Tax Law and News

TaxProTalk: QBI Deduction and Safe Harbor for Rental Real Estate

February 20, 2019 February 19, 2019 / Jim Buffington, CPA

In this episode of TaxProTalk, Jim and Tony discuss some additional details around qualified business income deduction as well as some information about safe harbor provisions for rental real estate. TaxProTalk has a channel on YouTube. Subscribe to be notified about all...

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Tax Law and News

How Tax Reform Affects the State and Local Tax (SALT) Deduction

February 19, 2019 February 4, 2019 / Eric Clements

Photo of mature man, recording data from the computer, working on his taxes with tax booklet and pencil in hands

In analyzing filings for prior years, the IRS documented that nearly a third of all taxpayers have itemized deductions. Of those who do, nearly all of them take the state and local tax (SALT) deduction. Prior to the Tax Cuts...

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Tax Law and News

Changes to Ohio Municipal Taxes Require Businesses to File on a Timely Basis

February 15, 2019 January 29, 2019 / Jennifer Conn

The State of Ohio has more than 600 municipal taxing jurisdictions to which businesses are required to file tax returns. Businesses file paper returns to each municipality, with the exception of those that are part of the Regional Income Tax...

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Tax Law and News

New! Standard vs. Itemized Deduction Calculator

February 14, 2019 February 19, 2019 / Intuit ProConnect Team

In just five screens, our Standard vs. Itemized Tax Deduction Interactive tool can help your clients understand the changes in the standard deduction and itemized deductions. This tool can also help you discuss the tax law changes and their impact...

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Tax Law and News

The Treasury and IRS Issue Additional Guidance on Qualified Business Income

February 12, 2019 / Mike D'Avolio, CPA, JD

On Jan. 18, 2019, the Treasury Department and the IRS issued final regulations and three pieces of guidance around the new qualified business income (QBI) deduction. The Tax Cuts and Jobs Act established a 20 percent QBI deduction for sole...

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Tax Law and News

IRS Releases Publication 535 With Details Around Qualified Business Income

February 11, 2019 February 8, 2019 / Mike D'Avolio, CPA, JD

The IRS released Publication 535 on Jan. 30, 2019. Chapter 12 covers the qualified business income (QBI) deduction, including guidance, worksheets and instructions in arriving at the new 20 percent deduction. Under the Tax Cuts and Jobs Act, and beginning...

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Tax Law and News

What’s the Optimal Age to Start Drawing Social Security Benefits?

February 8, 2019 January 29, 2019 / Mike D'Avolio, CPA, JD

Social Security benefits can provide a sizeable chunk of income and can possibly be the primary source of income for older Americans. However, many retirees may not fully understand the rules around receiving benefits and the relationship between monthly benefit...

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Tax Law and News

Hobby Loss Law Changes: Loss of Miscellaneous Deduction

February 7, 2019 January 22, 2019 / Stephen Wright, CPA

The hobby loss rules limit the deductibility of expenses related to activities not engaged in for a profit; determining this is based on the facts and circumstances of each situation, but regulations under IRC Sec. 183 provide a safe harbor...

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Tax Law and News

TaxProTalk: Pub. 535, Tax Planning and Educating Clients

February 1, 2019 / Jim Buffington, CPA

Anthony and Jim share three updates in this episode of TaxProTalk: IRS Publication 535, Business Expenses, is final, and chapter 12 covers the basics of qualified business income. Leading with tax planning starts during your tax season engagements. Proactively educate...

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Tax Law and News

February 2019 Tax and Compliance Deadlines

January 31, 2019 January 14, 2019 / Intuit ProConnect Team

It’s February, which means you’re already busy working with clients on tax year 2018 filings. Don’t forget about this month’s important tax and compliance deadlines. In February, it’s recommended that you: Send reminders to individual clients who have not returned...

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