Legislation was reintroduced in late February to expand the Earned Income Tax Credit called the Cost-of-Living Refund Act of 2019. This bill would increase the size of the EITC as well as increase the number of tax filers eligible for the credit. The hope is that it would assist American families receiving smaller refunds than...
Hidden away in the 2017 Tax Cuts and Jobs Acts is a program called the Investing in Opportunity Act, which can bring much needed investment to some of the nation’s distressed communities. It allows for investment in new businesses and in education, particularly charter schools and skill trainings programs. It is gaining popularity as a...
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...
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Tax Reform’s 20% Tax Break for Pass Through Entities - Exceptions Apply! The Tax Cuts and Jobs Act lowered the corporate tax rate to 21% while individual rates remained higher for individuals. This proved to be a problem for sole proprietors, partnerships, LLCs, trusts and other owners of pass-through entities like S-Corporations. So Congress, with...
