Tax Archive

Virginia Finally Updates Its Internal Revenue Code Conformity Date for the 2018 Tax Year

On February 15, Virginia Governor Ralph Northam signed House Bill 2529. The bill includes an emergency clause that updates the Commonwealth’s conformity to the Internal Revenue Code in effect on February 9, 2018, to the IRC “as [it] existed on” December 31, 2018.

Many Taxpayers Unsettled By Lower Tax Refunds

The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong?

IRS Issues Final Regulations Regarding the Qualified Business Income Deduction

Taxpayers finally have guidelines from the IRS regarding the Section 199A deduction. In issuing the final regulations regarding qualified business income (QBI), the IRS provided clarifications about how taxpayers can demonstrate they qualify for the deduction. Additionally, the IRS issued proposed regulations regarding previously suspended losses.

Eight Key Tax Planning Opportunities for 2019

More than a year after sweeping federal and state tax reform was enacted, businesses of all sizes are still wrapping their arms around the changes. This article discusses eight planning opportunities and considerations businesses should review as part of their 2019 strategy.

Understanding the New Limitation on Excess Business Loss Limitation

The new limitation on excess business loss is designed primarily to restrict the ability of taxpayers to use business losses to offset other sources of income. The provision is effective for taxable years beginning after December 31, 2017, and before January 1, 2026.

Business Tax Planning Post-Tax Reform

The Tax Cuts and Jobs Act of 2017 resulted in sweeping changes to the tax code. One year later, business owners should be aware of how the changes affect their businesses, and how to plan accordingly moving into 2019.

Individual Tax Planning Post-Tax Reform

For many taxpayers, the changes made by the most recent tax reform represent a host of tax planning challenges and opportunities. In this blog, we highlight some of the more significant changes made by the TCJA, as well as possible challenges and opportunities to lower your tax bill for 2018 and beyond.

IRS Clarifies Rules for Business Meal Deductions

The Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. Now, in Notice 2018-76, the IRS has weighed in with guidance that preserves business deductions for meals incurred in connection with entertainment activities—as long as the meals meet certain requirements.

House Has Passed Legislation on Tax Reform 2.0 - Senate is up Next

The House of Representatives passed three new bills collectively referred to as Tax Reform 2.0 on September 28. Some of the bills must still receive at least 60 votes in the Senate, which most commentators consider an unlikely outcome.

What Should Business Owners Know About the Section 199A Deduction?

The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction.