IRS Extends Passthrough Deduction to Real Estate Rental Activities

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules.

Final Regulations

The final regulations in T.D. 98xx_1 largely adopt the proposed regulations in NPRM REG-107892-18 (August 16, 2018), but with substantial modifications.

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The Cost of Providing Employee Parking Just Went Up

Written by Sandra Nonnenmocher, CPA, MST & Robin Bodine, CPA

As a business owner or administrator for a tax-exempt organization, you are well aware of the costs of providing parking for employees e.g. lot maintenance, snow removal, insurance, security, and other lot expenses.

What you may not be aware of is under the Tax Cuts and Jobs Act,...

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GOOD NEWS REGARDING TOOLING EXPENDITURES & THE R&D TAX CREDIT

Summary

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Wolters Kluwer Interview: The New Code Sec. 199A Passthrough Deduction & Proposed Regulations

Last year’s Tax Reform created a new 20-percent deduction of qualified business income for passthrough entities, subject to certain limitations. The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) created the new Code Sec. 199A passthrough deduction for noncorporate taxpayers, effective for tax years beginning after December 31, 2017. However, the...

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WHAT YOU NEED TO KNOW ABOUT THE TAX REFORM AND SECTION 199A

Tax reform legislation included a number of provisions of interest to partnerships and their partners including the Section 199A deduction for qualified business income of pass-through entities for tax years beginning after December 31, 2017.  

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FAQ About Meals & Entertainment Under The New Tax Law

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

The Tax Cuts & Jobs Act had a significant impact on what businesses can deduct for meals and entertainment. Below are some of the common questions we receive from clients.

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Tax Reform: Impact on Meals & Entertainment Deductions

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

Updated 10/31/18

Although many individuals benefited from the tax reform, the Tax Cuts & Jobs Act placed stricter rules for meals and entertainment deductions.  Before the tax reform, businesses could potential deduct 50% of entertainment costs which included taking clients to...

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Trump Signs Bipartisan Act

On February 9th, President Trump signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a...
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Tax tips you should know if you have charity-related travel expenses

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U.S. Production Deduction for the Construction Industry

The U.S. Production Deduction or Domestic Production Activities Deduction (DPAD) is a valuable tax tool for businesses in the construction industry, yet it is still often not utilized properly.   Are you missing out on this great tax benefit?

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