Newsletters

Tax Alerts
Tax Briefing(s)

"A thumb goes up, a car goes by…" Tax extenders remain a top contender for "hitching a ride" on November’s must-pass government funding bill.


The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to lessen taxpayer uncertainty on whether a rental real estate interest qualifies as a trade or business for the QBI deduction, including the application of the aggregation rules in Reg. §1.199A-4.


The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency.


A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes (SALT) federal deduction cap is not unconstitutionally coercive.


New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations:


The IRS has released final regulation on the election to take a loss resulting from a federally declared disaster in the year preceding the disaster. The final regulations adopt proposed regulations substantially without change.


Proposed regulations provide guidance on the potential tax consequences of replacing the London interbank offered rates (LIBORs) with a new reference rate in contracts and agreements.


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