Posts Tagged: Tax updates

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 »

Tax reform: What the 2017 Tax Cuts and Jobs Act means for you

The U.S. House of Representatives and Senate passed the “Tax Cuts and Jobs Act” on December 20, 2017, and President Trump signed the law before Christmas. This piece of legislation is the most comprehensive change to the tax code since the Tax Reform Act of 1986. Because most of changes took effect January 1, 2018,… Read more »

Highlights of the 2017 Tax Cuts and Jobs Act

The U.S. House of Representatives and Senate passed the “Tax Cuts and Jobs Act” on December 20, 2017, and President Trump signed the law before Christmas.  This piece of legislations is the most comprehensive change to the tax code since the Tax Reform Act of 1986. Most of these provisions take effect for tax years… Read more »

Senate Version of the New Tax Bill

The Senate Finance Committee revealed their version “Tax Cuts and Jobs Act” on November 9. The changes are too numerous to list, and this post focuses on the highlights of the proposal. Most of the changes are effective for tax-years beginning after 12/31/17.  Like the House Version, the Senate’s nearly doubles the standard deduction for each… Read more »

Things to Consider About New Tax Bill

The House of Representatives revealed their proposed “Tax Cuts and Jobs Act” this week. The bill is touted as tax relief to middle income families, but in reality, with the loss of many adjustments to income and Schedule A deductions, it is difficult to determine who will benefit from this tax bill. The media is… Read more »