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    2018 Tax Law

    grain glitch

    Rules for Cooperatives, ‘Grain Glitch’ Fix Round Out QBI Deduction Guidance

    August 5, 2019

    High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their patrons,... Read More

    home office deductions

    How Home Office Deductions Are Affected by SALT Limitation

    June 3, 2019

    SALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers combine all of... Read More

    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

    opportunity zone

    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

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