From category archives: Boulay

Business Tax

IRS Wheels Out Additional Guidance on Company Cars

The IRS has updated the inflation-adjusted "luxury automobile" limits on certain deductions taxpayers can take for passenger automobiles—including light trucks and vans—used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles.

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IRS Updates Rules for Personal Use of Employer-Provided Vehicles

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes.

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TCJA Glitches and the Extenders: Uncertainty Looms Over Some Federal Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in this case 2017.

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Beware the Ides of March — If You Own a Pass-Through Entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these "pass-through" entities.

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2018 Tax Returns Will Break New Ground

On December 22, 2017, Congress passed, and the President signed, the Tax Cuts and Jobs Act (TCJA). The bill had numerous provisions that lowered tax rates, eliminated deductions and implemented new tax concepts into the tax law. The lowering of rates and elimination of deductions are fairly straightforward to incorporate into our planning, compliance work, and the advice we give to you. For many questions regarding deductions, the answer is now NO, and different tax rates are a one-time change to computer formulas.

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IRS Provides Additional QBI Deduction Guidance

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is "passed through" to owners and taxed as individual income.

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Opportunity Zones Can Provide Big Tax Benefits

Qualified Opportunity Zones are a creation of the new Code Sections 1400Z-1 and 1400Z-2, enacted in the Tax Cuts and Jobs Act (TCJA) in December 2017. These provisions are intended to incentivize investment in economically challenged areas by giving tax benefits to investors. 

 

The tax benefits from Opportunity Zones come in two forms: A deferral of current capital gain, and the potential exclusion of future capital gain. 

 

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Standard Mileage Rates Increase for 2019

The IRS has issued the standard mileage rates for 2019. The business-use standard mileage rate for 2019 is 58 cents per mile, up 3.5 cents from 2018. The standard mileage rate for moving and medical purposes will be 20 cents per mile in 2019, up two cents from 2018. The charitable mileage rate is set by statute at 14 cents per mile, so that did not change.

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Rental Real Estate Reporting Policies Have New Significance

Smaller-scale real estate rental activities are generally considered to be exempt from Form 1099 reporting requirements. With the arrival of the new pass-through income deduction of Code Section 199A, the determination of whether or not to file 1099 forms has new importance.

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IRS Issues Proposed Regs on Business Interest Expense Deductions

In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed regs significantly expand on the temporary guidance. They include, among other notable provisions, a broader definition of interest than businesses have applied in the past.

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