Category Archive: Tax

Tax Implications and Incentives for Physician Practices During COVID-19

The rapidly-changing regulatory environment and what this means for physician practices   COVID-19 has changed the way physicians practice medicine. The CARES Act has put forth many provisions for healthcare practitioners to survive. The Trump ...

Hey Vance, How Long Should I Keep My Tax Records?

Regularly, I am asked how long one should keep tax records.  This is an important and straight-forward question. My usual answer is less direct: “it depends.” As you can see below, that’s a pretty good ...

The TCJA Limit on Interest Expense Deductions

Abstract:   The Tax Cuts and Jobs Act introduced a variety of tax benefits for businesses. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business ...

What You Now Need To Know About Meal, Travel, and Entertainment

Abstract: When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel, and entertainment expenses. This article explains that many of these expenses may be deductible if ...

Did You Repair Your Business Property or Improve It?

Abstract: Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs ...

Excess Business Loss Rule May Be Unfavorable To You

Abstract: Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to ...

Family Office Structuring in Light of Lender Ruling

Recent court rulings and tax reform legislation has an impact on family office expense deduction. The lack of definition and bright-line test determining “trade or business activities” means that we must carefully consider the distinct ...

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known ...

IRS Releases New Round of Qualified Opportunity Zone Proposed Regulations – Observations Regarding Certain Key Provisions

Yesterday afternoon, the U.S. Treasury and the Internal Revenue Service (IRS) published a 169-page document setting forth a second round of proposed regulations regarding the new Qualified Opportunity Fund (“QOF”) investment vehicle. Generally, these new ...

A Day in the Life Of a Tax Senior

My name is Kelli and I am a Tax Senior at HM&M, and this is a day in my life. First, a little background. I attended Texas AM&M University at Commerce where I earned my ...

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3 strategies that can be used to increase your charitable giving “bang for the buck”

Do you make charitable contributions? If so, read on. We may be able to help you cut the costs of charitable giving – or increase the size of your contributions without costing any more in ...

Does the IRS Call You?

Ring ring, ring ring…. have you ever been asked why aren’t you picking up your phone? Well, in my case it’s because the phone number from which I’m receiving the “call” appears to be following ...