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Tax

IRS Clarification: Who Can Take Bonus Depreciation on Used Property?

December 3, 2019

The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts... 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

trust taxation

Trusts May Owe Less Tax to Georgia Under Supreme Court Ruling

October 16, 2019

State taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some... Read More

partnership interest

Taxpayer Wins High Stakes Partnership Income Allocation

October 16, 2019

The IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and bequest had... Read More

Untangling the Technical: Understanding the R&D Tax Credit for Manufacturing and Distribution Companies

September 13, 2019

Qualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss this topic with Tommy... Read More

Who is Considered a Real Estate Professional?

September 6, 2019

One of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which... Read More

virtual currency

Virtual Currency Owners Are Hearing From the IRS

September 3, 2019

The IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended returns to... Read More

Tax Reform Resource Center Alternative Header

UPDATE: Taxpayer First Act Becomes Law Without Free File Mandate

September 3, 2019

Bipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS customer service function, expands... Read More

Personal Casualty Losses Now Only Deductible in Federal Disaster Areas

September 3, 2019

The deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity for... Read More

Taxpayers Can Still Change Their Minds on 2017 Bonus Depreciation Elections

September 3, 2019

Taxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued... Read More

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