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Business Tax

Final Regulations Address RIC Shareholders, Suspended Losses

July 29, 2020

The IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified business income (QBI) and on... Read More

Monetizing Previously Restricted Losses Under the CARES Act

May 15, 2020

The CARES Act and Net Operating Losses Section 2303 of the CARES Act modifies the net operating loss (NOL) rules for both corporate and non-corporate taxpayers to permit the carryback of net operating losses generated in years beginning after December... Read More

Qualified Improvement Property (QIP) Deduction is Corrected Through CARES Act

May 14, 2020

As part of the CARES Act, Congress fixed a provision in the 2017 tax law in a move that has been long awaited by tax practitioners. As part of the Tax Cuts and Jobs Act Congress intended to provide a... Read More

Partnership Can Deduct Worthless Interest in Family Partnership

March 12, 2020

When it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,... 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

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

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

company cars

New Guidelines Simplify the Process of Valuing Company Cars

October 16, 2019

Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process... 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

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

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