May 14, 2018
There’s more to the Tax Cuts and Jobs Act for owners of rental real estate than just lower ordinary income tax rates. Here’s an overview of some new or modified provisions that will generally provide favorable tax outcomes for rental property owners — along with an unfavorable change that could hit owners of properties that generate tax losses.
May 5, 2018
Thinking about selling your business? A recent survey of business brokers suggests that you should consider acting sooner, rather than later. Tax law changes, historically low interest rates and relaxed lending requirements for small businesses have created the perfect storm for an explosive market in mergers and acquisitions. Here’s how a business valuation professional can help you get the most from your investment.
April 28, 2018
The new tax law introduces a special deduction for eligible pass-through businesses. The deduction is generally equal to 20% of “qualified business income.” It’s designed to help achieve parity between the reduced corporate income tax rate and the tax rates for business income that passes through to individual owners of sole proprietorships, partnerships, limited liability companies (LLCs) and S corporations. Here are the details.
April 17, 2018
Payroll records must be retained for certain periods of time, depending on the federal law governing the documents. In some cases, retention is discretionary. But two federal laws require that documents be kept for a definite period. This article explains the different laws, what they cover and how long they require employers to retain and maintain your payroll records.
April 1, 2018
There’s been a lot of controversy about the recent tax law change that limits the federal deductions for state and local taxes (SALT). This limitation will have an adverse effect on many homeowners, especially residents of jurisdictions with high property taxes and people who own expensive homes or more than one home. Here are the details, along with important information if you’re thinking about selling your house.
March 30, 2018
1. IRS Offshore Voluntary Disclosure Program ending.
2. Five new audit targets for large and international businesses.
3. No alimony deduction is allowed for marital home expenses.
4. News from the IRS on the new carried interest rule.
5. Court: IRS reconstruction of income was proper.
March 17, 2018
The so-called “kiddie tax” was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family’s overall tax bill. The kiddie tax can cause a portion of a dependent child’s net unearned income to be taxed at higher rates than the regular rates for single taxpayers. The Tax Cuts and Jobs Act changes the kiddie tax rate structure for 2018 through 2025. Here’s how.