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Tax

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

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

interest limitation

IRS Reveals Procedure for Dealing with New Interest Deduction Limitation

January 23, 2019

One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as... Read More

transportation fringes

Changes to Transportation Fringes Explained

January 23, 2019

The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions... Read More

Popular Extenders Again Face Year-End Drama

December 17, 2018

Don’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of 2018,... Read More

Investors Given Flexibility in Opportunity Zone Projects

December 3, 2018

It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning opportunities... Read More