Monthly Archives: March 2017

The Joys of Parenthood Include Tax Benefits by Rick Bazzani, CPA

Posted on March 29, 2017 by Rick Bazzani

As individuals prepare to file their 2016 income tax returns, they should remember that if they are the parents of dependent children, they may qualify for certain benefits that can reduce their taxable income. It is important to remember, however, that many of these tax credits and deductions may be limited based upon a taxpayer’s […]

‘Investors’ In Real Estate Receive Better Tax Treatment Than ‘Dealers’ by Steve Messing, CPA (updated)

Posted on March 29, 2017 by Steve Messing

The phrase “long-term investor” as defined by taxpayers is not in sync with the Internal Revenue Service’s definition.  The consequences of this disconnect can be quite costly. Profits from real estate sales can expose taxpayers to unexpectedly large tax liability if they behave more like a property “dealer” than an “investor,” at least in the eyes […]

You’re Going to Develop it Anyway – Why Not Swap Into It When It’s Completed? Non-Safe-Harbor Reverse Exchanges under Estate of Bartell by Arthur Lieberman – UPDATED

Posted on March 22, 2017 by Art Lieberman

  In one of the most important like-kind-exchange court cases in decades, “reverse” like-kind exchanges just became a new tax deferral play for real estate developers.   Section 1031 of the Internal Revenue Code has long been one of the most taxpayer-friendly provisions for real estate investors. It allows taxpayers to defer taxes, in whole […]

IRS Finalizes Reporting Rules for Disregarded Entities with Foreign Ownership by Arthur J. Dichter, JD

Posted on March 22, 2017 by Arthur Dichter

In an effort to uncover the true identities and related tax liabilities of foreign individuals and corporations behind domestic disregarded entities, the IRS in December issued final regulations that create new reporting requirements. Effective January 1, 2017, U.S. disregarded entities, including single-member Limited Liability Companies with a foreign owner, are required to obtain an employer […]

What You Need to Know About Tax Exemptions by Joanie B. Stein, CPA

Posted on March 14, 2017 by Joanie Stein

As the 2016 income tax filing deadline nears, taxpayer will be looking for ways to reduce their taxable income. In addition to deductions for making contributions to retirement accounts and charities, prepaying property taxes or harvesting investment losses to offset capital gains, certain taxpayers may claim exemptions and deduct from their taxable income $4,050 for […]

Tax Season Reminders for Entrepreneurial, Self-Employed Business Owners by Dustin Grizzle

Posted on March 10, 2017 by Dustin Grizzle

Taxpayers who own businesses or work as independent contractors have different tax filing and reporting requirement than other employers and employees. Following are answers to common questions for self-employed taxpayers.   Do I qualify as a Self-Employed Independent Contractor or am I an Employee? The IRS considers a taxpayer to be self-employed when he or she: […]