Category: Business Owners

Business Owners

IRS Issues Final Regulations on the Business Interest Expense Deduction Limitation by Heath Standorf, CPA


Posted on October 20, 2020 by Heath Standorf

The IRS recently published final regulations regarding the business interest expense deduction limitations introduced in 2017 by the Tax Cuts and Jobs Act (TCJA) and recently updated by the CARES Act. Included in the final regulations are guidance to help taxpayers identify and calculate their interest deduction limitation and FAQs to help them understand if […]

IRS Grants Certain Deductions for Estates and Non-Grantor Trusts, Including Excess Deductions on Termination by Jeffrey M. Mutnik, CPA/PFS


Posted on October 13, 2020 by Jeffrey Mutnik

The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under the 2017 overhaul of the tax code. The Tax Cuts and Jobs Act (TCJA) barred individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable […]

What the Self-Employed Should Know About Taxes on Unemployment Benefits by Kevin McNally, JD


Posted on September 22, 2020 by Kevin McNally

Among the millions of American workers filing for unemployment compensation in the wake of the COVID-19 pandemic are self-employed individuals, independent contractors and part-time workers who otherwise would not qualify for these benefits. While the extension of unemployment assistance to these workers is good news, it is critical for out-of-work individuals to recognize that the […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA


Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]