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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 […]

The IRS has released proposed regulations that clarify the requirements for businesses to claim bonus depreciation deductions under the Tax Cuts and Jobs Act. While not yet finalized, the IRS will allow taxpayers to rely on these regulations for tax years ending on or after September 28, 2017 for any property placed into service after […]

As part of the Tax Cuts and Jobs Act (TCJA), the IRS recently announced new qualified opportunity zones in low-income areas throughout the country, allowing for a number of favorable tax rules. The goal is to stimulate economic growth through business investment within these zones. Download PDF Eligible Tax Breaks in Qualified Opportunity Zones Eligible […]

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the […]

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 […]

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 […]

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 […]

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 […]

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) […]

On December 20, the House passed the reconciled tax reform bill, commonly called the Tax Cuts and Jobs Act of 2017 (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The Act makes small reductions to income tax rates for most individual tax brackets, […]