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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


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

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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

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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

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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

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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

real estate

More Rental Real Estate Businesses Can Qualify for QBI Deduction

February 11, 2020

In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More

real estate

Final Details for Opportunity Zones

February 11, 2020

The IRS has completed its guidance on the implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The final rules provide clarity... Read More

record keeping

For Small Businesses, Good Records Bring Good Tax Results

January 21, 2020

Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few... Read More


New Tax Bill: Return of the Extenders

January 3, 2020

Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865.  Among the many changes are the return of some popular tax... Read More

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