The Tax Cuts & Jobs Act: Implications for Insurance Companies

The passage of the Tax Cuts and Jobs Act, (“TCJA”) on December 22, 2017 had significant impacts on the insurance industry, both domestic insurers and multi-nationals. With this in mind we address how provisions will impact insurers today and in the future, and how it will impact insurers’ GAAP and Statutory financial statements for the […]

Tax Accounting Method Changes Under The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (“TCJA”) has provided for significant tax reform for businesses. Included among the many changes are some favorable provisions offering relief to small businesses with respect to accounting method reform and simplification.  The common theme of these provisions is to increase outdated gross receipt thresholds.  Once these thresholds were surpassed, […]

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Energy Efficient Commercial Buildings Tax Deduction

In the early morning hours of February 9, 2018, Congress passed the Bipartisan Budget Act of 2018 which included an extension of the Internal Revenue Code Section 179D Energy Efficient Commercial Buildings Deduction, commonly referred as the Commercial Buildings Deduction or the 179D deduction, to include projects completed in 2017. How Does 179D Work? Section […]

New York City to Provide Commercial Rent Tax Relief to Small Businesses

Legislation effective July 1, 2018, will provide a significantly increased exemption under the Commercial Rent Tax Law (“CRT”) to certain Manhattan taxpayers. Currently, the CRT is applicable to commercial tenants south of the center line on 96th Street and north of Murray Street paying $250,000 or more in annual rent. The revised CRT exemption for […]

Enhanced Fixed Asset Expensing Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (“TCJA”) made significant changes to the way the cost of assets used in a trade or business are deducted under Internal Revenue Code Section 179 and the Bonus Depreciation rules. Section 179 Expensing Section 179 allows a business to expense the full cost of qualifying assets. Previously, businesses could […]

Tax Cuts & Jobs Act: Implications for Private Equity

As businesses and tax practitioners continue to determine the winners and losers of the December 22, 2017 Tax Cuts and Jobs Act (“TCJA”), it is clear that the substantial impact to private equity funds and their portfolio companies consists of a trade-off between the benefit of reduced corporate and individual rates and increased limitations on […]