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    Personal Property Tax

    build back better

    House-Passed Tax Rate Changes But Still Includes New Taxes

    December 16, 2021

    The House passed the $1.75 trillion Build Back Better Act on November 19, 2021, and the legislation is now under Senate consideration. Known as H.R. 5376, the legislation is the second prong of President Biden’s social and economic policy program.... Read More

    infrastructure

    Tax Increases Still Possible In Huge Infrastructure Bill

    October 18, 2021

    The $3.5 trillion infrastructure bill has cleared the House tax writing committee and now is the subject of intense negotiations to move it forward. Read More

    Second Set of Final Bonus Depreciation Rules Address Improvements, Used Property Issues

    October 26, 2020

    Additional first-year depreciation rules have been released by the IRS to clear up issues relating to the increased deduction and the expansion of qualified property, including some classes of used property. The new final regulations also address rules not covered... Read More

    New PPP Guidance Sets Percentage of Ownership That Won’t Limit Loan Forgiveness

    October 1, 2020

    Yet another set of PPP rules has been issued by the Small Business Administration (SBA). This time establishing a nominal ownership percentage that won’t be subject to a loan forgiveness limit and on non-payroll costs eligible for forgiveness. The clarification... Read More

    Untangling the Technical: Summer of 2020 Tax Topics

    August 17, 2020

    Although 2020 has proven to be an abnormal year, our tax experts want to remind individuals about some important tax and estate planning topics. Adelle Starr interviews Terri Lawson and LeighAnn Costley, both Tax Partners at Frazier & Deeter. In... Read More

    Final Regulations Address RIC Shareholders, Suspended Losses

    July 29, 2020

    The IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified business income (QBI) and on... Read More

    Qualified Improvement Property (QIP) Deduction is Corrected Through CARES Act

    May 14, 2020

    As part of the CARES Act, Congress fixed a provision in the 2017 tax law in a move that has been long awaited by tax practitioners. As part of the Tax Cuts and Jobs Act Congress intended to provide a... Read More

    relief package

    Coronavirus Relief Package Signed into Law with Tax Relief, Stimulus Funds

    March 28, 2020

    The President has signed into law an unprecedented $2 trillion relief package designed to prop up U.S. citizens, hospitals and businesses during the coronavirus crisis. The 800+ page  “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act)”  includes: various tax... Read More

    Tax Reform Resource Center Alternative Header

    CARES Act | Senate Relief Act Alert

    March 24, 2020

    Updated March 23, 2020 On March 19, 2020, a bill was introduced in the Senate, known as the “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act,” to further assist in the ongoing COVD-19 crisis. In addition to safety/health... Read More

    Partnership Can Deduct Worthless Interest in Family Partnership

    March 12, 2020

    When it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,... Read More

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