Looking Ahead Taxwise to 2019
Tax Tips columnist Sidney Kess provides a roundup of what information you can use now to plan ahead as well as what could change to impact tax planning for the future.
November 30, 2018 at 02:40 PM
7 minute read
It's not too early to start tax planning for 2019. While changes from the Tax Cuts and Jobs Act dominate the subject of new tax rules for individuals and businesses, there are still other considerations afoot that affect 2019 tax planning. Some tax rules have yet to be settled for 2019. Here is a roundup of what information you can use now to plan ahead as well as what could change to impact tax planning for the future.
Unsettled Tax Matters
The mid-term election gave the majority of the House to Democrats while Republicans kept control of the Senate. A divided Congress doesn't bode well for a resolution of the following unsettled tax matters:
Expired tax rules. A number of tax provisions for individuals and businesses expired at the end of 2017. Some or all of them could be extended retroactively (recall that provisions that expired at the end of 2016 were not extended for 2017 until February 2018). If extended, it's unclear whether this will only be for one year (2018) or will apply to 2019 as well. What's more, there are some provisions set to expire at the end of 2018 (e.g., the 7.5 percent-of-adjusted-gross-income floor for itemized medical deductions) and at the end of 2019 (e.g., work opportunity credit). It's unclear what will happen to these tax rules.
Tax reform 2.0. The House has been moving forward on enacting more tax changes, primarily benefiting the middle class and small businesses. More specifically, the House Ways and Means Committee has approved:
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Who Got The Work
Burr & Forman partner Garry K. Grooms has entered an appearance for 4M Acquisitions and Wallace D. Tweden in a pending environmental lawsuit. The action, filed July 22 in Tennessee Middle District Court by the McKellar Law Group and Mark E. Martin LLC on behalf of Tennessee Riverkeeper, contends that the defendant's violated the Clean Water Act and Tennessee Water Quality Control Act by allowing for the discharge of pollutants into waters of the U.S. without obtaining a National Pollutant Discharge permit. The case, assigned to U.S. District Judge Aleta A. Trauger, is 3:24-cv-00886, Tennessee Riverkeeper, Inc. v. Tweden et al.
Who Got The Work
Ramsey M. Al-Salam, Gene W. Lee and Stevan R. Stark of Perkins Coie have entered appearances for R-Pac International in a pending patent infringement lawsuit. The case, filed Aug. 12 in New York Southern District Court by PinilisHalpern LLP and Friedman Suder & Cooke on behalf of Adasa Inc, asserts a single patent related to wireless sensors used for tagging products. The case, assigned to U.S. District Judge Alvin K. Hellerstein, is 1:24-cv-06102, Adasa Inc. v. R-Pac International LLC.
Who Got The Work
Walmart has tapped lawyer Nicole M. Wright of Zausmer PC to defend a pending product liability lawsuit. The action was filed Aug. 12 in Michigan Eastern District Court by Wolfe Trial Lawyers on behalf of a plaintiff claiming burns from a defective propane tank. The case, assigned to U.S. District Judge Matthew F. Leitman, is 2:24-cv-12100, Hill v. Ferrellgas, Inc. et al.
Who Got The Work
Kevin Simpson and James Randall of Winston & Strawn have stepped in to represent Comcast in a pending consumer class action. The case, filed Aug. 11 in Georgia Northern District Court by Kaufman PA, contends that the defendant placed pre-recorded debt collection phone calls to the plaintiff in violation of the Telephone Consumer Protection Act. The case, assigned to U.S. District Judge J.P. Boulee, is 1:24-cv-03553, Pond v. Comcast Cable Communications LLC.
Who Got The Work
Potter Anderson & Corroon partners Christopher N. Kelly and Kevin R. Shannon have stepped in to represent cloud computing company Fastly and its top executives in a pending shareholder derivative lawsuit. The complaint, filed Aug. 23 in Delaware District Court by deLeeuw Law and Bragar Eagel & Squire on behalf of Mark Sweitzer, accuses the defendant of failing to disclose that revenue growth in 2023 was primarily driven by a 'consolidation trend' in which companies simplified operations by reducing the number of content delivery network vendors under management, thereby reducing competition and increasing the defendant's market share. The case, assigned to U.S. District Judge Gregory B. Williams, is 1:24-cv-00969, Sweitzer v. Nightingale et al.
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