A gift tax is imposed on anyone who gives money or property to another individual or trust without receiving equivalent value in return. This applies but is not limited to cash gifts, investments, interest in a business, and real estate.
The House has already passed the SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement), which is geared towards enhancing retirement security. As we anticipate the Senate to get on board, we will focus on the potential modifications from the SECURE Act that we know.
In 2017, the Tax Cuts and Jobs Act introduced a 20% deduction for qualifying business income of small business owners, known as Section 199A.
One of the most intriguing and discussed elements of recent tax reform is the creation of Qualified Opportunity Zones, which are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment.
As taxpayers gear up for their first return filing under the 2017 tax overhaul, some may be surprised to find their refund is smaller than last year or worse, that they actually owe the IRS money on April 15th.
Resources specifically around the Tax Cuts and Jobs Act of 2017.
The final details on the new 20% pass-through deduction for business owners answers many of your questions.
The IRS has provided additional guidance regarding changes that the Tax Cuts and Jobs Act (TCJA) made to the tax treatment of parking fringe benefits.
Compromise was reached on January 25, 2019 to temporarily reopen the government after the longest shutdown in U.S. history. Due to the delay in guidance and approved forms, taxpayers involved in certain activities should still prepare for a delay in filing their 2018 tax return.
Significant changes made by the Tax Cuts and Jobs Act (TCJA) was to slash the top C corporate tax rate from 35% to a permanent flat 21% effective January 1, 2018.
Expenses for entertainment, amusement and recreation are no longer deductible starting in 2018. However, the wording in the TCJA was unclear on whether meals are now included in the overall definition of “entertainment.”
The Tax Cuts and Jobs Act (TCJA) made several significant changes to depreciation rules when it became law in December 2017. In addition to the longer recovery period, the new law and related guidance have created some uncertainty over what improvements may qualify for the same-year recovery provisions.
Tax Cuts and Jobs Act (“TCJA”) made healthcare providers wonder if there might be a tax advantage to changing their choice of entity. Here are a few questions to ask before you consider any restructuring.
In 2018, the IRS released proposed regulations addressing the Section 199A deduction, commonly known as the 20 percent pass-through deduction. The guidance clarified several aspects of Section 199A that are of particular interest to healthcare providers.
With the Tax Cuts and Jobs Act in effect for 2018, many taxpayers will face changes in the benefits of charitable giving. It is possible to stay ahead of the tax implications with the appropriate proactive planning.
As a result of the significant changes made by the Tax Cuts and Jobs Act, some S corporation owners may consider converting their business entity type to a C corporation to enjoy the lower 21% tax rate.
A new school year brings you another year closer to sending your child off to college. Don’t put off saving for this important investment another year.
Section 199A—commonly referred to as the “20% pass-through deduction,” provides a deduction of up to 20% of income from a domestic business operating as a sole proprietorship or through a partnership, S corporation, trust or estate.
The federal tax reform package has many far-reaching effects for businesses. While the reforms only address federal taxes, the implications will also affect a large number of states depending on how strongly state relies on the federal law for its own tax revenue.
Major changes to the current tax law occurred with the Tax Cuts and Jobs Act including credits and deductions for both individuals and businesses.
Meals and entertainment expenses have always been popular deductions for business owners, check out the new guidelines in the Tax Cuts and Jobs Act.
With the end of the 2017 calendar year quickly approaching, now is the time for year-end tax planning for both businesses and individuals.
With the impending tax reform expected in the near future, it’s important to take full advantage of the current tax credits that are available for private-sector businesses. One tax credit that provides a substantial benefit to construction business owners is the Work Opportunity Tax Credit (WOTC).
For many banks, an ESOP is a tax-effective way to increase their employees’ retirement accounts and their sense of belonging. Here’s what you need to know.
Programs like the NMTC Program seek to infuse struggling communities with new capital from business investors who receive tax credits for their contributions.
The 1099 Guide is a reminder of who should get a 1099 and the process of determining the amount to report.