The SECURE Act Will Likely Affect Retirement and Estate Plans
In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including […]
The SECURE Act Changes the Rules for Employers on Retirement Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on […]
TCJA Expands Section 179 Expensing Strategies
The Tax Cuts and Jobs Act (TCJA) expanded the definition of qualified property for immediate expensing under Section 179 to include certain improvements for nonresidential buildings. Internal Revenue Code section 179(f)(2) identifies costs for roofing, fire protection, alarm systems, security systems and HVAC property as being eligible for Section 179 expensing if the new improvement […]
Spending bill extends tax breaks, adds retirement account provisions
With its winter recess looming, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive government-wide spending package, the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress […]
IRS updates rules for using per diem rates
The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). The per diem rules themselves haven’t […]
New draft forms issued for BBA partnerships
It has been nearly a year since the new centralized audit regime, enacted by the 2015 Bipartisan Budget Act (BBA), became effective for partnerships. BBA partnerships are any that are subject to the new regime, which applies to tax years beginning on or after January 1, 2018. A partnership may opt out of the BBA […]
Business year-end tax planning in a TCJA world
The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes on their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. Several […]
It’s not too late to trim your 2019 tax bill
Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists that also must be considered. Let’s take a closer […]
Opportunity Zones: Overview and Update on Recent Developments – East Lansing, MI
The 2017 Tax Cuts & Jobs Act created a new incentive for investment in low-income communities known as “qualified opportunity zones” that has the potential to be a win-win for investors and low-income communities. This seminar will provide an explanation of the opportunity zone program and recent developments that can provide significant tax benefits. The […]
IRS issues final QBI real estate safe harbor rules
Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure […]