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Latest on Billionaire’s Tax

Well, the Dems intend to partially fund the upcoming legislation with a wealth tax on roughly 750 Americans. The plan, released this morning, calls for the tax to apply to gains every year, instead of only at sale, to a taxpayer with $1B in assets or a taxpayer who earned $100M in income for three […]

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IRS Basically Shuts Down SALT Deduction Workarounds

In Proposed Regs 112176-18 issued August 23, 2018, IRS put a major damper on efforts to skirt the TCJA’s state and local tax deduction cap. I have found in talking to various professionals that these so-called SALT deduction workarounds are not very well understood in practice or effect. So, let’s start with a basic understanding […]

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Home Equity Loan Interest Could Still be Deductible

The Service recently responded to widespread confusion surrounding changes made through the Tax Cuts and Jobs Act by announcing that taxpayers can often still deduct interest on a home equity loan, home equity line of credit or second mortgage, without regard to the label placed on the loan. Tax reform imposed a lower limit of […]

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Tax Reform’s Impact on Financial Statements: Are You Ready?

You’ve probably seen the large impacts that many publicly traded entities have announced related to the accounting for the Tax Cuts and Jobs Act. It’s important to remember that tax reform’s impact on financial statements isn’t just a large or publicly traded company issue. All corporations need to record the impact of the change in […]

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The Service Business Disadvantage of the New Section 199A

The tax reform law includes a new Section 199A which creates a deduction for Qualified Business Income (QBI). For tax years 2018 through 2025, an individual Taxpayer may deduct 20% of QBI from a partnership, S corporation, or sole proprietorship. QBI is the net amount of qualified items of income, gain, deduction, and loss with […]

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