Final Regulations for 100 Percent Bonus Depreciation
Posted on October 3rd, 2020
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. Read More…
What Is Form 1099-Nec? | Nonemployee Compensation
Posted on August 5th, 2020
Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Read More…
Relief for Businesses with Net Operating Losses
Posted on May 2nd, 2020
Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: Read More…
Tax-exempt Organizations e-filing requirements & Forms
Posted on April 4th, 2020
The Taxpayer First Act enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. Those that previously filed paper forms will receive a letter from the IRS informing them of the change.
The new law affects tax-exempt organizations in tax years beginning after July 1, 2019, and applies to the following IRS forms (filing deadlines vary by form type):
- Form 990, Return of Organization Exempt from Income Tax.
- Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation.
- Form 8872, Political Organization Report of Contributions and Expenditures.
- Form 1065, U.S. Return of Partnership Income (if filed by a Section 501(d) apostolic organization).
New Rules for Depreciation and Expensing of Qualified Property
Posted on March 1st, 2020
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let’s take a closer look: Read More…
Claiming an Elderly Parent or Relative as a Dependent
Posted on February 5th, 2020
Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well. Read More…
Tax Extenders, Retirement Plan Changes, and Repeals
Posted on February 2nd, 2020
In addition to averting a government shutdown, the Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for businesses and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know. Read More…
Important 2020 Tax Changes for Individuals and Businesses
Posted on January 6th, 2020
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Read More…
What’s New for the 2020 Tax Filing Season
Posted on January 5th, 2020
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. Read More…
Opportunity Zone Guidance Finalized
Posted on January 4th, 2020
Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019.
The final regulations provide additional guidance for taxpayers who are eligible to make an election to temporarily defer the inclusion in gross income of certain eligible gain. The final regulations also address the ability of such taxpayers’ eligibility to increase the basis in their qualifying investment equal to the fair market value of the investment on the date that it is sold, after holding the equity interest for at least 10 years. Read More…
Updated Rules: Deductible Business & Other Expenses
Posted on December 4th, 2019
Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs Act (TCJA). Read More…
Tags: Tax Law
New Tax Rules for Divorce and Alimony Payments
Posted on October 2nd, 2019
With the divorce rate hovering just below 50 percent, divorce is a painful reality for many people both emotionally and financially. The last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. Furthermore, most court decisions do not take into account the effects divorce or separation has on your tax situation, which is why it’s always a good idea to speak to an accounting professional before anything is finalized. Read More…