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Final Passthrough Deductions Regulations Published-Changes and Clarifications Abound

Jan 28, 2019

The Treasury recently finalized regulations on the 20% 199A passthrough deduction.  While some questions remain unanswered, the new regulations address several areas omitted from the proposed regulations released this past August, alter rules on others, and clarify yet more.  Most of these changes were nuances that only nerds who read tax code and regulations (insert […]

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Vacation Rentals Now Subject to Occupancy Tax

Jan 21, 2019

On December 28th, 2018 the governor signed HR 4327 into law, subjecting short term rentals to the same 5.7% state occupancy tax as hotels, bed and breakfasts, and motels.  Municipalities can also subject these rentals to a local occupancy tax (up to an additional 6%). Further, the new law requires registration with the department of […]

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Qualified Opportunity Zone Tax Incentives: That’s Some Pig

Jan 2, 2019

Much like Wilbur the pig from “Charlotte’s Web”, Qualified Opportunity Zone Tax Incentives have been generating a lot of attention.  Given their ability to defer gain recognition up to 10 years, and exempt subsequent gains entirely, they should be attracting attention.  They also create an incentive for investment in economically distressed areas. While that sounds […]

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Eleventh Hour to Renegotiate Expense Reimbursements

Dec 11, 2018

With 2018 ending, employees with significant unreimbursed expenses are almost out of time to renegotiate their expense reimbursement terms.  The Tax Cuts and Jobs Act removed the ability to deduct all miscellaneous expenses subject to a 2% limitation, including unreimbursed employee expenses.  For most taxpayers, this isn’t an important change, but for a small minority, […]

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When Can I Deduct My Home Equity Interest?

Dec 11, 2018

Last year’s Tax Cuts and Jobs Act removed the itemized deduction for home equity interest for 2018 onward.  At first blush this would appear a straightforward prohibition of the deduction for interest on any loan not used for the original purchase of a home.  As with many things in tax, a laymen’s reading of the […]

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Sales Tax & Internet Sales: Here be Dragons

Aug 10, 2018

In days before the world was fully explored, map makers often placed the words “here be dragons” in uncharted waters as a warning to sailors.  On June 21, 2018, the Supreme Court handed down its ruling on South Dakota v Wayfair, requiring “out-of-state sellers to collect and remit sales tax ‘as if the seller had […]

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Wage Earners Submit Your New W-4 Now Or Pay the Consequences (Read On)

Jan 31, 2018

If you have not updated your Form W-4 to provide for changes in the recently passed Tax Cuts and Jobs Act, you could be in for a surprise.  Your previous Form W-4 likely provided for personal exemptions which were eliminated under the new tax law.  A new Form W-4 should be resubmitted to exclude any […]

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New Meals & Entertainment Limitations

Jan 25, 2018

The time to find out expenditures are no longer tax deductible is before the money is spent, not when the receipts are totaled at year end.  To that end, there has been a major change in allowable deductions beginning in 2018 for meals and entertainment expenses.  Tax deductions for all meals have been limited to […]

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New Partnership Rules Streamlined Audit Process (Not Necessarily a Good Thing)

Jan 11, 2018

Tax year 2018 begins a new regime of partnership audit rules, casting off the old TEFRA regime of small and large partnerships in favor of a streamlined audit process.  While this may sound like the type of mind-numbingly technical issue to be ignored, it really isn’t.  Due to some harsh changes in the audit process, […]

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Update: State of Federal Tax Reform

Dec 4, 2017

The senate narrowly passed its version of the tax reform in the early hours of Saturday morning. There were numerous last minute adjustments that differed from the initial draft bill, as well as the house bill. Because of the numerous differences between the house and senate bills, the legislation must now go to a joint […]

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Myrna Stacey
QuickBooks® Consultant