Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business
interest expense deduction under Code Sec. 163(j), as amended by
the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has
Deductions Denied to Medical Marijuana Dispensary
A nonprofit corporation that operated a medical-marijuana
dispensary legally under California law was not allowed to claim
deductions for business expenses on its federal return. Code Sec.
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
Proposed Regs Address Foreign Tax Credit Changes
Highly anticipated foreign tax credit regulations have been issued
that provide guidance on the significant changes made to the
foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L.
Guidance on 2019 Withholding Rules
The IRS has provided interim guidance for the 2019 calendar year on
income tax withholding from wages and withholding from retirement
and annuity distributions. In general, certain 2018 withholding
How do I?…Set up a SEP
As a business owner you have likely heard about the tax advantages
of setting up a retirement plan for you and your employees. Many
small business owners, however, have also heard some of the horror
Estate planning for retirement plan assets
Throughout all of our lives, we have been told that if we don't
want to work all of our life, we must plan ahead and save for
retirement. We have also been urged to seek professional guidance
to help ...
Survive (and thrive) in an uncertain economy
During uncertain economic times, it's easy to feel pessimism and
react hastily amid media reports about growing unemployment rates
and stock market downturns. However, such actions can wreak havoc
How do I? Compute my net worth
How much am I really worth? This is a question that has run through
most of our minds at one time or another. However, if you aren't an
accountant or mathematician, it may seem like an impossible numb...
Tax aspects of divorce and separation
When it comes to legal separation or divorce, there are many
complex situations to address. A divorcing couple faces many
important decisions and issues regarding alimony, child support,
and the fair ...
Client FAQ: Hiring your spouse
Q. I have a professional services firm and am considering hiring my
wife to help out with some of the administrative tasks in the
office. I don't think we'll have a problem working together but I
Cafeteria plans can stretch your benefit dollars
An attractive benefit package is crucial to attract and retain
talented workers. However, the expense of such packages can be
cost-prohibitive to a small business. Establishing a tax-advantaged
Client FAQ: Consumer debt
Q. My family and I have always led a full life, enjoying vacations,
dinners out, and new cars. While many of these items have been paid
for by credit cards, we've never felt uncomfortable with our lev...
Is early retirement for you?
You're 57 years old and as part of an early retirement package,
you've just been offered a large cash bonus and salary
continuation, along with a lump sum payment from the company
retirement plan and ...
Budgeting 101: A student's guide to managing money
As parents, we all know that preparing a reasonable budget and
sticking to it is a basic principle of good financial planning. By
assisting college-bound students in developing and maintaining
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