IRS Issues New Proposal That Could End SALT Cap Workarounds
One of the changes brought about by The Tax Cuts and Jobs Act was a cap that was placed on the state and local tax (SALT) deduction. Under the new tax laws, filers can now only claim up to $10,000 of state and local taxes paid as a deduction on their federal tax returns. Several states, have since created so-called “workarounds” to offset the deduction cap. However, the IRS has proposed new regulations which would effectively stop circumvention of the SALT cap.
IRS Issues New Guidance on Meals and Entertainment
The IRS has issued a guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction since the passage of the Tax Cuts and Jobs Act.
MIAMI EVENT – 2nd Annual Financial Summit for Condominiums and HOAs
Condominium and homeowner associations are targets for fraud, financial mismanagement, and security breaches. Please join MBAF’s Condominium and Homeowner Associations Division on Tuesday, October 23rd for a complimentary seminar on how to minimize your association’s vulnerability to fraud and cybersecurity risks.
IRS Says Certain Moving Expense Reimbursements Are Still Tax-Free
The Tax Cuts and Jobs Act (the Act) has brought with it many changes that impact taxpayers. One of these is the treatment of moving expenses. Under the Act, work-related moving expenses incurred in 2018 will no longer be deductible, and employer reimbursements for such expenses will not be excluded from taxable income. But, what reimbursements are still tax-free?
Is a Significant Portion of Your Wealth Concentrated in a Single Stock?
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the best ways to reduce your investment risk is to diversify your holdings. But it’s not unusual for affluent people to end up with a significant portion of their wealth concentrated in one or two stocks.
At Your Own Risk: The Pitfalls of DIY Estate Planning
There’s no law that says you can’t prepare your own estate plan. But unless your estate is small and your plan is exceedingly simple, there may be many pitfalls of do-it-yourself (DIY) estate planning.
Supreme Court Decision in Wayfair Affects Online Sellers
If your company makes sales to out-of-state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case.