The Tax Cuts and Jobs Act of 2017 (The “TCJA”) imposes a $10,000 cap on the amount an individual may deduct for federal tax purposes for the payment of state and local income, property and sales taxes (referred to as “SALT”)....more
3/3/2022
/ Arkansas ,
C-Corporation ,
Federal Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
Tax Cuts and Jobs Act ,
Tax Deductions
“These uncertain times” has been an often used phrase over the course of the last several months, and in no facet of 2020 life is it more applicable than the Paycheck Protection Program (PPP) loans implemented as part of the...more
In IRS Notice 2020-32 issued on April 30, 2020, the IRS has clarified that no deduction is allowed for expenses paid with funds loaned to a business through the CARES Act’s Paycheck Protection Program if payment of the...more
Due to the ongoing COVID-19 pandemic, the IRS has granted taxpayers an automatic extension for the deadlines imposed by section 1031 of the Tax Code for like-kind exchanges.
In IRS Notice 2020-23, released on April 9, 2020,...more
If you watch the news, you may have heard that the requirement known as the “individual mandate” under the Affordable Care Act, which generally requires that individuals either obtain health insurance or pay a penalty, was...more
On September 24, 2019, the IRS issued much-needed guidance clarifying whether owners of rental real property may qualify for the 20 percent qualified business income deduction under Section 199A of the Code. The guidance, set...more
As discussed here in November (Why 2019 Will be the Year of Opportunity (Zones)), the Tax Cuts and Jobs Act created a tax-advantaged incentive program for investing in designated “qualified opportunity zones” throughout the...more
5/7/2019
/ Capital Gains ,
Investment Funds ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Investments ,
Safe Harbors ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
One of the more significant additions to the Tax Code under the 2017 Tax Cuts and Jobs Act was the creation of an incentive program for investment in certain low income communities called “Opportunity Zones.” The program is...more
11/7/2018
/ Capital Gains ,
Community Development ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
As you’ve surely heard by now, the Bipartisan Budget Agreement of 2015 (“BBA”) enacted new IRS procedures for partnership audits for tax years beginning on or after January 1, 2018. The new audit rules allow the IRS to...more
11/7/2017
/ Bi-Partison Balanced Budget Act (BBA) ,
C-Corporation ,
Corporate Taxes ,
IRS ,
K-1 ,
Partnership Agreements ,
Partnerships ,
Proposed Regulation ,
Public Comment ,
Push-Out Requirements ,
S-Corporation ,
Tax Audits ,
Tax Returns ,
TEFRA ,
Underpayment