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Tax

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

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

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