Posts Categorized: Tax Cuts and Jobs Act

Small business owners, don’t miss the opportunity to maximize the new 20% Qualified Business Income deduction!

The 2017 Tax Cuts and Jobs Act added one of the largest tax benefits to small business owners in decades.  The IRC section 199A Qualified Business Income deduction (QBI) allows flow-through entities to claim a deduction of up to 20% of their qualified business income.  These flow-through entities include: Sole proprietorships Partnerships S-corporations, and Certain… Read more »

Opportunity Funds, Don’t Miss Out on this Little Known Tax Break

What are Opportunity Funds? Opportunity Funds are either a partnership or corporation that invests in eligible property located in an Opportunity Zone.  An Opportunity Zone is an economically challenged area where certain new investments receive preferential tax treatment.  A location qualifies as after a State has nominated the area and the Secretary of the U.S…. Read more »

New Family Leave Credit-IRC Section 45S

Eligible employers can claim a general business credit from 12.5 percent to 25 percent of the cost of each hour of paid leave.  In order to qualify, employers will have to provide at least two weeks of leave to employees at a minimum of 50 percent of their regular earnings. General Highlights of the New… Read more »

If Your Company’s Gross Receipts are Less Than $25,000,000, You Need to Read This

Beginning 1/1/18, for companies with annual average gross revenues in the prior three years is less than $25,000,000, you: Use the cash method of accounting, Are not subject to the Uniform Capitalization Rules of IRC Section 263A, Can use the completed contract method for long-term contracts, And are not subject the 30% limit on interest… Read more »

100% Bonus Depreciation and other Depreciation Changes Under the Tax Act

The Tax Cuts and Jobs Act made significant changes to depreciation on assets placed in service during the year.  The changes allow business owners greater accelerated write-offs for most assets purchased during 2018; some of these changes went into effect for assets placed in service after 9/27/2017. 100% Bonus Depreciation on Qualifying Assets Available for… Read more »