Initially, the Tax Cuts and Jobs Act (TCJA) of 2017 introduced the excess business loss (EBL) limitation which was effective for tax years 2018 to 2025. In 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act retroactively delayed the […]
Tax Legislation
It is common for individuals to make transactions with family members or businesses owned by family members. Did you know that such transactions could potentially have adverse tax consequence for you? The normal tax rules regarding the deductibility of losses […]
Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business […]
Background Partnerships and S Corporations with relevant international tax items were required to start filing Schedules K-2 and K-3 for tax years beginning in 2021. Initially, practitioners did not anticipate these additional forms to impact many of their domestic clients […]
Background Qualified rehabilitation expenditures (QREs) are expenditures related to rehabilitation or restoration of a qualifying structure. Expenditures that qualify as QREs are eligible for a 20% general business tax credit of the total QREs. In the industry, this is commonly […]
With year-end fast approaching, it’s time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is that it now […]
You’ve probably heard that the newly enacted Inflation Reduction Act of 2022 (IRA) includes a package of measures to fight climate change, including tax incentives for both consumers and businesses. Among other things, the law extends and revises a tax […]
Your organization’s lawful gambling fund is having a record year. Business is booming, everything is looking up until you realize the increase in profits will cost you an absurd amount in income taxes at year-end. You have two months until […]
What is the 50% Test? The 50% Test is required for every project that receives 4% credits by financing acquisition and construction costs with volume cap tax-exempt bonds. The test is to verify that 50% or more of the tax-exempt […]
The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) are both very generous education tax credits many college students can use to help reduce their tax bill—or get an extra bit of cash. However, the differences between […]
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