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Tax

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

IRS Lists Dirty Dozen Tax Scams for 2019

March 26, 2019

It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” list.... Read More

passthrough

More Passthrough Guidance from IRS

February 22, 2019

Passthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business income (QBI). Along with the final rules, the IRS... Read More

real estate

Real Estate Keeps Winning on QBI Deduction

February 22, 2019

Real Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mere” investment in... Read More

georgia tax credit

Georgia Tells Taxpayers How to Coordinate Federal Tax Changes with Georgia Law

January 29, 2019

The Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding on nonresident aliens,... Read More