BW INSIGHTS

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By BrownWinick | 07.15.2020
Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due... 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

2020 Legislative Session-Week 1

By BrownWinick | 01.17.2020
The first week of the 2020 Iowa legislative sessionstarted Monday with the swearing-in of a new House Republican leadership team. Rep. Pat Grassley (R-New Hartford) was officially named Speaker of the House, while Rep. Matt Windschitl (R-Missouri Valley) was sworn in as Majority Leader. Grassley listed workforce-related issues as his top concerns,... Read More

Owning a Private Aircraft for Personal and Business Use

By Jonathan Napier | 08.01.2019
Owning a private aircraft personally or through a medical or dental practice may be convenient for taking vacations or attending conferences across the country, but there are important legal, tax, and liability concerns for the aircraft owner. The FAA Regulations govern any owner’s right to use an airplane, but the FAA scrutinizes any arrangement... Read More

How to Raise Money for Your Business - Part 2: Micro-Loans

By BrownWinick | 09.19.2018
Getting a business started is like approaching a massive steel wheel. There are no axels, no motors, just you, an idea and the wheel. The wheel is stationary. Like Atlas, you shoulder the wheel and start to press with all your strength. The wheel budges a little. The more effort you put in, the more the wheel moves. The goal is to have the wheel... 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

Should You Invest Your I.R.A. in Friends, Family or Charitable Work?

By William Brown | 10.10.2017
BrownWinick tax attorney William Brown was featured in The New York Times on Friday, October 6, 2017. The article, "Should You Invest Your I.R.A. in Friends, Family or Charitable Work?" discusses self-directed I.R.A.'s, which allows investments in "alternative assets" and not just traditional stocks, bonds and mutual funds. 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

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