Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...
Category Archive: Tax
According to a recent Forbes’ article “IRS Faces Huge Backlog of Unopened Mail As Workforce Returns,” the estimated backlog of unopened IRS mail was at 11 million pieces as of June 2020. Perhaps the largest ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...