MRPR Blog

Q4 2019 Tax Headlines For Business Owners

Posted by Greg Zink on Nov 12, 2019 8:00:00 AM

While some people may not think that tax and accounting topics make for exciting headlines--we do! Here's a quick round up of five tax-related headlines that impact many business owners heading into Q4.

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Topics: Tax Topics, Business Planning & Operations

New Regulations Help Clarify Qualified Opportunity Zones

Posted by Louis DiSarno, CPA on Jul 23, 2019 9:00:00 AM

The IRS released new proposed regulations for Qualified Opportunity Zones on April 17, 2019. The new regulations seek to clarify the vague statutory language of Internal Revenue Code Section 1400Z-1 and 1400Z-2, outlining the tax benefits of Qualified Opportunity Zones.

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Topics: Tax Topics

Is Your Tax Return Vulnerable to Identity Theft?

Posted by Lou DiSarno on Jul 12, 2019 4:07:31 PM

The damaging impact of identity theft can be devastating and long-lasting. When we send off our tax returns to the IRS we assume our information is safe. But did you know that the simple act of filing your tax return could put you at risk for identify theft?

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Topics: Tax Topics

IRS Establishes Safe Harbor for Rental Enterprises Under 199A

Posted by Louis DiSarno, CPA on Apr 2, 2019 8:10:00 AM

Tax practitioners and industry leaders alike have been offering comments and posing questions to the IRS after the proposed regulations were released for the new Section 199A Qualified Business Income deduction. The IRS has worked diligently to analyze and clarify the new law, and issued final regulations on January 18, 2019.

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Topics: Tax Topics

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

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