Capital Gains Savings & Qualified Opportunity Funds

Posted by Saro Sevugan on Mar 4, 2019 8:00:00 AM

The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits, however, arises from something that is new with the TCJA – the concept of Qualified Opportunity Funds (QOFs). To the educated taxpayer, QOFs can mean potential tax savings and the chance to invest in the future of some of America’s most needy areas.

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Topics: Tax Topics, Accounting Hot Topics

Section 199A Confusion: Specified Service Trade or Business

Posted by Louis DiSarno, CPA on Feb 21, 2019 8:00:00 AM

We’ve written before about the Section 199A deduction of the Tax Cuts and Jobs Act (TCJA). The new law allows individuals and trusts to take a deduction of up to 20% of qualified business income, or QBI, from a domestic qualified trade or business.

However, there is a limitation placed on the deduction if your taxable income is over a certain threshold - $157,500 for a single filer, $315,000 for married filers – relating to qualified business income that is earned from a “specified service trade or business” (SSTB).

If you're confused already, here's what you need to know to understand how Section 199A impacts your taxable income.

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Topics: Tax Topics, Accounting Hot Topics

The New Business Income Deduction

Posted by Louis DiSarno, CPA on Feb 5, 2019 8:00:00 AM

The 2017 Tax Cuts and Jobs Act (TCJA) is one of the most consequential changes to U.S. tax law in decades. It features changes to individual rates, sweeping reforms to corporate taxation, and much more. One of the most important provisions of the new law is the new Section 199A deduction for Qualified Business Income (QBI). Any taxpayer receiving income from a domestic “trade or business” can potentially take a tax deduction for up to 20% of that income. Eligible taxpayers will be able to take the deduction for the first time on their 2018 personal income tax returns - Form 1040.

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Topics: Tax Topics

The New Lease Accounting Standard is Coming Soon

Posted by Erica Braun on Jan 21, 2019 8:00:00 AM

Many business owners see their leases --everything from buildings to copy machines-- as just that --a lease. But what they aren't used to seeing are those leases showing up on their balance sheets. If you have a long-term lease of any kind, you'll need to understand the new lease accounting standard, also known as, Accounting Standards Update 2016-02 or Leases (Topic 842). For non-public entities, this standard is set to take affect for fiscal years beginning after December 15, 2019.

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Topics: Business Planning & Operations

New Interest Expense Limitations

Posted by Louis DiSarno, CPA on Dec 5, 2018 8:03:00 AM

The Tax Cuts and Jobs Act (TCJA) has something for everyone. For example, corporate tax rates were cut from a top marginal rate of 35% to a flat rate of 21%.  And owners of most pass-through entities, such as S Corporations and partnerships, will realize a tax rate decrease of up to 10% as result of the new Section 199A deduction. However, it's not all good news. 

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Topics: Accounting Hot Topics

New Tax Rules for Meals and Entertainment Expenses

Posted by Alex Bellovary, CPA on Nov 16, 2018 1:18:00 PM

As the 2018 calendar year end approaches, taxpayers should be aware of the new meals and entertainment rules for tax deductibility.  

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Topics: Tax Topics, Accounting Hot Topics

IRS Updates Transportation Industry Per Diem Rates

Posted by Greg Zink on Oct 11, 2018 7:57:00 AM

The IRS has increased the 2018–2019 per diem rates for substantiating employee business expenses under IRC Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home. 

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Topics: Business Planning & Operations, Accounting Hot Topics

What the Wayfair Case Means for Multi-State Sellers

Posted by Derek Wiggins, CPA, CGMA, MST on Oct 8, 2018 7:59:00 AM


If you've haven't heard about the Supreme Court's ruling on South Dakota v. Wayfair, it's time to start paying attention. Wayfair, an online retailer of home furnishings since 2002, had been selling products without charging state sales tax, giving it a consumer benefit edge over its brick and mortar competitors.

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Topics: Accounting Hot Topics

​MRPR Makes Crain's Cool Places to Work 2018

Posted by Greg Zink on Oct 2, 2018 7:54:00 AM


We're excited to announce that MRPR has made Crain's 2018 list of Cool Places to Work in Michigan. MRPR ranks 78 among 100 companies recognized by their employees for having outstanding workplace culture. Also a big shout out to our clients at New Eagle, for making the list as well!

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Topics: News