Category Archives: Tax Advice


The New COVID-19 Relief Bill: What You Need To Know

23

Dec 2020

The New COVID-19 Relief Bill: What You Need To Know

A $900 billion COVID-19 relief bill was just passed by both the House and Senate on Monday, December 21st. Although the bill now has to be signed by President Donald Trump before going into law, we still wanted to provide the most significant points that would come out of the bill. Stay tuned for additional comments as the bill is over 5,000 pages long! Business-Related…

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Carried Interest: How It’s Changing

24

Sep 2020

Carried Interest: How It’s Changing

The Tax Cuts and Jobs Act of 2017 included Section 1061 which stated that certain taxpayers that hold profits interests in partnerships must satisfy a three-year holding period to qualify for preferential long-term capital gain rates, instead of the usual one-year holding period. Several questions and loopholes arose when this rule was implemented, and the IRS has finally released proposed regulations addressing these issues. This…

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PPP Loan Forgiveness Rules

07

May 2020

PPP Loan Forgiveness Rules

With the first round of funding completed and the second round underway, several businesses have received their Paycheck Protection Program loans from the SBA. This article will guide you through the rules that must be followed in order to gain maximum loan forgiveness as well as the rules that may reduce your forgiveness. 75% Rule You must use at least 75% of the PPP funds…

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Meals & Entertainment Will Never Be the Same!

24

Jan 2019

Meals & Entertainment Will Never Be the Same!

So are entertainment expenses really not deductible anymore? How about meals? The new tax reform has brought an endless amount of change to tax law, and one of the most interesting parts affecting most (if not all) businesses are the changes to meals and entertainment expense deductions. We all have reaped the benefits of going out to eat and throwing parties and events while being…

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BEWARE: The Government Won’t Call You

19

Dec 2018

BEWARE: The Government Won’t Call You

Unfortunately, it is a dangerous world that we live in. It seems as though there is a new hazard waiting around every corner that we turn. One such danger that is widespread around the country are the constant IRS and Social Security Administration scams that affect hundreds of thousands, if not millions, of people every year. In 2017 alone, nearly 1 in 5 people who…

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Why You Should Hire Your Kids

20

Nov 2018

Why You Should Hire Your Kids

There are plenty of reasons for parents to want their children to get a job at a young age. It can help develop a strong work ethic during important developmental years, enable them to learn about the value of money, and teach them about business and entrepreneurship. Thanks to the Tax Cuts and Jobs Act there is now one more reason to push your kids…

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Alimony and The Tax Cuts and Jobs Act

07

Nov 2018

Alimony and The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as important, is alimony. For those in the process of finalizing their divorce, the new tax rules may compel you to either close it out before 2019 or wait to sign on the dotted…

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Business Advantages in Puerto Rico

11

Oct 2018

Business Advantages in Puerto Rico

It’s been said that nothing is certain, except death and taxes. While we can’t do much to lessen the certainty of the former, we may have a solution to the latter through an unlikely source: Puerto Rico. Today, an increasing number of Americans are heading off with their businesses to Puerto Rico to take advantage of the many tax benefits, all while still maintaining their…

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Charitable Donation Options After Tax Reform

20

Sep 2018

Charitable Donation Options After Tax Reform

Francis Bacon once said, “With charity there is no excess” – a powerful statement that the IRS would amend to add, “but with limitations.” When it comes to charitable donations, you are allowed to deduct 50% of your charitable donations only as an itemized deduction. However, with the recent implementation of the Tax Cuts and Jobs Act, it is estimated that a large number of…

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QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

20

Aug 2018

QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

In Part One of our article series we discussed what the QBI deduction is, which business entities it applies to, and how it is calculated. If you need a quick refresher of the QBI deduction, go ahead and read that article here. In part two of our QBI deduction series we’ll be looking more closely at how the income phaseout range will impact your allowable…

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