Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are looking for ways to minimize their taxes. Read more
High lifetime gift exemptions coupled with lower asset values create a unique opportunity to leverage and efficiently transfer assets. Now is the time to act. Read more
Once tax reform was passed, the deduction was expanded to 100% if the qualified property is placed in service through 2022 with the amount dropping each subsequent year by 20% until it sunsets in 2027. Read more
Massachusetts has now publicly stated in a final Technical Information Release that corporations are allowed to defer gains from Opportunity Zones and are required to follow the basis reduction rules... Read more
Revenue Procedure 2019-26 includes different limits for purchased automobiles that are eligible for bonus first-year depreciation and some that aren’t. Read more
These rules are designed to help employers value an employee’s personal use of an employer-provided vehicle for income and employment tax purposes. Read more
There are still several outstanding uncertainties frustrating businesses and individual taxpayers. The Tax Cuts and Jobs Act contains several “glitches” that need legislative fixes. Read more
On November 2nd, the House Republicans released their proposed tax legislation. The proposal contains several changes to the tax code for individuals, businesses, and other organizations. Read more
