E-Newsletter

E-Newsletter

Tax Watch

Real Property Like-Kind Exchange Planning

Are you planning on selling business or investment real estate? You may be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through the “like-kind” exchange rules.

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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.

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Overview: Provisions of How the TCJA Affects Individuals

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

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Update to the Rules for Meals & Entertainment Deductions

The Tax Cuts and Jobs Act (“TCJA”) passed in December of 2017 will have significant impact on both individual and business taxes starting on January 1, 2018. One area effected by the Act is in the deductibility of meals and entertainment expenses incurred in the ordinary course of business. This article will take a look at the impact going forward.

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Cryptocurrency Tax Reporting

The IRS reports that less than 1,000 taxpayers reported sales of virtual currency on their tax returns between 2013 and 2015. This is just a fraction of the virtual currency transactions, even though the IRS announced in Notice 2014-21 that virtual currency is property (not like foreign currency), so the sale of a Bitcoin (for example) is essentially the same as a sale of a share of stock.

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Child Tax Credit Now Higher and More Widely Available

Beginning in 2018 through 2025, changes in the Child Tax Credit (CTC) made by the 2017 Tax Cuts and Jobs Act (the TCJA) make the CTC more valuable and allow more taxpayers to benefit from it. The CTC applies to taxpayers with children under the age of 17 (“qualifying children”), and there’s also a new credit for other dependents.

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