One of the most discussed provisions of the Tax Cuts and Jobs Act (TCJA), which was enacted in December 2017, is the addition of the Qualified Business Income (QBI) deduction available under new Internal Revenue Code §199A. This provision allows equity owners of qualifying pass-through entities to deduct up to 20% of the qualifying business […]
As has been discussed frequently in our posts, the Tax Cuts and Jobs Act of 2017 limited the amount of state and local taxes (SALT) deductible as an itemized deduction to $10,000, starting in 2018 through 2025. This limitation applies to the total of real property taxes, state income taxes and local income taxes. The […]
One of the more complex matters facing state budgets is how best to deal with the largess of the federal government’s business incentives included in federal tax legislation. There is probably no area of the federal tax law where this issue is more costly for states than the capital expenditure initiatives included in several recent […]
One of the more painful revisions of the Internal Revenue Code arising from the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, was the repeal of the long-standing itemized deduction for interest paid on home equity indebtedness of $100,000 or less. To qualify for the tax deduction, the indebtedness had to be […]
The IRS has provided insight related to the tax treatment of costs incurred for the development, purchase and/or implementation of “computer software.” Read the article from the Winter 2017 GYF Perspectives. Read a related article on reducing IT downtime. Contact Angie McCoy from the GYF ERP Solutions Group if you are considering a software purchase.
If assets purchased for business use meet certain qualifications, you can benefit from a special tax deduction commonly called “Bonus Depreciation.” Learn what purchases are eligible and what issues you should consider before making the elections. Read the article from the Fall 2016 GYF Perspectives.
To claim charitable contribution deductions for donations made to tax-exempt organizations, taxpayers must make sure they follow all IRS substantiation requirements. Read the article from the Spring 2016 issue of GYF Perspectives.