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Business Tax

business expense deductions

SALT Credits Won’t Block Federal Business Expense Deductions, IRS Says

January 29, 2019

In August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on state and local... Read More

IRS Walks Back Total Loss of Entertainment Meal Deductions

December 3, 2018

Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December... Read More

Georgia Sales Tax Compliance: What Internet Sellers Need To Know

December 3, 2018

In June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v.... 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

The World Post-Wayfair: State Tax Nexus Thresholds

October 11, 2018

Navigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated... Read More

Is C Corporation Your Best Option Under the New Tax Law?

April 24, 2018

If you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for... Read More

How the New Business Interest Limits Will Work Under TCJA

April 24, 2018

Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining... Read More

Don’t Use S Corps to Avoid Carried Interest Holding Period

March 23, 2018

IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS... Read More