As if business owners did not have enough to worry about in light of various deadlines of all types including when and whether to submit Paycheck Protection Program (“PPP”) loan applications, how to account for the...
Read MoreAlthough the 2017 Tax Cuts and Jobs Act (TCJA) suspended the 2% of AGI miscellaneous deductions for individuals beginning in 2018, certain taxpayers may still claim deductions for unreimbursed business expenses, including sole...
Read MoreThe Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Relief Act”) has retroactively repealed a provision known as the “parking lot tax.” The now-repealed provision, which had been codified in Internal Revenue Code...
Read MoreAs it has done in past years, the IRS has extended the Affordable Care Act (“ACA”) deadline for health plan sponsors to furnish individuals IRS Forms 1095-B and 1095-C by 30 days (IRS Notice 2019-63). Under the extension, the...
Read MoreMany charities feared that the 2017 Tax Cuts and Jobs Act (TCJA) would have an adverse impact on charitable giving during 2018 and after. The significant increase to the standard deduction available to most individuals means...
Read MoreIRC § 1400Z-2, under The Tax Cuts and Jobs Act of 2017, established an investment program designed to provide preferential tax treatment for investment in developments located within certain designated economically distressed...
Read MoreWith the 2018 deadline for filing of individual income tax returns just around the corner, taxpayers should be aware of the recent announcement by the Internal Revenue Service (IRS) of expanded relief from penalties for...
Read MoreInternal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to, or at the direction of, a governmental entity in relation to the violation of...
Read MoreThe 2017 Tax Cuts and Jobs Act raised the amount that can be sheltered from federal estate tax in 2019 to $11.4 million for an individual and double that amount, or $22.8 million, for a married couple. Why undertake any estate...
Read MoreSection 45S of the Internal Revenue Code (“Code”), added to the Code by the Tax Cuts and Jobs Act of 2017, establishes a general business credit for an employer who provides paid family and medical leave to...
Read MoreIn early August, the Internal Revenue Service (IRS) issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to owners of pass-through businesses as to eligibility for a federal tax deduction of...
Read MoreIn the continuing stream of IRS guidance relating to the Tax Cuts and Jobs Act of 2017 (the “TJCA”), recent IRS guidance may impact not only a taxpayer’s tax situation, but ultimately the terms of a...
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