The DMJ Digest: A CPA Blog

Insights and musings from the desks of DMJ professionals.

The DMJ Digest: A CPA Blog

Insights and musings from the desks of DMJ professionals.

New Business Interest Deduction Limitations for Companies with Tax Years Beginning After 12/31/2017

The Tax Cuts and Jobs Act of 2017 revised and broadened the already in existence Internal Revenue Code “IRC” §163(j) business interest deduction limitation rules for companies with tax years beginning after December 31, 2017. The IRS released initial guidance on these new rules on April 2, 2018, with Notice 2018-28. And then on November 26, 2018, the IRS issued expansive proposed regulations (439 pages to be exact) which may be relied upon until the final regulations are published. Depending on the size and nature of your business, these regulations could have a significant impact on you and your business’s ability to deduct all interest expense incurred for 2018 and future tax years.

read more

DMJ Durham Adds CPA Tax Manager

DMJ & Co., PLLC (DMJ), a Top 300 North Carolina CPA firm, is pleased to announce that Jeff Marko, CPA has joined the firm as a tax manager in DMJ’s Durham, North Carolina office. Throughout his career, Jeff has worked with large multi-state C-Corporations, closely held S-Corporations and Partnerships, Sole Proprietorships, and high net-worth individuals.

read more

SPECIAL TAX BLAST October 29, 2018

The IRS has issued proposed regulations and a related revenue ruling regarding the designation of certain low-income community population census tracts as Qualified Opportunity Zones (“QO Zones”), eligible for favorable tax treatment as created by the Tax Cuts and Jobs Act (“TCJA”).

read more

IRS Issues Regulations on Qualified Opportunity Zones

The IRS has issued proposed regulations and a related revenue ruling regarding the designation of certain low-income community population census tracts as Qualified Opportunity Zones (“QO Zones”), eligible for favorable tax treatment as created by the Tax Cuts and Jobs Act (“TCJA”). Since passage of the TCJA in 2017, many taxpayers have eagerly awaited guidance as to how to defer their capital gains into QO Zone property. The gain deferral incentive is aimed at encouraging economic growth and investment in businesses within the QO Zones.

read more