Archive

Monthly Archives: October 2018

Businesses Face Complex Rules for New Interest Expense Deduction in 2018 by Andreea Cioara Schinas, CPA


Posted on October 25, 2018 by Andreea Cioara-Schinas

Despite the generous tax breaks that the Tax Cuts and Jobs Act (TCJA) delivers to most businesses, the new law also introduces a few unfavorable provisions, including a significant limit on the deductions that certain businesses can claim as business interest expense. Changes to Regulations Prior to the TCJA, most businesses generally could deduct 100 […]

4 Reasons Your Business Needs a Strategic Plan by Joseph L. Saka, CPA/PFS


Posted on October 25, 2018 by Joseph Saka

A business with the most innovative idea for solving a specific and immediate need for a majority of the population will likely fail if the owner and senior management team do not consider how and where they want the business to be five- or 10-years from now. Do the business’s mission and core values support […]

What Real Estate Businesses, Investors Need to Know about the New Pass-Through Business Deduction by Laurence Bernstein, CPA


Posted on October 23, 2018

The vast majority of businesses in the U.S. are structured as pass-through entities, such as partnerships, S corporations and sole proprietorships. These entities pass their profits, losses and other attributes to their owners or partners each year, when tax is calculated at the individual’s tax return level. Although these businesses will not receive the benefit […]

IRS Extends Tax Relief to Victims of Hurricane Michael by Jeffrey M. Mutnik, CPA/PFS


Posted on October 19, 2018 by Jeffrey Mutnik

Individuals who reside or own businesses in certain regions of Florida and Georgia, which the president declared as disaster areas following the October 7 landfall of Hurricane Michael, may qualify for various forms of tax relief from the Internal Revenue Services. The designated disaster areas in Florida are Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. by Karen A. Lake, CPA


Posted on October 15, 2018 by Karen Lake

The U.S. Supreme Court’s June 2018 decision in South Dakota v. Wayfair has far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminates the prevailing physical presence test, which requires sellers to collect sales tax […]

The ABCs of IRAs by Nancy M. Valdes, CPA


Posted on October 11, 2018

Individual Retirement Arrangements, or IRAs, are financial accounts that taxpayers may set up with an IRS-approved financial advisor, financial institution or life insurance company to save money for retirement.  However, because not all IRAs are created equally, taxpayers should take the time to learn the following terms and definitions. A contribution is the money individuals put into their […]

Can I Deduct Interest on a Home Equity Line of Credit in 2018? by Joanie B. Stein, CPA


Posted on October 09, 2018 by Joanie Stein

With real estate values appreciating and interest rates still relatively low, an increasing number of consumers have been using the equity in their homes as collateral against lines of credit that they can use to immediately pay for large expenses, including home upgrades, medical bills, college tuition, and even lavish vacations. However, the new tax laws limit […]