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
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
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
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
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 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
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
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
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
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
