Jan. 17.

RECENT DEVELOPMENTS THAT MAY AFFECT YOUR TAX SITUATION

By William Murphy | Posted in Newsletter, Tax Blog, Uncategorized |
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One of the provisions of the Tax Cuts and Jobs Act (TCJA) disallows a deduction for any item with respect to an activity that is of a type generally considered to constitute entertainment, amusement, or recreation. However, the TCJA did not address the circumstances in which the provision of food and beverages might constitute entertainment. The new guidance clarifies that, as in the past, taxpayers generally may continue to deduct 50% of otherwise allowable business meal expenses

Nov. 02.

Before we get too festive..all of us need to understand how the “Qualified Business Income (QBI) Deduction (Sec. 199A)” will effect our clients..

By William Murphy | Posted in Newsletter, Podcast, Tax Blog |
Comments Off on Before we get too festive..all of us need to understand how the “Qualified Business Income (QBI) Deduction (Sec. 199A)” will effect our clients..

The American Institute of CPA’s tax section recently published a “Q&A” on  Qualified Business Income (QBI) Deduction (Sec. 199A)…. All tax professionals need to spend some time understanding its implementation and use. So lets get started…. Qualified Business Income (QBI) Deduction (Sec. 199A) What are some general rules of thumb of Sec. 199A? The qualified business income (QBI) deduction of Sec. 199A is limited to 20% of the excess of taxable income over net capital gain. For example, suppose a taxpayer has $100,000 of QBI, $120,000 of capital gain, and $40,000 of deductions. Taxable income in this example is $180,000,
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