General News

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 Technical Termination Rule Repealed Under prior law, a partnership (or LLC treated as a partnership…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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Calculating Personal Casualty Losses

Calculating Personal Casualty Losses Damages to personal-use property can quickly add up, but the full amount of the loss isn’t deductible for federal income tax purposes. To calculate the casualty loss deduction for personal-use property in an area declared a federal disaster, you must take the following three steps: Subtract any insurance proceeds. Subtract $100…

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