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UPDATES&INSIGHTS: TAX – June 2018

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In this issue, you will learn about how passage of the Tax Cuts and Jobs Act has impacted some longstanding deductions, three common types of IRS penalties and the difference between a calendar and fiscal tax year, and specifics for foreign account reporting.

In This Issue:

Deducting Home Equity Interest Under the Tax Cuts and Jobs Act

Passage of the Tax Cuts and Jobs Act has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying the rules surrounding the deductibility of home equity interest. This article compares the old rules to these new ones. Read More

3 Common Types of IRS Tax Penalties

Around this time of year, many people have filed and forgotten about their 2017 tax returns. But one could get an abrupt reminder in the form of an IRS penalty. This article discusses three common types and how to seek relief. Read More

Beware of Tax Traps when Making an Employee a Partner

In today’s competitive employment market, a business organized as a partnership may want to promote an employee to a full partner. This article explains some of the potential tax traps. Read More