Tax Resources

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How Much Can You Gift?

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.

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Everything We Know About the SECURE Act of 2019

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.

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Section 199A Safe Harbors for Rental Property

In 2017, the Tax Cuts and Jobs Act introduced a 20% deduction for qualifying business income of small business owners, known as Section 199A.

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Opportunity Zones: What Are They and How Do They Work?

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.

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Where Have All the Refunds Gone?

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.

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Tax Cuts and Jobs Act of 2017 Resources

Resources specifically around the Tax Cuts and Jobs Act of 2017.

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Final Guidance on the Pass-Through Deduction

The final details on the new 20% pass-through deduction for business owners answers many of your questions.

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Tax Reform: Are Your Parking Expenses Deductible?

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. 

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Government Re-Opened but Delays in Tax Filings Still Possible

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.

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Tax Reform: Conversion from S Corporation to C Corporation

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.

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Tax Reform: Want to Grab Lunch?

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.”

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Tax Reform: Do You Want the Good News About Depreciation First?

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.

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Tax Reform: Time To Change Entity Structure? Maybe Not

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.

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TAX Reform: IRS Limits Tax Strategies for Pass-Through Healthcare Entities

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.

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Charitable Giving Benefits for 2019

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.

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Tax Reform: Conversion from S Corporation to C Corporation

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. 

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Back to School Parents Planning for College

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.

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Tax Reform Guidance for Pass-Throughs is Here

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.

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Selected State Responses to the TCJA of 2017

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.

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WOTC and R&D Made the Cut

Major changes to the current tax law occurred with the Tax Cuts and Jobs Act including credits and deductions for both individuals and businesses.

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Is That Meal Deductible?

Meals and entertainment expenses have always been popular deductions for business owners, check out the new guidelines in the Tax Cuts and Jobs Act. 

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Benefits of Year-End Tax Planning

With the end of the 2017 calendar year quickly approaching, now is the time for year-end tax planning for both businesses and individuals. 

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The Tax Credit that Could Save Contractors Thousands

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).

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How an ESOP Improves Employee Retention and the Bottom Line

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.

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Struggling Communities Benefit from NMTC Program; Investors Benefit from Tax Credits

Programs like the NMTC Program seek to infuse struggling communities with new capital from business investors who receive tax credits for their contributions.

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1099 Guide

The 1099 Guide is a reminder of who should get a 1099 and the process of determining the amount to report.

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6 Myths About the R&D Credit That Cost Businesses at Tax Time

Here’s a look at a few of the misconceptions that have cost businesses millions in missed tax credits over the years.