The DMJ Digest

Insights and musings from the desks of DMJ professionals.

The DMJ Digest

Insights and musings from the desks of DMJ professionals.

Limits on a Partner’s Loss Deductions

As you are probably aware, one of the advantages of doing business as a partnership (or S corporation), as opposed to as a regular corporation, is that the business losses “pass through” to the partners and can be deducted by them on their individual tax returns. Many taxpayers are not aware, however, that limitations apply on how much of a partner’s loss can be deducted.

read more

Jointly-Held Property: Inclusion In Gross Estate

When individuals consider estate planning, questions surrounding jointly-held property frequently present themselves. This is especially so when the property is held jointly with someone other than a spouse. The most common forms of joint ownership are presented here. Please feel free to consult with us if you have specific questions related to your own estate tax planning needs.

read more

Benefiting from the Rehabilitation Credit in Altering or Adding to Business Space

Are you considering increasing your business space or moving your business location in the near future? If so, you should keep in mind the rehabilitation tax credit. In its most common form the credit is equal to 10% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building. The credit is allowed against both regular federal income tax and alternative minimum tax. Qualified rehabilitation expenditures must be for real property (but not land) and can’t include building enlargement or acquisition costs.

read more

Accountants, Auditors, and Technology – What’s in Our Future?

In June 2018, the CPAI A&A Conference Planning Committee has devoted time on the agenda for presentations concerning artificial intelligence, “blockchain” accounting, data analytics, and cybersecurity. While each of those are somewhat familiar to all of us, I personally find “blockchain” accounting the most fascinating. Reading and attending CPE relative to “blockchain” accounting has helped me somewhat understand it.

read more