Family Office Structuring in Light of Lender Ruling

Recent court rulings and tax reform legislation has an impact on family office expense deduction. The lack of definition and bright-line test determining “trade or business activities” means that we must carefully consider the distinct facts and circumstances of each family office. Background Tax reform legislation on December 22, 2017,...
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Final Rules Limit Charitable Contributions Made for SALT Credits

The IRS has issued final regulations that require taxpayers to reduce the amount of any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from getting around the SALT deduction limits. A safe harbor has also been...

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Proposed Rules Explain 199A Deduction for Cooperatives & Their Patrons

Taxpayers may rely on two new pieces of IRS guidance for applying the Code Sec. 199A deduction to cooperatives and their patrons:

  1. Proposed regulations provide detailed rules for coop patrons and specified cooperatives to calculate the deduction.
  2. A proposed revenue procedure provides three methods for specified cooperatives to calculate W-2...
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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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