Archives for Laws

CARES Act Stimulus Package Update

  I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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California Establishes An Individual Mandate for Health Insurance Coverage

The Affordable Care Act (ACA) – AKA Obama Care – has yet to be totally repealed. And it’s more likely to be replaced rather than canceled without a credible alternative in place. But several key elements of the program have been excised since the Trump Administration won the White House in 2016. This includes removing the penalty for failing to purchase health insurance. The “Individual Mandate,” as it was originally known, required every citizen to
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Looking to Reduce Your 2019 Income Taxes? Top 10 Year-End Tax Tips…

WOW! Somehow, 2019 totally flooooooooooooooooooown by!? Not sure where the time went? But with the fiscal year-end quickly approach, it’s the time to start thinking about your taxes. And it’s especially important to evaluate your tax situation NOW! Because there are several tax-sheltering measures you can take before December 31st. Measures with the potential to lop a sizable sum off of your 2019 tax bill. And toward that end, here are 10 tax-savings tips… 1.
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How Does The Qualified Business Income Deduction (QBI) Benefit Your Real Estate Investments?

There’s no doubt real estate is a lucrative investment! Ownership of income-generating properties has been the seat of many eventually towering fortunes. But the liabilities involved with real estate are considerably larger than other investments. Managing tenants and maintenance, along with property and income taxes are expenses that perpetually eat away at your profit margin. Good News For Real Estate Investors But despite these expenses, there’s some good news for real estate investors on the
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Tax Payers First Act Brings Welcome Reforms to IRS Appeals Process

Few things induce gut-churning panic faster than notice of an IRS audit. It’s a fear to which no taxpayer is immune. But thankfully, the recent passing of the Taxpayer First Act (TFA) is bringing some solace to taxpayers grappling with an IRS audit. Particularly for those appealing an audit. Internal Revenue Service Independent Office of Appeals To begin with, the TFA establishes the Internal Revenue Service Independent Office of Appeals. This new administrative body is
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Tax Reform Highlights – Business Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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Tax Reform Highlights – Individual Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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Research and Development Credits Updates

On 12/19/2014, President Obama signed the H. R. 5771 Bill, known as the Tax Increase Prevention Act.  This means that a host of tax credits are being extended to another tax year. Among these is the Research and Development credit. Many small and middle sized businesses do not claim the credit because of the complications in calculating it: The research credit equals the sum of: (1) 20% of the excess (if any) of the qualified
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Expiring 2014 Tax Provisions

  List of 2014 Expiring Tax Provisions 55 tax breaks are expiring, here is a list of some of the most important ones. A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical makers and high tech companies. The tax break saved companies an estimated $6.2 billion in 2013.  This is a 20% tax credit on R&D expenditures. An exemption that allows banks, insurance companies and other financial firms
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