Treasury Secretary Announces “Tax Day” To Now Be Extended to July 15th
In what is appearing to be a fairly fluid situation with the United States Treasury Department and the IRS, Treasury Secretary Steven Mnuchin announced, via…
Income Tax
IRS Extends 2019 Income Tax Payment Deadline – But Not Date for Filing 2019 Federal Income Tax Returns
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal…
The Interaction of Section 461(l) and the Passive Activity Loss Rules
Section 461(l) of the Internal Revenue Code (“IRC” or “Code”) provides that a taxpayer other than a C corporation is not allowed to deduct “excess…
The “Taxpayer First Act” Becomes Law
President Trump signed the “Taxpayer First Act”, H.R. 3151, into law on July 1, 2019. The Taxpayer First Act may be one of the most…
Section 199A – The Decision to Aggregate
Under the 2017 Tax Cuts and Jobs Act, Congress enacted the new Section 199A 20% profit deduction for owners of pass-through businesses, and which include…
Cryptocurrency Tax Guidance Expected Soon
The Internal Revenue Service (“IRS”) will be releasing guidance on the tax treatment and reporting requirements of “virtual currencies” (i.e., cryptocurrencies) very soon, according to…
Senate Finance Committee Probing Conservation Easement Abuse
On March 27, 2019, the Senate Finance Committee launched an investigation into the abuse of syndicated conservation easement transactions. The transactions being investigated involve promoters…
The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners:
Assisted And Senior Living Facilities
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include…
The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners:
Does It Apply To Rental Real Estate Activities?
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include…
The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners:
Employee Leasing May Help
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include…