The high tax States, including New Jersey, are suing the Federal Government because of the Tax Reform Act. They are arguing the $10k cap on State and Local Taxes is somehow Unconstitutional. They will lose. There is no right to have a Federal Tax Deduction for local...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
tax reform
New Tax Law Qualified Business Income Dedcution
CLOSE-UP ON THE NEW QBI DEDUCTION’S WAGE LIMIT The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income...
New Tax Act changes affecting Small Business
A REVIEW OF SIGNIFICANT TCJA PROVISIONS AFFECTING SMALL BUSINESSES Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA)...
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
CLAIMING BONUS DEPRECIATION ON YOUR 2017 TAX RETURN MAY BE PARTICULARLY BENEFICIAL With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs...
Meals, entertainment and transportation may cost businesses more under the TCJA
MEALS, ENTERTAINMENT AND TRANSPORTATION MAY COST BUSINESSES MORE UNDER THE TCJA Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business...
Interesting Items for Recent Tax Reform and Cases
CLIENT LETTER CONCERNING THE LATEST TAX REFORMS AND DEVELOPMENTS TO INDIVIDUALS The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call me...
New tax law gives pass-through businesses a valuable deduction
NEW TAX LAW GIVES PASS-THROUGH BUSINESSES A VALUABLE DEDUCTION Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only...
Bonus Depreciation under the new Tax Law can affect 2017 return
THE TCJA TEMPORARILY EXPANDS BONUS DEPRECIATION The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for...
Business Tax Law Changes – letter to Clients
Business Tax Law Changes The following is my client letter addressing the Business Tax Law Changes in the Tax Cuts and Jobs Act of 2017: On December 22, the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). The 503-page TCJA is the largest tax...
Tax Cuts and Jobs Act: Key provisions a ffecting Businesses
TAX CUTS AND JOBS ACT: KEY PROVISIONS AFFECTING BUSINESSES The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a...