Entries by Andrea Nodoro

IRS Releases Final Qualified Business Income Deduction Regs in Advance of Tax Season

A deduction for qualified business income (“QBI”), set in motion by the Tax Cuts and Jobs Act (“TCJA”) back in August of 2018, is now fully available to partnerships, S corporations, limited liability companies, trusts, and sole proprietors who wish to take advantage of the deduction for the 2018 tax season. The IRS recently issued […]

IRS Issues 2017 Cost-of-Living Adjustments

The newly-issued IRS 2017 cost-of-living adjustments have been announced. Some amounts have been increased only slightly while others will remain at 2016 levels. Following is a breakdown of how these new amounts may impact individual income taxes, the Alternative Minimum Tax, education and child-related tax breaks, retirement plans, and gift and estate taxes. Tax Bracket […]

Changes to IRA Rollover Rules, Less Taxpayer-Friendly

A controversial ruling regarding IRA rollover rules that contradicted an IRS publication designed to explain the law to taxpayers was made by the U.S. Tax Court, earlier this year. In Bobrow v. Commissioner, the court ruled that the onerollover-per-year rule applies to all of a taxpayer’s IRAs in aggregate, rather than on an account-by-account basis. […]