts and Jobs Act (TCJA) in Rev. Proc. 2018-40. These updates may...

Special Fringe Benefit Reporting Rules for S-Corporations

A Fringe Benefit is a form of payment for the performance of services. For example, you provide an employee with a fringe benefit when you offer to pay a portion of their health insurance premiums. (This section appears as part of Redpathโ€™s 2018...

Types of Charitable Giving and Their Tax Deductible Benefits

 โ€˜Tis the season for giving. Individuals and businesses often find great fulfillment in giving back to their community, supporting our troops, or donating to humanitarian efforts, the arts, education, or environmental initiatives. Charitable...

Better Guidance for Variable Interest Entities

On October 31, 2018, the Financial Accounting Standards Board (FASB) issued an update to the Consolidation guidance pertaining to Variable Interest Entities (VIEโ€™s) for private companies. This is good news for these companies and users of these...

Changing State Residency and the Minnesota Department of Revenue

Residency is important because residents of Minnesota are taxed on worldwide incomeโ€”no matter if it's earned overseas or in another state. If you're considered a Minnesota resident, everything reported on your federal return is going to be...

Requirements for Withholding on Payments to Foreign Vendors

Whether one makes payments to foreign individuals or foreign businesses, there are specific tax rules that one needs to consider. (This section appears as part of Redpath's 2018 Bottomline Newsletter as well.)