General News

Update on the New Business Interest Expense Limitation

Update on the New Business Interest Expense Limitation The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses…

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Proposed Reliance Regs for Qualified Opportunity Funds

Qualified Opportunity Funds: The IRS Issues Proposed Reliance Regs The IRS has issued proposed regulations that provide guidance under new provisions added by the Tax Cuts and Jobs Act (TCJA) related to Qualified Opportunity Funds (QOFs). Specifically, the guidance addresses the gains that may be deferred as a result of a taxpayer’s investment in a…

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Electric Vehicle Tax Credits

Electric Vehicle Tax Credit: You Can Still Save Greenbacks for Going Green Are you considering buying a new plug-in electric vehicle or a plug-in electric-gas hybrid vehicle? There is good and bad news about the tax credits and other cost-saving benefits available on these vehicles. The good news is that the Tax Cuts and Jobs…

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Tax Law Changes Affecting Partnerships, LLCs and Their Owners

Tax Law Changes Affecting Partnerships, LLCs and Their Owners The Tax Cuts and Jobs Act (TCJA) brought many modifications to the tax laws that affect partnerships, limited liability companies (LLCs), and their owners. Here’s a look at the key changes. Technical Termination Rule Repealed Under prior law, a partnership (or LLC treated as a partnership…

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Update on Deducting Personal Casualty Losses

Update on Deducting Personal Casualty Losses Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage. The tax code allows individuals to claim itemized deductions for personal casualty losses — but…

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