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2018 Tax Law

2018 Estimated Tax Penalty Relief

May 2, 2019

The law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had... Read More

Auto Depreciation Safe Harbor Offered by IRS

March 26, 2019

Bonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they have a gross... Read More

interest limitation

IRS Reveals Procedure for Dealing with New Interest Deduction Limitation

January 23, 2019

One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as... Read More

transportation fringes

Changes to Transportation Fringes Explained

January 23, 2019

The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions... Read More

Investors Given Flexibility in Opportunity Zone Projects

December 3, 2018

It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning opportunities... Read More

Tax on Investment Income of Children May Increase Under New Kiddie Rules

December 3, 2018

Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,... Read More

passthroughs

Progress Report: The New Tax Law’s Impact on Passthrough Entities

November 2, 2018

How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019... Read More

taxpayers

Tax Planning for Individual Taxpayers: Points to Ponder Regarding the New Tax Law

November 2, 2018

The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what... Read More

IRS Clarifies New Rules for Bonus Depreciation

October 3, 2018

Bonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new... Read More

IRS Explains New Limits on Executive Compensation Deduction

October 3, 2018

Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrowly construes whether pre-2018... Read More