Posted on August 15, 2019
by
Angie Adames
The IRS has issued new regulations permitting taxpayers to change the bonus depreciation treatment of certain property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017. The Tax Cuts and Jobs Act (TCJA) that went into effect on Jan. 1, 2018, made several changes to bonus depreciation, such […]
Posted on June 19, 2019
by
Karen Lake
The Florida legislature recently passed a $91.1 billion budget for 2019 that provides some significant wins for individuals and business taxpayers located in the state while failing to address the remote and online sales tax collection issue created by the Supreme Court’s June 2018 decision in South Dakota v. Wayfair. Here are the details. Reduced […]
Posted on May 14, 2019
by
Eric Green
The IRS recently issued a highly expected, second set of proposed regulations on the Opportunity Zone program intended to help more investors, developers, business owners and underserved communities across the U.S. begin working together to maximize the intended benefits of this program. Congress established the Opportunity Zone program at the end of 2017, as […]
Posted on March 22, 2019
by
John Ebenger
Two provisions of the Tax Cuts and Jobs Act (TCJA) are throwing some business owners for a loop as they prepare to file their federal income tax returns for 2018. The new law introduced a limit on the deductions that non-corporate taxpayers could claim for excess business losses while also limiting deductions for net operating […]
Posted on February 25, 2019
by
Michael Hirsch
The Tax Cuts and Jobs Act and the new $10,000 cap on the deduction for state and local taxes (SALT) have caused many wealthy families in high-tax states to consider moving to more tax-friendly jurisdictions, such as Florida, where they can avoid the imposition of a state-level personal income tax. However, the rules for establishing […]
Posted on January 15, 2019
by
Karen Lake
Effective Jan. 1, 2019, Florida’s sales tax rate on the total rent that commercial real estate owners charge and receive from tenants is 5.7 percent, a decrease from 5.8 percent in 2018, and 6.0 percent in 2017. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage […]
Posted on December 17, 2018
by
Barry Brant
The permanent reduction of the corporate income tax rate from a maximum of 35 percent to a flat 21 percent has led many businesses to reevaluate their current tax positions and reconsider their entity choice. The decision to convert from a pass-through entity to a C corporation, however, should not be based solely on how […]
Posted on January 11, 2018
by
John Ebenger
The Internal Revenue Code permits owners of business- and income-producing real estate to deduct from their taxable income an allowance for the wear and tear, deterioration or obsolescence of property over time. In addition, some businesses have been able to accelerate depreciation deductions to more quickly recover the cost and other basis of certain capital […]
Posted on November 10, 2017
by
Robert Aldir
The new model for how businesses across all industries will need to recognize revenue from customer contracts in 2018 for public companies and in 2019 for nonpublic companies is a game changer. While privately held companies have an additional year to come into compliance, they must begin preparations now to account for the substantial changes […]
Posted on November 02, 2017
According to the National Association of Realtors, a lack of inventory has helped to buoy buyer demand and sales prices for existing homes during the summer of 2017. As the median prices for condominiums and single-family homes continue to appreciate, homeowners who decide to put their houses on the market now can potentially reap substantial […]
