/Bobby M. Bragg
Bobby M. Bragg

About Bobby M. Bragg

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So far Bobby M. Bragg has created 448 blog entries.

Count on a Cutting-Edge Tax Break

By |2019-10-08T15:57:07+00:00October 9th, 2019|Corporate & Partnership Tax, Entrepreneurs, News & Events|

The Tax Cuts and Jobs Act (TCJA) created some new tax breaks for businesses while taking certain others away. But the TCJA did not touch the research credit for qualified expenses. What’s more, under another recent law, the Protecting Americans from Tax Hikes (PATH) Act, the benefits have been enhanced. Background: The research credit, also [...]

New Law Aims to Put Taxpayers First

By |2019-09-23T17:20:06+00:00September 23rd, 2019|Individual Tax, News & Events|

Congress passed the “Taxpayer First Act” in late June. This new groundbreaking legislation creates an independent office of appeals within the IRS, modernizes IRS operations and improves cyber security measures. The new law also expands safeguards addressing ID theft of taxpayers. But this is likely not the end of the story. Most experts believe [...]

Tip to Increase Qualified Business Income (QBI) Deduction

By |2019-10-16T19:52:30+00:00September 23rd, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

Recently released IRS form 8995 instructions indicate that taxpayers filing business returns must reduce qualified business income by charitable deductions.  A reduction in qualified business income reduces the potential qualified business income deduction.  Although this provision is not in the Section 199A regulations, the reduction in qualified business income can be avoided by making [...]

Is Estate Planning on the Menu?

By |2019-09-04T20:14:50+00:00September 4th, 2019|Estate & Trust, News & Events|

Are you caught between the needs of young children and elderly relatives like your parents? If so, you are part of the growing segment of the population known as the “sandwich generation.” In particular, it may be difficult to care for loved ones as they grow older and require more care. To compound the problems, [...]

Three Safe Harbors for Business Repairs

By |2019-09-04T20:17:04+00:00August 24th, 2019|Corporate & Partnership Tax, Individual Tax, Manufacturing, News & Events|

Do you need to make repairs to your business premises or equipment? It can make a big tax difference if the work is characterized as a “repair” or an “improvement.” In brief, a repair is currently deductible by your business, while the cost of an improvement must be written off over time. The IRS and [...]

FASB Updates on Leases & Revenue Recognition

By |2019-07-26T18:43:23+00:00July 26th, 2019|Accounting & Auditing, News & Events|

Lease Accounting  The FASB has approved a one year deferral for implementation for nonpublic companies.  This deferral effectively pushes the new requirement to record assets and liabilities for certain operating leases until 2021 for calendar year financial statements. Revenue Recognition As a reminder, the changes to revenue recognition are still effective this year for nonpublic [...]

2019 Midyear Tax Planning Letter

By |2019-07-05T13:42:02+00:00July 2nd, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

Dear Clients and Friends (and Blog Readers!): With the first tax season under the Tax Cuts and Jobs Act (TCJA) behind us, we have a better understanding of the practical applications on the tax law changes. As expected, the law changes had a profound impact on many taxpayers and created new planning opportunities. There [...]