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Capital Gains Savings & Qualified Opportunity Funds
The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits,
Section 199A Confusion: Specified Service Trade or Business
We’ve written before about the Section 199A deduction of the Tax Cuts and Jobs Act (TCJA). The new law allows individuals and trusts to take a deduction of up to 20% of qualified business income, or QBI, from a domestic qualified trade or business. However, there is a limitation placed on the deduction if your taxable income is over a
The New Business Income Deduction
The 2017 Tax Cuts and Jobs Act (TCJA) is one of the most consequential changes to U.S. tax law in decades. It features changes to individual rates, sweeping reforms to corporate taxation, and much more. One of the most important provisions of the new law is the new Section 199A deduction for Qualified Business Income (QBI). Any taxpayer receiving income
The New Lease Accounting Standard is Coming Soon
Many business owners see their leases –everything from buildings to copy machines– as just that –a lease. But what they aren’t used to seeing are those leases showing up on their balance sheets. If you have a long-term lease of any kind, you’ll need to understand the new lease accounting standard, also known as, Accounting Standards Update 2016-02 or Leases
New Interest Expense Limitations
The Tax Cuts and Jobs Act (TCJA) has something for everyone. For example, corporate tax rates were cut from a top marginal rate of 35% to a flat rate of 21%. And owners of most pass-through entities, such as S Corporations and partnerships, will realize a tax rate decrease of up to 10% as a result of the new Section 199A deduction. However,
New Tax Rules for Meals and Entertainment Expenses
As the 2018 calendar year end approaches, taxpayers should be aware of the new meals and entertainment rules for tax deductibility.