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Business Tax

Jan 08, 2019

Business Owners Beware: New Tax Reporting Requirements for Passthroughs

The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities).  For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property.  » Read More

Nov 28, 2018

Tax Carve-Out for U.S. Real Estate Agents, Brokers, and Managers

The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.

Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.  » Read More

Oct 26, 2018

Treatment of Capital Gains Reinvested in Qualified Opportunity Zones

The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, is the biggest overhaul to our Federal Income Tax Code.  It reduces tax rates, eliminates certain deductions, and enhances other deductions and tax credits.  One significant change is the treatment of capital gains invested in a qualified opportunity zoneRead More

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