In an effort to offer greater relief for certain pass-through entities which had been required to file the new Schedules K-2 and K-3 tax forms for 2021, the IRS announced in February 2022 that certain domestic partnerships and S corporations may now no longer be obligated to file the new schedules. This announcement is designed […]
The IRS issued Notice 2021-10 on January 19, 2021 extending the deadlines for Qualified Opportunity Funds (QOFs) and investors in those funds who have been impacted by the pandemic. The notice provides relief to Qualified Opportunity Funds, investors, and Qualified Opportunity Zone Businesses (QOZB) with greater flexibility given to those who failed to meet regulations […]
On November 9, 2020, the IRS released Notice 2020-75 noting that it intends to issue proposed regulations that will provide clarity on the deductibility of certain workarounds for the $10,000 cap on state and local taxes (SALT), imposed on individuals as part of the Tax Cuts and Jobs Act. This notice may impact partners in […]
Under the Tax Cuts and Jobs Act (TCJA), a new category of real property termed “qualified improvement property” (QIP), was created. The TCJA failed to assign a depreciable life to this category and, therefore, the life defaulted to 39 years. This 39-year depreciable life rendered the category ineligible for bonus depreciation (a circumstance which was […]
On September 30, 2019 the IRS issued drafts 2019 Form 1065 (partnership income tax return) and Schedule K-1 (partner’s share of income, deductions, credits, and other items). A month later, it issued draft instructions for both forms. The proposed forms and instructions impose significant new tax compliance burdens on many funds organized as partnerships. The […]
The largest overhaul of the tax code occurred in 2017 with the Tax Cuts and Jobs Act. One of the significant changes that was brought about by the reform was the new bonus depreciation rules. These rules have increased bonus depreciation on assets used in business from 50% to 100%. In this video, you will […]
The Tax Cuts and Jobs Act placed a $10,000 cap on individuals’ deductions of state and local taxes (SALT) for federal income tax purposes. Since the law was passed, several high-tax states have explored workarounds to help ease the burden of the new limitation. One such response is Connecticut’s new pass-through entity tax. Shifting Tax […]
It’s probably safe to say that your goal as a business owner is to make money, not lose it. Even if you find yourself on the losing side of the equation, there are situations in which your company might be able to minimize the impact from business losses. A Net Operating Loss (NOL) occurs if […]
Recently, the IRS issued Notice 2014-21, it is much anticipated guidance on the tax treatment of Bitcoin and other virtual currencies. The notice provides that virtual currency is treated as property, rather than currency, for federal tax purposes. This has significant implications for those who invest in — or conduct transactions using — all virtual […]