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 ...
Category Archive: Tax
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 ...