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The IRS has announced a significant increase in enforcement actions for syndicated conservation easement transactions. This is a "priority compliance area" for the agency.


Treasury and the IRS are expected to release proposed rules in "early 2020" that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assistant secretary for tax policy. Kautter briefly addressed the proposed regulations’ timeline while speaking at the American Institute of CPAs (AICPA) 2019 National Tax Conference in Washington, D.C.


Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill.


Senate Finance Committee (SFC) Chair Chuck Grassley, R-Iowa, and other top Senate tax writers are calling for Senate action on the bipartisan Setting Every Community Up for Retirement Enhancement Secure bill (HR 1994) (SECURE Act). The House-approved, bipartisan retirement savings bill has remained stalled in the Senate since May.


The Senate blocked a Democratic resolution on October 23 to overturn Treasury rules preventing certain workarounds to the $10,000 state and local tax (SALT) federal deduction cap.


Treasury and the IRS on October 31 announced the release of a new, draft form implementing certain reporting requirements under the Tax Cuts and Jobs Act Opportunity Zone program.


A California-based medical marijuana dispensary corporation’s motion for summary judgment challenging the constitutionality of Code Sec. 280E was denied. The Tax Court also addressed whether Code Sec. 280E applies to marijuana businesses legally operating under state (California) law, and whether the prohibition on deductions is limited to ordinary and necessary business expenses.


The IRS has proposed regulations that define an eligible terminated S corporation (ETSC), and provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). The proposed regulations also extend the treatment of distributions of money during the PTTP to all shareholders of the corporation, and update and clarify the allocation of current earnings and profits to distributions of money and other property.


Limited liability companies (LLCs) remain one of the most popular choice of business forms in the U.S. today. This form of business entity is a hybrid that features the best characteristics of other forms of business entities, making it a good choice for both new and existing businesses and their owners.


Maintaining good financial records is an important part of running a successful business. Not only will good records help you identify strengths and weaknesses in your business' operations, but they will also help out tremendously if the IRS comes knocking on your door.


After your tax returns have been filed, several questions arise: What do you do with the stack of paperwork? What should you keep? What should you throw away? Will you ever need any of these documents again? Fortunately, recent tax provisions have made it easier for you to part with some of your tax-related clutter.


I have a car that I would like to donate to my church. Can I just claim the amount shown as the value of the car per the Kelly Blue Book (about $6,500) on Schedule A of Form 1040?

. Any tuition payment you make directly to an educational institution is completely exempt from both estate and gift taxes. For example, if your taxable estate exceeds $3 million, your marginal estate tax rate is 55%. If you have a taxable estate greater than 3 million and you pay a family member’s $12,000 school tuition, you can save your estate up to $6,600 in estate taxes.

Many taxpayers are discovering the "minority interest discount" technique for minimizing estate and gift taxes. Here’s how it works: let's say your business or other assets are held in a "family limited partnership." If properly structured, you could give your children a 10% interest in that partnership, but value the gift at less than 10% of the value of the entire partnership. In effect, you may be allowed to reduce the value of the 10% interest, for estate and gift tax purposes, based on a "minority interest discount,” and a "lack of transferability" discount. This technique is being widely used across the country.

If you’re a typical QuickBooks user, chances are you've been under-utilizing one of the most powerful financial tools in your office. With just a little preparation you can leverage that $200 software investment to be one of the most valuable information sources and timesavers in your business.

Are you tired of sitting down at the end of the year to review your business’ financial situation only to realize that it’s no different than last year? Maybe you should be working ON your business not IN it.

Certified Public Accountants & Advisors