Category: Business Practices
New proposed regulations on 20% QBID
The IRS recently issued proposed regulations on the 20% flow-through deduction. There is a 45-day period for people to comment, so these are not final. However, they can be relied upon until the final ones are issued, and they provide...
Tax Reform Planning Series: Maximize your qualified business income deduction
You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such...
Supreme Court overturns physical presence requirement
A U.S. Supreme Court decision was recently issued, overturning its prior ruling on sales tax, which until now has been a foundational ruling in applying sales tax rules across multiple states. In South Dakota v Wayfair, the Supreme Court ruled...
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What to consider when structuring 1031 partnership exchanges
Over the last few decades, we’ve learned that partnerships can cause significant planning problems for partners and their tax advisors. Partners are not permitted to sell or dispose of their partnership interest and subsequently defer the payment of their capital...
Can partners concurrently be employees?
Question: Can a partner in a business, for tax purposes, also be an employee? Answer: A partner CANNOT be an employee of the partnership. This conclusion is per the following: a) I.R.S. Revenue Ruling 69-184...
Tax credit can help employers hiring new workers
With many businesses facing a tight job market, the IRS is reminding employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. The Work Opportunity Tax...
Report finds fraud hits small businesses harder
According to the recently released 2018 Report to the Nations on Occupational Fraud and Abuse, occupational fraud continues to drain a significant amount of money from businesses worldwide, with smaller organizations being hit particularly hard. The Journal of Accountancy recently...
Where services revenue is sourced has changed for Michigan cities
The rules for where city sales for service-based businesses are sourced has changed, but the city of Detroit may appeal it. Honigman, the largest law firm in Detroit, wanted to source its services not based on where its attorneys were...
Is repainting the exterior of your residential rental property deductible?
As spring approaches, you may be wondering if repainting the exterior of your residential rental property is deductible. By itself, the cost of painting the exterior of a building is generally a currently deductible repair expense because merely painting isn't...