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Tax

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IRS Delays Regs on Loss Limits That Apply to Corporate Ownership Changes

March 12, 2020

When a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies after a... Read More

real estate

More Rental Real Estate Businesses Can Qualify for QBI Deduction

February 11, 2020

In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More

real estate

Final Details for Opportunity Zones

February 11, 2020

The IRS has completed its guidance on the implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The final rules provide clarity... Read More

Handshake Over Paperwork

IRS Delays Tax Basis Reporting of Partnership Capital Accounts Until 2020

February 11, 2020

The IRS has provided relief from the requirement that partners’ shares of partnership capital be reported on the tax basis method for 2019. The IRS’s draft 2019 forms required tax basis reporting, which triggered numerous comments expressing concern about the... Read More

gas maintenance worker

Alternative Fuel Tax Credit: Do You Qualify?

January 27, 2020

An update to the alternative fuel tax credit was among the many changes to tax passed in the December 2019 government funding bill. With this update a taxpayer that uses or sells alternative fuel for use in motor vehicles, motorboats,... Read More

record keeping

For Small Businesses, Good Records Bring Good Tax Results

January 21, 2020

Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few... Read More

bonus depreciation

Repeal of Nonprofit Parking Tax

January 3, 2020

A curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business... Read More

extenders

New Tax Bill: Return of the Extenders

January 3, 2020

Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865.  Among the many changes are the return of some popular tax... Read More

disaster relief

Disaster Relief Tax Provisions

January 3, 2020

The H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a division of the bill entitled the “Taxpayer Certainty... Read More

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R&D Tax Credit: Don’t Leave Money On The Table

December 9, 2019

By Tommy Zavieh, CPA, MST, MBA The research and development (R&D) tax credit is underutilized, with many taxpayers failing to claim the credit when they are eligible to do so, or making errors at critical junctures in the process. Underutilization... Read More

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