The Paycheck Protection Program (PPP) is a federally guaranteed Small Business Administration loan program that was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which became law on March 27, 2020. As of this writing, lawmakers are considering the … [Read more...]
Trade guaranteed payments for net profits to gain from QBI deduction
By Abhi Parikh, Sobul, Primes & Schenkel, Los Angeles The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, added Sec. 199A, which allows a qualified business income (QBI) deduction that can provide valuable tax savings to individual taxpayers who receive income from passthrough … [Read more...]
Forget the Playoffs, College Football’s All About New Tax Laws and Tickets
In 1986, two years into Ronald Reagan's second term, the Democrats regained a Senate majority. David Pryor, a Democratic senator from Arkansas, used his new position as chairman of the Senate Subcommittee on Oversight of the Internal Revenue Service, to launch an attack on what he called the IRS' … [Read more...]
Opportunity Funds: Do Well by Doing Good
Opportunity Funds explained by SPSCPA.com There's a new type of investment fund available called "Opportunity Funds" that might benefit two groups of people. Interestingly, these groups are often not well-acquainted with each other: 1) those who have large investment profits and 2) … [Read more...]
Old School Rules Control Taxes on New Age Cryptocurrencies
Investing in cryptocurrency moved mainstream last year and now more people are staring down tax bills from their big gains. The only official IRS guidance about the tax consequences of your adventures in the Jurassic jungle of cryptocurrency trading is from 2014. And that four-year-old … [Read more...]
Section 1031 Exchange, New Rules You Want to Know
Changes in the Tax Cuts and Jobs Act have made this strategy even more attractive to real estate investors. Under the new Tax Cuts and Jobs Act, the benefits of combining cost segregation and Section 1031 exchanges have become an even more important tax strategy for real estate investors than … [Read more...]
Online Retailers Must Charge Sales Tax to Everyone
Written by Adam Liptak, Ben Casselman and Julie Creswell Americans have done more and more of their shopping online in recent years, drawn by the promise of low prices, wide selection and buy-from-home convenience. But e-commerce has also had another edge: Many of those sales were, in effect, … [Read more...]
How Long Do I Need to Keep Tax Returns and Related Records?
One of the most frequently asked questions that we get from clients is “ How long do I have to keep all of my records and tax returns?”. The general rule for copies of tax returns is - indefinitely. With the advent of scanning and electronic storage programs, this is slightly less onerous than in … [Read more...]
New Tax Return Due Dates for 2016 Tax Returns
The Internal Revenue Service has made several changes in due dates for some Federal tax returns, effective for the filing of 2016 tax returns, due in 2017. The changes affect Partnership, LLC and C Corporation tax returns. The due dates for S Corporation returns, individual income tax returns and … [Read more...]
Mortgage Interest Deduction for Unmarried Couples
The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence … [Read more...]
