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 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
Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December... Read More
Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,... Read More
How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019... Read More
The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what... Read More
Georgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit” is one of those... Read More
Navigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated... Read More
Bonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new... Read More
Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrowly construes whether pre-2018... Read More
