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Tax

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

self-employment tax

Working for a Disregarded Entity? Partners Must Still Pay Self-Employment Tax

August 5, 2019

The IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious tax.... Read More

federal deductions

The New Normal: State Tax Benefits Reduce Federal Deductions

August 5, 2019

The IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state and local... Read More

opportunity zone

Early 2018 Opportunity Zone Investors Given Special Relief by IRS

August 5, 2019

After the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulations established that... Read More

Tax Implications of Brexit-related Transfers of Marketing Authorisations

June 5, 2019

On 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidance emphasises... Read More

opportunity zone rules

New Opportunity Zone Rules

June 3, 2019

Opportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased property inside qualified zones. Taxpayers with... 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

SALT Refunds Clarified

May 2, 2019

Are your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS... 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