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    American Horse Council Tax Bulletin-July 2018

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    July 31, 2018
    AHC's Tax Bulletin is Sponsored by

    The American Horse Council keeps you up to date with important tax court cases and regulations with its bi-monthly Tax Bulletin. The Tax Bulletin is a member benefit, and thus is not intended for reproduction. For more information on federal legislation, equine health and regulatory issues, taxes, animal welfare, racing, recreation, and showing please visit our website at www.horsecouncil.org
     
    © 2018 AHC 2018-7
    Tax Bulletin No. 389

    AHC's Tax Bulletin
    Copyright © 2018 
    American Horse Council
    Copyright 2018. All rights to this AHC Tax Bulletin No. 389 is retained by the American Horse Council. No reproduction or distribution of this Tax Bulletin is permitted without prior written consent of the AHC. 
     
    STATE AND LOCAL TAXES AFTER THE TAX CUTS AND JOBS ACT

    © B. Paul Husband 2018
     
    The part of the Tax Cuts and Jobs Act (“TCJA”)  which affects deductibility of state and local taxes is codified in Internal Revenue Code Section 164(b)(6).  It has made changes to the deductibility of certain state income, state property and sales taxes which are not connected with a trade or business, which will prove costly to many taxpayers and some high tax states. 

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    TAX BENEFIT FROM LARGE LOSSES MAY BE DEFERRED UNDER NEW FEDERAL LAW
     
    By:  Doug Dean, CPA and Jen Shah, CPA of Dean Dorton Allen Ford
    Many tax law provisions serve to limit the ability of business owners to currently deduct what otherwise would be allowable business losses.  The longstanding rules applying to losses from “passive activities” - very generally, net losses from rental and business activities when, in the latter case, the owner does not meet a defined level of activity managing the business - perhaps are the most familiar of these.  

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    2017 Tax Cuts and Jobs Act May Raise Taxes on Nonprofits

    By:  Matthew B. Lake, Esq. and John J. Kropp, Esq.
     
    Many nonprofit corporations will be surprised to learn that as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”), they may have new federal tax reporting obligations, and may owe more federal tax.  These surprises stem from the fact that the Tax Act made significant changes as to how a nonprofit calculates unrelated taxable business income (“UBTI”).  While the Tax Act reduces the potential UBTI tax rate from 35% to 21%, this is not much relief for nonprofits facing higher compliance costs and hard decisions regarding maintenance of programs in a time where overall donations may decline.

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    The AHC Tax Bulletin is a digest of current tax developments affecting the horse industry. The AHC Tax Bulletin is for informational purposes only and not intended to take the place of professional tax counsel.
     
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    AHC Tax Bulletin Advisory Board

    Editor-In-Chief
    Thomas A. Davis, Esq.
    Davis & Harman LLP
    Washington, DC
    Doug Dean 
    Dean Dorton Allen Ford, PLLC
    Lexington, KY
    www.ddafcpa.com 

     
    Paul Husband, Esq 
    Husband Law Group 
    Universal City, CA 
    www.husbandlaw.com 
    John Kropp, Esq 
    Graydon, Head & Ritchey
    Cincinnati, OH
    www.graydonhead.com 
    Bruce Oberfest, Esq, CPA 
    Bruce D. Oberfest & Associates
    Chappaqua, NY 
    Douglas Romaine, Esq 
    Stoll Keenon Ogden, PLLC
    Lexington, KY
    www.skofirm.com 
    Joel B. Turner, Esq. 
    Frost Brown Todd
    Louisville, KY
    www.frostbrowntodd.com 
     
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