Category Taxation Law

2021 Iowa Legislative Session Ends with Flurry of New Tax Rules

  On May 19, 2021, the Iowa Legislature closed this year’s session by passing a 60-page tax bill consisting of 28 divisions addressing a plethora of topics, resulting in an estimated cut in taxes of $1 billion over the next eight years. This article does not attempt to cover each of the upcoming tax changes; however, it does highlight the key... Read More

Tax Update - Qualified Opportunity Zone Final Regulations and Highlights of Tax Provisions in Spending Bill

Final Regulations for Qualified Opportunity Zones At long last, after two sets of proposed regulations, the IRS finalized its regulations with respect to investing in a “qualified opportunity zone” (“QOZ”). See previous articles on the tax benefits of such an investment and how to qualify for them here: Invest in Opportunity Zones and Updated... Read More

Planning for the 2019 Year-End and Upcoming Changes in Tax Law

The end of the 2019 taxable year is quickly approaching, which means there are only a few weeks left for certain tax planning. This article discusses potential tax planning strategies for 2019, recaps some of the more significant changes that occurred in 2019, and also addresses upcoming changes you should be aware of for the 2020 taxable year.... Read More

Update on Investing in Opportunity Zones

Additional IRS and Treasury Department Guidance Proposed Regulations for Qualified Opportunity Funds The IRS has now issued two sets of proposed regulations for Qualified Opportunity Funds (“QOF”). As part of the Tax Cuts and Jobs Act, Congress established QOF as a new investment vehicle to spur economic development in certain distressed... Read More

One Year after Landmark Wayfair Decision Iowa Sales Tax Update

The United States v. Wayfair Supreme Court landmark decision last summer created an entirely new landscape for state sales and use taxes. BrownWinick’s previous articles explained the decision and provided an update focused for businesses. To summarize, many more businesses are subject to out-of-state sales tax laws under a concept known as... Read More

Defer Income Tax on Capital Gains by Investing in Opportunity Zones

Overview of Investing in Opportunity Zones. To spur economic development in certain distressed communities across America designated as Qualified Opportunity Zones (“QOZ”) through private investment, Congress in the recent Tax Cuts and Jobs Act created a new investment vehicle that provides preferential income tax treatment for reinvesting... Read More

Sales Tax Reform - What It Means To You

On June 21, 2018, the U.S. Supreme Court issued its 5-4 decision in South Dakota v. Wayfair, Inc., making physical presence no longer necessary for online retailers to be responsible for collecting and remitting sales tax on their taxable sales. In reviewing the constitutionality of law recently enacted by the South Dakota legislature, the opinion... Read More

Drop and Swap Exchanges

The “Drop and Swap” exchange is a useful tool for a partnership that desires to sell investment property and when some of the partners want to cash out, but others want to reinvest. The most common purpose for these transactions is to add or remove a co-owner of investment property.  However, there are some obstacles that the taxpayer must... Read More

What to Consider Doing in 2017 if Federal Income Tax Reform Becomes Law

As you likely have heard, the United States is on the cusp of enacting landmark tax reform. These changes encompass the most notable overhaul of the tax code in over 30 years (known as the “Tax Cuts and Jobs Act”). Late last night, the Senate passed the reconciled tax bill that came out of Conference Committee, and the House did the same earlier... Read More