Navigating the Qualified Business Income DeductionDecember 26, 2018
The Tax Cuts and Jobs Act of 2017 brought a potentially significant tax break—some say the largest in decades—for small business owners in Section 199A. The IRS states: “Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship …
Tax Reform and Your Vacation HomeJuly 27, 2018
The Tax Cuts and Jobs Act of 2017 brought many changes to the treatment of vacation homes and second homes owned by high net worth individuals. An article published in Financial Advisor Magazine highlights key provisions with input from CPAs across the U.S., including Curchin’s Lynn Conover. “If the property is held out as a …
Governor Murphy and Legislative Houses Reach Budget Deal Which Includes Corporate and Individual Tax IncreasesJuly 20, 2018
By: Edward Rigby, CPA, MST On July 1, 2018, Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin announced that their respective branches of New Jersey’s government had reached a compromise agreement for the fiscal year 2019 state budget. The upcoming fiscal year budget will include certain tax increases as part of …
Multi-State Tax News U.S. Supreme Court Overrules Longstanding Sales Tax Nexus Requirements in its Recent South Dakota v. Wayfair, Inc. DecisionJuly 20, 2018
By: Edward Rigby, CPA, MST On June 21, 2018, in a highly anticipated U.S. Supreme Court decision, the court overturned longstanding multi-state nexus rules requiring what is referred to as a “physical presence” test to be met in a state before that state could require an out of state business to collect and remit sales …
Meal and Entertainment Expenses as changed by The Tax Cuts and Jobs Act (TCJA)July 20, 2018
By: Peter Pfister, CPATax Partner With the signing of the TCJA on December 22, 2017 many changes were made to the deductibility of meal and entertainment expenses beginning in 2018. These changes may have a major impact on individual and business spending habits. Here are some answers based on a question and answer format. Q: …
AICPA Requests ‘Immediate Guidance’ from IRS on Pass-Through IncomeJune 7, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) allows for a 20 percent deduction on qualified business income (QBI) for pass-through entities, as stated in Section 199A of the new Internal Revenue Code. However, defining “qualified business income” has become somewhat problematic, as certain businesses – including many professional services firms – are …
International Tax Reform under the Tax Cuts and Jobs Act of 2017June 7, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) impacts companies doing business internationally, particularly in regard to U.S. taxes on earnings of profits offshore and repatriation. There is also a notable corporate tax deduction. Territorial System The previous “worldwide” tax system is being transitioned to a territorial model beginning in 2018. This means income …
Tax Cuts and Jobs Act of 2017: What You Need to KnowFebruary 15, 2018
By: Edward Rigby, CPA Most of the new tax law went into effect January 1, 2018, impacting business owners and individuals for the 2018 tax year. This article focuses on educating our clients and helping them understand how the changes will affect them and their tax services. Here are the key provisions: Major Corporate Tax …
Tax Reform and 2017 Year-End Tax PlanningDecember 21, 2017
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a …
5 Tips for Making Tax-Deductible Charitable DonationsDecember 13, 2017
During the holidays, many people make donations to help those in need. It’s also the last chance in the calendar year to qualify for tax deductions on charitable gifts, adding a sense of urgency to the philanthropy. While any and all charitable giving helps humanity move forward, there are a few best practices to ensure …