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Expanded Section 179 Rules for Commercial Rental Properties

In general, real property and improvements to real property are depreciated over either 27.5 years (residential property) or 39 years (commercial property).  In the past, major improvements such as HVAC replacements and roofs were caught by this rule. However, the tax law that went into effect in 2018 expanded the depreciation rules for non [...]

Expanded Section 179 Rules for Commercial Rental Properties2020-02-23T23:15:40+00:00

Seasonal Workers and the Healthcare Law

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care [...]

Seasonal Workers and the Healthcare Law2019-12-28T21:42:21+00:00

Tax Treatment of Virtual Currency Transactions

If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They may have found [...]

Tax Treatment of Virtual Currency Transactions2019-12-28T21:41:01+00:00

Rental Real Estate Qualifies as a Business

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a "rental real estate enterprise." What this means is that certain interests in rental real estate - including interests in mixed-use property - are allowed to be treated as a trade or business for purposes of [...]

Rental Real Estate Qualifies as a Business2019-12-28T21:34:21+00:00

Employer Credit for Family and Medical Leave

Thanks to the passage of the Tax Cuts and Jobs Act last year, there's a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the credit based on wages paid to qualifying employees while they are on family and medical leave. Here [...]

Employer Credit for Family and Medical Leave2019-12-28T21:32:38+00:00

New Tax Rules for Divorce and Alimony Payments

Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone's mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the effects divorce or separation has on your [...]

New Tax Rules for Divorce and Alimony Payments2019-12-28T21:22:22+00:00

It’s Not Too Late to Check Paycheck Withholding

Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout the year. No matter which preference taxpayers choose, they should remember that [...]

It’s Not Too Late to Check Paycheck Withholding2019-12-28T21:14:47+00:00

Higher Ed Institutions Affected by Proposed Regulations

Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise tax is estimated to affect 40 or fewer institutions, it applies to any private college or university that has at least [...]

Higher Ed Institutions Affected by Proposed Regulations2019-12-28T21:10:22+00:00

Employers: Backup Withholding Lowered to 24 Percent

Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers should have their employees check their withholding. Backup withholding. Under the Tax Cuts [...]

Employers: Backup Withholding Lowered to 24 Percent2019-12-28T20:47:57+00:00

Tax Reform Impact – Moving Expenses

In our continuing series on major provisions of the new tax law, today we focus on the deductibility of moving expenses. It's pretty simple really. Under the prior law, all moving expenses were deductible if the move was job-related and a distance test was met. Under the new law, moving expenses are no longer [...]

Tax Reform Impact – Moving Expenses2019-06-05T15:23:41+00:00
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