More New Law Dec 2020

Changes to PPP Loans & Employer Payroll Tax Retention Credit, as well as cash coming your way in January 2021.

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Tax provisions in new relief bill in Washington DC

Overview of the tax provisions in the December 2020 covid-19 relief bill

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Section 179

Is the Section 179 deduction right for your rental real estate?  Yes, it is a great way to write off your new roof, HVAC, and other items.

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Qualified Business Income Deduction

Is your rental real estate a “business?” Is it eligible for the QBI Deduction? How can you tell? If it is not a business, then what is it? ...

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Passthrough state taxes

Some states have noticed that partners & S corporation shareholders are not getting to deduct state taxes anymore, and they have taken steps to impose the taxes on the...

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Growing your business?

State taxes are catching up with new ways of doing business. Employees working from home and sales on the internet both can grow your state tax compliance in...

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New Audit Rules

Have you updated your partnership agreement for the new “partnership representative” rules?  Have you and your partners agreed on how any audit adjustments will be handled and who will...

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Two sets of rules for distributions

S corporations have two different sets of rules for the tax treatment of distributions, depending on whether the corporation has earnings and profits left over from years before the...

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Deducting losses

S corporations are designed by Congress to make profits and distribute them to shareholders – not to lose money.  When it comes to deducting losses, shareholders must jump through...

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Selling or buying an S corporation

As the buyer, you want to be able take deductions for amortization or depreciation on the value of goodwill and other assets.  As the seller, you want to avoid...

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