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
Charles A. Weiss of Holland & Knight has entered an appearance for Rafael Badalov in a pending trademark infringement lawsuit. The suit, filed July 26 in New York Eastern District Court by Lee Law on behalf of Otter Products LLC, accuses the defendant of selling counterfeit phone cases and accessories bearing the plaintiff's 'OtterBox' trademark. The case, assigned to U.S. District Judge Nina R. Morrison, is 1:24-cv-05214, Otter Products, LLC v. Badalov et al.
Who Got The Work
Gibson, Dunn & Crutcher partners Benjamin Hershkowitz, Richard W. Mark and Casey J. McCracken and R. Scott Johnson, Thomas M. Patton and Cara S. Donels have entered appearances for Berkshire Hathaway Energy Co. and MidAmerican Energy Co., respectively, in a pending patent infringement lawsuit. The case, filed July 17 in Iowa Southern District Court by Nyemaster Goode PC and Caldwell Cassady & Curry on behalf of Midwest Energy Emissions Corp., asserts six patents related to sorbents for the oxidation and removal of mercury. The case, assigned to U.S. District Judge Stephen H. Locher, is 4:24-cv-00243, Midwest Energy Emissions Corp. v. Berkshire Hathaway Energy Company et al.
Who Got The Work
Michael J. Hickey and Michael L. Jente of Lewis Rice LLC have stepped in to represent Tidal Wave Management in a pending trademark infringement lawsuit. The case, filed July 18 in Missouri Western District Court by Husch Blackwell on behalf of Waterway Gas & Wash Co., accuses the defendant of using a mark that's confusingly similar to the plaintiff's 'Clean Car Club' mark. The case, assigned to U.S. District Judge Fernando J. Gaitan Jr., is 4:24-cv-00471, Waterway Gas & Wash Company v. Tidal Wave Management LLC.
Who Got The Work
Wachtell, Lipton, Rosen & Katz partners Lauren M. Kofke and William Savitt have stepped in to represent CVS Health and and its top officials in a pending shareholder derivative lawsuit. The complaint, filed Aug. 30 in New York Southern District Court by the Brown Law Firm on behalf of Chaya Sara Kaufmann, accuses the defendants of failing to disclose that they used misleading forecasts to set premium plans which overstated the profitability of the company's health care benefits segment. The case, assigned to U.S. District Judge Margaret M. Garnett, is 1:24-cv-06595, Kaufmann v. Lynch et al.
Who Got The Work
Robert L. Wallan from Pillsbury Winthrop Shaw Pittman has entered an appearance for Findlay Management Group in a pending complaint for declaratory judgment. The complaint, filed on Aug. 8 in Nevada District Court by Gordon Rees Scully Mansukhani and Skarzynski Marick & Black on behalf of Houston Casualty Co., seeks to declare that no insurance policy exists between Houston Casualty and Findlay due to there not being an adequate form of delivery and claims that if delivery was substantiated it is rescinded based on material omissions and misrepresentations. The case, assigned to U.S. District Judge Gloria M. Navarro, is 2:24-cv-01459, Houston Casualty Company v. Findlay Management Group.
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