BW INSIGHTS

Does Your Export Business Use an IC-DISC?

By Christopher Nuss | 03.07.2023

Authorized by Congress as an incentive to promote export sales, Interest-Charge Domestic Sales Corporations (“IC-DISCs”) function as a simple, inexpensive, and low-risk tax planning strategy. Basically, IC-DISCs provide significant permanent tax benefits and deferred tax savings opportunities for U.S. based export companies by in essence allowing... Read More

Changes to Federal Tax Provisions– Inflation Reduction Act of 2022

By Christopher Nuss | 08.17.2022

In a somewhat surprising turn of events over the last few weeks, on Sunday, August 7th, the Senate passed as part of the budget reconciliation process the Inflation Reduction Act of 2022 (H.R. 5376) (the Act). As expected, the House proceeded to pass the Act on Friday, August 12th, thereby sending it to President Biden for his signature, which he... Read More

Iowa Legislative Session Concludes with a Late Tax Bill

By Christopher Nuss | 06.02.2022

This year’s Iowa legislative session finally concluded late last Tuesday night after going about five weeks longer than scheduled. In addition to the major tax changes passed early in the session, an explanation of which can be found here, one other tax-related bill passed through the House and Senate at the end. The bill resulted in being Senate... Read More

What Changes are Coming to the Iowa Tax Landscape and When?

By Christopher Nuss | 03.04.2022

On March 1, 2022, Iowa Governor Kim Reynolds signed into law House File 2317 (HF 2317), reshaping parts of the State’s tax regime, some of which the Governor touted in her response to President Biden’s State of the Union address later that day. The Governor’s statement on the tax reform bill (the Bill) can be found here. While most of the... Read More

Year-End COVID Relief Legislation Becomes Law During the Holidays

By Christopher Nuss | 12.30.2020

This past Sunday evening (December 27), President Trump signed into law additional COVID-19 relief legislation, agreed to by Congress a week earlier, estimated at $900 billion as part of the Consolidated Appropriations Act, 2021. Much of the relief comes in the form of tax provisions, known as the COVID-Related Tax Relief Act (the Act), the... Read More

Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and links... Read More

IRS Expands Relief for Qualified Opportunity Zones Due to COVID-19

By Christopher Nuss | 06.16.2020

Qualified Opportunity Funds (“QOF”) were created in 2018 as a new investment vehicle to provide preferential income tax treatment for private investment in certain distressed communities designated as Qualified Opportunity Zones (“QOZ”). Provided the requirements are met, reinvesting proceeds from certain capital gains into QOFs and QOZ businesses... Read More

General Overview of Iowa Tax Reform

By Christopher Nuss | 05.10.2018

Following in Congressional footsteps, the Iowa General Assembly recently passed historical tax reform, purporting to cut individual income tax in excess of $1.5 billion and corporate income tax of at least $100 million over five years. This reduction, however, is partially offset by an estimated increase in sales and use tax collection of $700... Read More

2016 Tax Return Preparation Reminders

By Christopher Nuss | 03.20.2017

It’s that time of year again when folks are sorting out (or maybe just starting to sort out) their tax return filing obligations for 2016. As this is done, consider whether any of the following apply to you – this tax season I’ve been seeing and advising on these topics frequently. Limitations on the deductibility of pass-through losses on your... Read More