Corporate & Partnership Tax

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2019 Year-End Tax Planning Letter

By |2019-11-26T20:41:34+00:00November 26th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]

Six Year-End Tax Moves for Businesses

By |2019-11-25T14:45:43+00:00November 25th, 2019|Corporate & Partnership Tax, News & Events, Press Releases|

Many small business owners are still sorting through the massive changes included in the Tax Cuts and Jobs Act (TCJA). Generally, as opposed to the provisions for individuals, the rules affecting businesses are permanent in nature. Keeping that in mind, following are six year-end planning strategies to consider in 2019. Maximize Section 179 deductions. The [...]

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 [...]

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 [...]

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 [...]

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 [...]

Alabama adds state incentives to the federal Opportunity Zone plan

By |2019-06-11T15:18:02+00:00June 11th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

As you are probably aware if you read this blog consistently, we think Opportunity Zones have great potential for taxpayers/investors.  In fact, since last fall, many of the uncertainties around Opportunity Zones have been cleared up through IRS regulations.  Most people are not expecting any more official IRS guidance release so the rules of [...]

IRS Updates Standard Mileage Rates for 2019

By |2019-02-18T18:24:05+00:00February 18th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

In lieu of deducting actual expenses, the IRS permits qualified taxpayers to deduct a flat rate based on miles traveled, plus related tolls and parking fees. These standard mileage rates are updated annually. For 2019, the rates are: 58 cents per mile driven for business driving (up 3.5 cents from 2018); 20 cents per mile [...]

Preserve Deductions for Charitable Gifts

By |2019-02-18T20:05:42+00:00February 14th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

What’s the biggest tax deduction on your 2018 return? For many itemizers, it is the write-off for charitable donations on Schedule A. But these deductions are not automatic if you do not have the proper records to back up your claims. Here are several important reminders for this year’s tax filing season. Monetary contributions: Deductions [...]