tax-for-individuals-and-families

ALERTS & ARTICLES/

Tax for Individuals and Families

Feb

05

2020

Spending bill extends tax breaks, adds retirement account provisions

In late December 2019, the President signed into law the Further Consolidated Appropriations Act, 2020 (“FCAA”). The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As […]


Nov

22

2019

2019-2020 Tax Planning Strategies

With the dust still settling from major tax changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA), many questions remain around previous strategies and the potential for more changes in the future. In this end-of-year summary, we’ve highlighted the most pertinent information to help you plan for 2019 taxes and beyond, including: […]


Nov

11

2019

IRS Issues Additional Guidance on Bonus Depreciation Rules

November 11, 2019 The IRS recently released final regulations for the first-year 100% bonus depreciation deduction, in addition to another round of proposed regulations. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, […]


Oct

22

2018

IRS Issued Proposed Regs on Using Rental Real Estate Income for QBI Deduction

As a follow-up to the ongoing discussion of the Tax Cuts and Jobs Act’s qualified business income deduction, we’re diving in-depth on how rental real estate income may qualify as QBI under Section 199A. Download Now Overview of the QBI Pass-through Deduction As a brief review, the TCJA offers a tax deduction of 20% of […]


Jun

25

2018

Tax-related Identity Theft Continues in 2018

The 2017 tax filing due date may have passed, but businesses and individuals are still at risk of becoming identity theft victims. We’ll show you common tax-related scams and how to protect yourself and your company. Download PDF What is tax-related identity theft? Tax-related identity theft typically occurs by a thief using a stolen social […]


Apr

02

2018

IRS Clarifies New Tax Law regarding Deductions for Homeowners

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and […]


Mar

28

2018

2018 Budget Act Brings Additional Tax Changes

On February 9, President Trump signed the Bipartisan Budget Act of 2018 (BBA), ending a brief government shutdown. This 2-year budget contains a host of tax law changes.  We have highlighted the primary areas the bill covers below. Download PDF Tax Extenders Retroactive through 2017 The BBA extends for one year a set of tax […]


Feb

14

2018

New Partnership Audit Regime Now Effective

Most eyes have been on the implications of the tax reform signed into law last December, but it’s not the only tax legislation to introduce significant changes. The Bipartisan Budget Act of 2015 changed how partnerships were to be audited, and those changes are now effective this year. Why Is This Happening? The Bipartisan Budget […]


Feb

08

2018

2018 Tax Calendar

Here’s a summary of important deadlines for this year. Be advised that some deadlines have been moved earlier or later compared to previous years. Date Deadline  February 12 Individuals: Reporting January tip income, $20 or more, to employers (Form 4070). Employers: Reporting income tax withholding and FICA taxes for fourth quarter 2017 (Form 941) and […]


Mar

28

2017

Disclosure of Foreign Accounts: 4 Facts about FATCA

The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers who have interests in “specified foreign financial assets” to provide information to the IRS. This article offers four facts for individuals about FATCA, such as which assets need to be reported and who might be exempt from the law’s requirements. If you hold assets […]