Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted...
Suppose your teenaged child worked this past summer and raked in the money. Typically, your progeny might have an eye on the latest video game or smartphone, but there...
The trust fund penalty is one of the most onerous tax provisions on the books. The courts often come down hard on taxpayers. However, in a recent decision, the court...
In a new decision, a taxpayer deducted the cost of charitable travel in her automobile, but she didn’t have the necessary records to back up her claims.
Conducting prompt, thorough internal investigations followed by appropriate corrective action may be the best way to insulate your company from potential liability when...
Generally, you can only deduct losses from passive activities up to the amount of your income from passive activities for the year. But there are certain exceptions to...
Are you or someone else in your family buying a home? Mortgage interest rates are still favorable by historical standards, but you might decide to pay one or more...
Suppose that a family member has to move into an assisted living facility. Although nursing expenses are generally deductible as medical expenses, the lines can get...
The new Tax Cuts and Jobs Act reduces the tax benefits of net operating losses claimed by businesses. Strategy: When possible, time NOLs to your tax advantage. Depending...
The Tax Exempt Organization Search ... New tips on tips ... Online audits are coming ... Educational tax breaks to be consolidated ... Blue Book delayed
Although the new Tax Cuts and Jobs Act reduces exposure to the alternative minimum tax for millions of taxpayers for 2018-2025, it doesn’t provide complete protection....
