Time is running out if you have been considering investments in qualified opportunity zone properties and businesses. The deadline to get the full 15 percent step-up in basis afforded to realized capital gains is December 31, 2019. Opportunity Zones are a way to encourage more investment in economically distressed communities. They were slow in gathering...
Congress was not too distracted by impeachment to pull together last-minute legislation for a year-end appropriations measure which included extensions of numerous tax provisions that had already expired or were about to. In a last-minute deal right before Christmas, Congress agreed to revive the expiring tax breaks below, including many that have been gone for...
Even though mid-December is upon us, there are several tax planning opportunities still available to reduce a business’s 2019 federal income tax bill, if you act NOW! Defer Income - C corps enjoy a flat 21% statutory tax rate and pass-through entities are now taxed at lower rates, still income deferral remains an important tool in...
The IRS recently announced its yearly tax inflation adjustments for 2020. These are the numbers for the tax year 2020 beginning January 1, 2020, that you'll use to prepare your 2020 tax returns in 2021. The income tax brackets, standard deduction amounts, and other tax items adjusted annually for cost-of-living increases of most interest to our clients are...
The Treasury Department just made it harder for taxpayers trying to circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). The Tax Cut and Jobs Act rules on SALT deductions is a nightmare for folks in high-tax states where residents had previously benefited from being able to deduct much more....
