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Section 199A QBI Deduction

2019 – 01/22 As part of the recently issued Sec. 199A QBI deduction regulations, the IRS issued guidance for certain real estate businesses. It allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business (for purposes of the…

Tax Extenders

2019 – 01/23 No action is likely to be taken on tax “extenders” for now. Extenders are tax provisions that the U.S. Congress periodically considers for renewal. Prior to the end of the 115th Congress, there was guarded optimism that a bill would be passed before filing season began to extend provisions that expired. However,…

Qualified Business Income Deduction

2019 – 01/23 The qualified business income (QBI) deduction is beneficial, but complex and subject to limitations. There are two ways to claim the Sec. 199A QBI deduction. One involves 20% of a taxpayer’s QBI and the other uses the amount of W-2 wages paid by an employer. New IRS guidance describes how to calculate…

Depreciation-related breaks on business real estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by…

Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on…

Getting wise to the rise of “smart” buildings

Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility, or moving to or constructing a new one, it’s important to be aware of “smart” buildings. A smart building is one equipped with a variety of sensors that gather and track information about…

Affordable Care Act

2019 – 01/14 The IRS has announced that electronic filing of Affordable Care Act (ACA) information returns (Forms 1094 and 1095) for the 2018 tax year will become available on 1/15/19, at approximately 9 a.m. Eastern time. The tax code requires information reporting on these forms by health coverage providers and applicable large employers (ALEs)….

4 business functions you could outsource right now

One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are…

Tax Season Begins January 28

2019 – 01/09 The IRS confirms that tax season will begin January 28. The tax agency announced that, despite the government shutdown, it will process tax returns beginning 1/28/19 and provide refunds to taxpayers as scheduled. The IRS believes that it has authority to pay refunds despite a lapse in annual appropriations. It announced that…

IRS Contingency Plan

2019 – 01/08 The U.S. government shutdown has entered its 3rd week and most IRS activities have been halted. The IRS says it will soon release a contingency plan for this federal income tax filing season. Until then, a shutdown back in 2013 may provide clues as to how the IRS will handle things. At…

Reporting Business Interest

2019 – 01/07 The IRS has released Form 8990 for reporting business interest, subject to the new Sec. 163(j) limit. Form 8990 is used to calculate the amount of business interest expense a taxpayer can deduct and the amount to carry forward to the next year. The form generally must be filed by a taxpayer…

Report of Foreign Bank and Financial Accounts

2019 – 01/03 If you have a financial interest in, or authority over, foreign accounts, you must file a Report of Foreign Bank and Financial Accounts if the value exceeds $10,000 in a year. Not doing so can result in penalties, which are greater for a willful violation. In one case, a man was assessed…

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