The DMJ Digest

Insights and musings from the desks of DMJ professionals.

The DMJ Digest

Insights and musings from the desks of DMJ professionals.

DMJ Partner Art Winstead Honored with Distinguished Service Award by the NCACPA

DMJ & Co., PLLC, a North Carolina CPA and accounting firm, is pleased to announce that Arthur M. Winstead, Jr., CPA, Partner, has been selected for the North Carolina Association of CPAs’ (NCACPA) Distinguished Service Award. Recipients of the award are recognized for their substantial service contributions to charitable, community, civic, and/or other public service activities. Art has consistently and actively participated in community, charitable, or other civic activities on the local, state, and national level, throughout his career. He was recognized and received the award at the NCACPA’s 2018 Recognition Dinner held at the Raleigh Marriott Center City in Raleigh, NC on July 31.

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The IRS Finally Issues Regulations on The New 20% Business Deduction – What Have We Learned?

On Wednesday, August 8, 2018, the Department of the Treasury released proposed reliance Regulations on Section 199A, also known as the 20% deduction on qualified business income (“QBI”). The words “proposed” and “reliance” are important and meaningful. “Proposed” means that these are draft Regulations that are open to public comment, and may change before they are finalized as a result of the comments of tax professionals received. “Reliance” means that although they are draft and subject to change, taxpayers can rely on these for the time being, which is helpful given that they take effect for the 2018 calendar year, which is more than half over at this point.

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Andrew Steel Selected Member of Leadership North Carolina

GREENSBORO – DMJ & Co., PLLC, a North Carolina based CPA and accounting firm, is pleased to announce that Andrew Steel, CPA, Tax Manager, has been selected as a member of Leadership North Carolina Class XXVI. Each year, Leadership North Carolina (LNC) selects committed individuals interested in learning more about their state and connecting with fellow leaders. Through innovative programming, LNC teaches these engaged citizens about the challenges and opportunities facing North Carolina and offers tools to turn their knowledge into action for the benefit of the state.

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Converting a Home Into Rental Property

If you have decided to move but have been unsuccessful in selling your current home, you may contemplate converting it into rental property. If you are thinking of taking this step, you no doubt are fully aware of the economic risks and rewards. However, you also should be aware that renting out your personal residence carries potential tax benefits and pitfalls. Prior to any potential conversion, you should review how the conversion will affect your income/deductions as well as any gain/loss on the eventual sale of the property.

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How Does the Home Office Deduction and Renting Your Home Affect the Personal Residence Exclusion?

Most taxpayers know that an individual can exclude up to $250,000 ($500,000 for certain joint filers) of the gain from the sale of his principal residence if he has owned and used the residence as his principal residence for at least two years out of the five-year period before the sale. What you may not know is how claiming the home office deduction and/or renting your home affects the personal residence exclusion.

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Local Transportation Costs

Many taxpayers, especially ones that are self-employed, have questions regarding the deductibility of local transportation costs. Please consider the brief overview below to help you distinguish between deductible and non-deductible transportation costs that you may incur in your business activities.

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