$3.5 Billion In 2018/2019 New Markets Tax Credits To Be Awarded In March 2019

In anticipation of the announcement of the $3.5 billion of New Markets Tax Credits (NMTC) allocation awards by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund next month, Stites & Harbison will conduct its fifth annual New Markets Tax Credits Workshop on Wednesday, February 13th. With a distinguished panel, the workshop will address: (i) the basic elements of the NMTC program; (ii) how best to position a project to receive a […]

By | February 23rd, 2019 ||

New Illinois Corporate Income Tax Bills Seek to Tax Foreign Income

Proposed legislation in the Illinois General Assembly (S.B. 1115; H.B. 2085) would return Illinois to worldwide combined reporting as the default method for Illinois corporate income tax filers. Since 1984, Illinois has been a water’s-edge combined filing state, excluding the combined return from those unitary entities with more than 80 percent of their business activity outside the United States (the so-called 80/20 rule). The proposed legislation allows an election for water’s-edge combined filing, but […]

By | February 10th, 2019 ||

What You Need To Know About The New Tax On “Excess” Nonprofit Compensation

On the last day of 2018, the IRS issued Notice 2019-09 clarifying how the new 21 percent tax on “excess” compensation impacts nonprofits. The tax is effective for compensation paid in tax years beginning after December 31, 2017.1

For most nonprofits, the biggest impact will be the need to keep track of whether they have any employees whose compensation may be subject to the tax. This process can be complicated for organizations with shared employees. And some […]

By | January 18th, 2019 ||