Get ready for new requirements to disclose all beneficial owners of business entities to the Financial Crimes Enforcement Network, beginning January 1, 2024. Heavy fines for missing this, so be in the know!
The IRS will be testing a new free direct E-file system during the 2024 filing season, on a small scale. If that goes well, they plan to expand the system over the next few years, assuming they can get the funding to do so, as well as fend off the tax prep industry lobbyists.
IRS Plans to Introduce a Free Direct File System: What You Need to Know Read More »
Hello Everyone, Bravo! The Internal Revenue Service released initial guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act, which was supposed to eliminate deductions for expenses pertaining to activities generally considered entertainment, amusement or recreation. The guidance rescues the meals deduction, and confirms
The IRS Issues Long-Awaited Guidance on Business Meals and Entertainment Deductions Read More »
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term
The SBA Made 6 Monthly Loan Payments on Your Behalf. Is That Taxable Income? Read More »
Hello Everyone, There is some confusion out there about how the new Section 199A tax deduction is calculated, particularly around the “Taxable Income” definition, which is the starting point for the entire calculation. To clarify: Taxable Income is the starting point for your Section 199A deduction, and you can obtain that number from
How Capital Gains Can Hurt Your New 199A 20 Percent Tax Deduction Read More »
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Who Are The Winners and Losers? Hello Everyone, As you may recall from our previous Tax Alerts from Feb 3 and May 21, one of the key items passed in the recent tax reform, the Tax Cuts and Jobs Act (TCJA), was
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Read More »
New Pass Through Entity Tax (PET) on CT S Corporation and Partnership Owners Hello Everyone, As a direct response to recent Federal tax reform, which limits State and Local Tax (SALT) tax deductions as an itemized deduction on your Federal tax return to just $10,000, CT Governor Dan Malloy signed a new “Pass-Through Entity Tax”
CT Pass-Through Entity Tax Passed on May 31, 2018 Read More »
If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that substantially increases your chances of an IRS audit. The tax code contains a business
Do Your Business Losses Make You an IRS Target? If So, Do This Read More »
When Tax Reform was hot off the press a few months back, we sent you a tax alert to let you know the deductions for business meals were changing. It caused a lot of uproar! And confusion too. I discovered that people get really upset when the government starts messing with their tax-deductible food! As
Tax Reform Update on Strategy for Business Meals with Clients and Prospects Read More »
The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. And if you want less taxable
Tax Reform Does Much to Help Your Rental Real Estate Read More »
