Monthly Archives: August 2018

12 Ways to Reduce the Increased Threat of Expense Report Fraud under Tax Reform by Richard A. Pollack, CPA

Posted on August 27, 2018 by Richard Pollack

Entertaining clients, referral sources and employees with tickets to sporting events, country club outings, fishing trips or other forms of business promotion are common business practices. No matter how significant these costs, businesses have had the reassurance that the IRS would permit them to deduct all or a portion of these meals and entertainment (M&E) […]

IRS Clarifies Assets Eligible for First-Year Bonus Depreciation Deductions for Real Estate Businesses by Angie Adames, CPA

Posted on August 23, 2018 by Angie Adames

The Tax Cuts and Jobs Act (TCJA) that went into effect on Jan. 1, 2018, provides an opportunity for taxpayers to accelerate generous depreciation deductions for “qualified property” acquired and placed in service after Sept. 27, 2017, and before Jan. 1, 2027. However, because lawmakers drafted and passed the Act in haste, many taxpayers are […]

Tax Reform Can Mean Bigger Depreciation Deductions for Businesses by Cherry Laufenberg, CPA

Posted on August 16, 2018 by Cherry Laufenberg

Small businesses that are considering capital investments in new or used equipment, machinery, vehicles, furniture, or even buildings, can start shopping in 2018 to take advantage of temporary tax saving opportunities contained in the Tax Cuts and Jobs Act (TCJA). Bonus Depreciation The new law allows businesses to immediately write-off more of the costs they […]

Tax Reform Exempts More High-Net-Worth Families from the Dreaded Estate Tax by Rick Bazzani, CPA

Posted on August 15, 2018 by Rick Bazzani

While the Tax Cuts and Jobs Act (TCJA) signed into law in December of 2017 did not make many adjustments to the existing gift, estate and generation-skipping transfer tax regimes, what it did do beginning on Jan. 1, 2018, is significant. Doubles the Estate and Generation-Skipping Transfer Tax Exemption Under the new law, fewer taxpayers will need to worry […]

Tax Reform Provides Senior Citizens with Opportunities to Maximize Tax Benefits of Charitable Giving by Adam Cohen, CPA

Posted on August 08, 2018 by Adam Cohen

It is estimated that less than half the number of taxpayers who previously claimed deductions for charitable contributions will continue to do so beginning in 2018, when the rationale for itemizing deductions may no longer make fiscal sense. However, the passage of the Tax Cuts and Jobs Act (TCJA) does provide an opportunity for taxpayers […]