Posted on October 31, 2019
by
Edward Cooper
Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]
Posted on October 24, 2019
by
Joseph Saka
Savvy real estate developers and investors have long relied on the Delaware Limited Liability Company Act (DLLCA) to provide them with a flexible and tax-friendly solution for purchasing and holding real property. In planning for the future, current and prospective Delaware LLCs and their members should recognize that the state recently made amendments to the […]
Posted on October 08, 2019
by
Lewis Kevelson
Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]
Posted on October 03, 2019
by
Andrew Leonard
After 29 years, the U.S. government is making changes to its EB-5 visa program, which helps foreign citizens expedite U.S. residency in return for capital investment in commercial projects that create or preserve domestic jobs. Under new rules that go into effect on Nov. 21, 2019, it will become more expensive and more difficult for […]
Posted on October 02, 2019
by
Angie Adames
Taxpayers age 65 and older by the end of 2019 will have a new option for filing their federal tax returns come April of 2020. As mandated by the Bipartisan Budget Act of 2018, the IRS has released a draft of Form 1040-SR, U.S. Tax Return for Seniors, which features larger font size for easier […]
Posted on September 24, 2019
by
Karen Lake
The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair has had far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminated the prevailing physical presence test, which required sellers to collect sales tax […]
Posted on September 18, 2019
by
Adam Cohen
Small-business owners who use a portion of their homes regularly and exclusively for business purposes may qualify for a home office deduction that can help them save money of their taxes and improve their bottom line. For purposes of claiming this deduction, a home is defined as a house, apartment, condominium, mobile home, boat or […]
Posted on September 04, 2019
by
John Ebenger
Savvy investors know that holding real estate in their individual names is a bad idea that exposes them to a broad range of legal risks and personal financial liabilities. Instead, U.S. tax laws permit investors to structure their real estate holdings into separate business entities, such as partnerships, limited liability companies (LLCs) and corporations, which […]
Posted on August 27, 2019
by
Angie Adames
Under a Revenue Procedure recently issued by the IRS, eligible partnerships that made errors on their timely filed 2018 federal tax returns in March of 2019, for which no extensions were filed, may have a small window of opportunity to file superseding Forms 1065 and Schedules K-1 to partners by Sept. 15, 2019. Taxpayers eligible […]
Posted on August 22, 2019
by
Andrew Leonard
The overhaul of the U.S. tax code was signed into law at the end of 2017, yet many taxpayers are continuing to conduct business as usual, paying little attention to how the new law impacts their tax liabilities for 2018 and beyond. To be sure, the Tax Cuts and Jobs Act (TCJA) in its original […]
