Bonus Depreciation, safe-harbor rules issued for vehicles (and 4 other tax provisions business owners need to know about using their cars for work)

The IRS has recently provided a safe-harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction and…

New Lease Accounting Standard – Answers to the most FAQs

We’ve been talking for some time (since 2013 to be exact) about the changes in lease accounting that were coming this year, and now we…

Tax Season Opens Along With Federal Government

The partial government shutdown ended Friday evening, just in time for the start of the tax filing season for individuals. The full IRS workforce thus…

Final Regulations Released on 20% Deduction for Pass-Through Businesses

Business owners got a bit of good news last week when the IRS released long-anticipated word on how businesses can claim one of the biggest…

Construction, Contractor Guide to Revenue Recognition

Since 2016, we’ve written with frequency on the changes coming to all industries due to the new revenue recognition standard. The changes, a result of…

UPDATE: 2019 Tax Season to Open January 28th

Last week, we announced we’d be operating on a “business as usual” schedule regarding tax season. The federal government may have shut down, but we’d…

Section 199A Proposed Regulations

One of the most talked about and widely misunderstood provisions of the Tax Cuts and Jobs Act of 2017 is Section 199A, a section which…

Individual Cash Free Tax Benefit – 20% Qualified Business Income Deduction

Most income tax deductions for individuals require that you spend cash for the deduction – pay your property tax, write a check to charity, etc.…

IRS Provides Tax Relief for Hurricane Florence Victims

North Carolinians affected by Hurricane Florence have until January 31, 2019, to file certain individual and business tax returns and make certain payments, the IRS…

Divorce and Tax Reform

It’s not a fun topic, but it’s reality, and we should talk about it: divorce. And, in the era of tax reform, divorce requires a…