Louis DiSarno, CPA

Louis DiSarno, CPA
Lou joined MRPR in 2018 as a senior accountant after nearly five years at a major regional public accounting firm in Buffalo, New York. Lou specializes in tax compliance, including work with individuals, partnerships, and trusts and estates, specializing in real estate clients and high-net-worth individuals.
Find me on:

Recent Posts

Michigan Enacts Elective Flow-Through Entity Tax

Posted by Louis DiSarno, CPA on Dec 27, 2021 4:37:22 PM

On December 20th, 2021, Governor Gretchen Whitmer signed Michigan HB 5376, which creates an entity-level tax for pass-through entities (PTEs) that do business in the State of Michigan. Under this new law, PTEs would declare and pay tax on their Michigan taxable income on behalf of their shareholders or entity level partners, and would deduct these taxes from the federal taxable income of the PTE.

Read More

Topics: Tax Topics, Accounting Hot Topics, News

Three Tax Planning Tips for 2021

Posted by Louis DiSarno, CPA on Dec 3, 2021 7:56:43 AM

As the 2021 calendar year comes to a close, it’s important to keep your eyes open on tax changes so you can be prepared for the filing season. Here are some important planning tips:

1. Deduct Business Meals

The treatment of business meals and entertainment (either through a business entity or through an individual’s sole proprietorship) has changed significantly since the Tax Cuts and Jobs Act of 2017 (TCJA). Prior to that law, meals and entertainment expenses were generally deductible by the taxpayer at 50% of their cost in most cases. The TCJA changed this rule to completely disallow deductions for entertainment but keep the 50% limitation for business meals. However, as a COVID relief measure, the Consolidated Appropriations Act of 2021 (CAA) made a special exception for meals.

Read More

Topics: Tax Topics, COVID-19 Updates

Michigan Provides Sales Tax Relief for Certain Taxpayers

Posted by Louis DiSarno, CPA on Dec 15, 2020 4:04:53 PM

The Michigan Department of Treasury has granted a 31-day waiver for penalty and interest for the late reporting of sales, use, and withholding (SUW) taxes ordinarily due on December 20, 2020. Because of this waiver, any SUW returns and payments for affected businesses can be made without interest or penalty until January 20, 2021.

Read More

Topics: Tax Topics, News

IRS Issues PPP Loan Taxability Guidance

Posted by Louis DiSarno, CPA on Nov 20, 2020 2:33:43 PM

There has been considerable confusion regarding how expenses are to be treated for our clients who have received Paycheck Protection Program (PPP) loans, which are eligible for forgiveness under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Read More

Topics: Accounting Hot Topics, COVID-19 Updates

New Proposed Regulations On Gifts and Estate Transfers

Posted by Louis DiSarno, CPA on Aug 31, 2020 8:00:00 AM

The Tax Cuts and Jobs Act (TCJA) of 2017 added many new provisions to the tax code. Taxpayers with larger estates initially saw a benefit from the change to the lifetime exclusion for gift and estate taxes. It increased the amount for each taxpayer from $5 million to $11 million, adjusted for inflation. (For 2019, the indexed amount is $11.4 million.) However, tax practitioners saw a catch: after 2025, the provision will sunset and the lifetime exclusion per taxpayer will revert back to $5 million. Worse yet, it was unclear what would happen to taxpayers who gave gifts that make up this extra $5 million provided by the TCJA. Thankfully, the IRS has finalized Regulation 106706-18, which provides more clarity around gifts and estate transfers. Let's take a look at what you should know if you're worried about being taxed for your generosity.

Read More

Topics: Tax Topics, Accounting Hot Topics

Are Your Employees’ Retirements SECURE? (Part 3 of 3)

Posted by Louis DiSarno, CPA on Aug 25, 2020 6:30:00 AM


Read More

Topics: Business Planning & Operations, Accounting Hot Topics

How The SECURE Act Impacts Parents and Grandparents (Pt. 2)

Posted by Louis DiSarno, CPA on Jul 29, 2020 12:00:00 PM

In Part 1 of our blog series on the SECURE Act, we discussed changes to individual retirement plans. In this article, we will explore how the SECURE Act offers improved flexibility for college savings plans and provides financial relief options for new parents.

Read More

Topics: Accounting Hot Topics

IRS Further Expands Due Date and Payment Relief

Posted by Louis DiSarno, CPA on Apr 11, 2020 11:24:51 AM

As the nation battles the COVID-19 pandemic, the Treasury Department and the Internal Revenue Service (IRS) have risen to the task of assisting taxpayers suffering from economic hardship and who have seen their lives upended by national social-distancing measures.

Read More

Topics: Tax Topics, COVID-19 Updates

Your Individual Retirement Plan and The SECURE Act (Pt. 1)

Posted by Louis DiSarno, CPA on Mar 9, 2020 8:00:00 AM

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law by President Trump. The SECURE Act made many significant changes to the treatment of retirement and other savings plans and corrected a few unfavorable changes that had been put in place from the TCJA.

Read More

Topics: Accounting Hot Topics

Does Your Business Provide Parking? Beware of TCJA

Posted by Louis DiSarno, CPA on Sep 23, 2019 8:13:00 AM

While the Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered to be very business-friendly, there are many provisions implemented to pay for the cuts that can be treacherous for business taxpayers. One of these, Internal Revenue Code (IRC) Section 274(a)(4), specifies that “no deduction shall be allowed… for the expense of any qualified transportation fringe…provided to an employee of the taxpayer.” While the qualified transportation fringe includes many items such as bicycle reimbursements, transit passes, and carpool vehicles, the most impactful change by this code section is for “qualified parking.”

Read More

Topics: Accounting Hot Topics