Reporting Required for Certain Deductions of Conservation Easements

If you contribute a conservation easement to a qualified organization, then you’re not just protecting the natural value of that land for future generations. There may be ways you can claim that contribution as a charitable deduction on your tax return. If you have invested in or plan to invest in a pass-through entity so you can benefit from a deduction for a charitable contribution of a conservation easement, a recent Notice from the Internal Revenue Service (“IRS”) could affect you. And, if you are considering whether to donate a conservation easement to charity with respect to property you already. Read More.

Eye on Reform: President Trump’s Proposed Tax Plan

On April 26, 2017, the White House shared the broad outlines of its plan for tax reform, calling it “The Biggest Individual and Business Tax Cut in American History.” President Trump’s stated goals for this plan are: growing the economy; creating millions of jobs; simplifying the tax code; providing tax relief to families (with a focus on the middle class); and lowering the business tax rate to make it one of the lowest in the world. Few details of the plan are available, because the Administration has said that they are still being worked out with members of Congress and. Read More.

Eye on Tax Reform: President Trump’s Plan to Cut Tax Rate on Businesses

What are the real effects of lowering the tax rate to 15 percent, if President Trump’s proposed tax plan goes through? Small business owners who currently pay tax at individual tax rates (sometimes as high as 39.6%) on their business income because they operate as pass-through entities will potentially see the biggest reduction in tax rate. This rate reduction will be even higher if they are subject to the additional .9% Additional Medicare Tax or the 3.8% Net Investment Income Tax. Paying less in taxes could increase economic growth for businesses, which means they’ll have more money to invest in. Read More.

Last-Minute Tax Tips to Check Before You File Your 2016 1040

Don’t give Uncle Sam more of your money than you have to. Review these tax tips before you file your 2016 tax return. How many could apply to you and save you some money – now or down the road? And what else do you need to know? Business and Employment-Related Expenses Did you purchase depreciable assets for your business during 2016? If so, you can benefit from bonus depreciation and expensing allowed by Internal Revenue Code (“IRC”) Section 179. These provisions allow you to deduct up to $500,000 of certain tangible property and leasehold improvements placed in service during. Read More.

IRS Says, No More Bottom-Dollar Guarantees: What Every Partner Needs to Know

Bottom-dollar guarantees are coming to an end as a way for partners to increase their tax bases in a partnership or limited liability company. Temporary Regulations issued by the Internal Revenue Service (“IRS”) in October 2016 state that bottom-dollar guarantees can no longer be used to increase your basis in your partnership interest unless they are covered by special transition rules. That means that if you’ve made any such guarantees and the underlying debt is modified, you’ll have to restructure the guarantees in order to avoid having them be disregarded under these new rules. A seven-year phase-in period gives you. Read More.

The American Health Care Act: Latest Reactions and Guidance

“What does the new healthcare reform proposal mean for me?” That’s the question on everyone’s minds. How will the reforms the Republicans want to put into place affect businesses, individuals, the insurance industry, and the healthcare industry? Some of the initial takeaways from the proposed bill that has now passed two House committees are: Until reform is passed, the ACA is the law of the land, so don’t change what you’re doing yet. Employer-provided health benefits may still be tax deductible, so offering a group health plan could still earn tax breaks for employers. Cafeteria plans (i.e., HSAs and FSAs). Read More.

March 13 Deadline for QSEHRA Notices Has Been Extended

The March 13 deadline for employers to furnish initial written notice regarding qualified small employer health reimbursement arrangements (“QSEHRA”) has been extended indefinitely until the government can provide additional guidance to employers. The Internal Revenue Service (“IRS”) announced this extension in IRS Notice 2017-20 . QSEHRAs were made available in the 21st Century Cures Act (“Cures Act”), enacted on December 13, 2016. For the first time, the government allowed small employers (typically 50 or fewer full-time or full-time equivalent employees) without a group health plan to reimburse eligible employees for health insurance coverage they purchase individually, as long as the coverage meets minimum. Read More.

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