Individual Tax

/Individual Tax

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 [...]

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 Explains 199A Rules for Real Estate

By |2019-04-16T19:28:49+00:00April 18th, 2019|Individual Tax, News & Events|

The massive tax legislation signed over a year ago, the Tax Cuts and Jobs Act (TCJA), authorized a brand-new deduction for qualified business income (QBI) of pass-through entities and sole proprietors. This deduction under Section 199A of the tax code provides opportunities for a wide range of taxpayers, but has also caused confusion, especially as [...]