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 January 02, 2018
by
Adam Cohen
While the current administration failed in its attempts to fully repeal the Affordable Care Act (also known as Obamacare), it did secure under a package of tax reform the elimination of the health care law’s individual mandate beginning in 2019. Regardless of how all of this will play out, one consistent trend that continues to […]
Posted on December 28, 2017
Some of the best presents to receive are those that are not perfectly wrapped in a box or given on special occasions. Rather, there are often far more impactful gifts that individuals can give throughout the year to help their loved ones establish solid financial foundations. In some circumstances, these gifts can provide benefactors with […]
Posted on November 12, 2017
As 2017 draws to a close, the future of tax and regulatory reform hangs in the balance. The House of Representatives just passed a budget resolution that includes allusions to major modifications to the tax rules, but details are scant. Despite this current environment of uncertainty, the end of the year remains a critical time […]
Posted on November 03, 2017
by
Lewis Kevelson
Over the past several years, the Department of the Treasury and the IRS have taken aim at small captive-insurance companies (sometimes referred to as mini- or micro-captives). While it is legal for businesses to create these structures and self-insure themselves against specific risks, the IRS is concerned about those businesses that structure their small captives […]
Posted on October 30, 2017
by
Joanie Stein
Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]
Posted on October 20, 2017
by
Rick Bazzani
It is not uncommon for taxpayers to realize that they left out important information from their federal tax returns long after the April 15th filing deadline. The IRS recognizes that mistakes can happen and has in place a simple process that allows taxpayers to update and make corrections to an already-filed tax return. Correcting an […]
Posted on October 17, 2017
by
Arthur Dichter
Commercial and residential real estate in the U.S. continues to be a safe haven for foreign investors who seek the potential for higher yields and capital preservation than they may receive in their home countries or from portfolio investments. However, the potential upside from an investment in the U.S. real estate market comes with the […]
Posted on October 16, 2017
by
Edward Cooper
Businesses located in federally declared disaster areas and impacted by Hurricanes Harvey, Irma and Maria may qualify for an Employee Retention Tax Credit when they continue to pay wages to employees who were displaced by inoperable work locations. Under the Disaster Tax Relief and Airport and Airway Extension Act of 2017, eligible employers may receive […]
Posted on October 11, 2017
by
Jack Winter
In July 2017, the U.S. Treasury announced it would be winding down and eliminating the Obama-era MyRA retirement account savings program in the coming months due to low participation and high management costs over its two-year run. President Obama introduced the MyRA program in 2014 as a way to help low- and middle-income households […]
