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Good News for You: IRS agrees to the Deductibility of Certain State payments made by Pass-through Entities (Partnerships and S corporations)

Good News for You: IRS agrees to the Deductibility of Certain State payments made by Pass-through Entities (Partnerships and S corporations)

This action by the Internal Revenue Service may mitigate the effect of the Tax Cuts and Jobs Act, relating to State tax deductions for taxpayers that are members of pass-through entities. Individual taxpayers with Schedule C’s and one owner LLC’s with W2 wage earners that are not members of a pass-through entity are not affected by the change. Each taxpayer must evaluate their individual tax situation as to the benefit if any.

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The Timing of the Deductibility or Non-Deductibility of PPP Expenses

The Timing of the Deductibility or Non-Deductibility of PPP Expenses

The new Rev. Rul. and Rev. Proc. reduce the incentive for taxpayers to apply for forgiveness before the new Biden administration and the new Congress take power in January. This has become frustrating for almost everyone involved (borrowers, lenders, tax professionals, etc.). The good news is we are all in this together, and we will figure it out. It just may take some patience and time before that happens.

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PPP Loan

PPP Loan

PPP LoanIntroductionAt the time I am writing this article Joseph Biden has been declared the unofficial presidential election winner although President Trump is contesting several state results.  The congressional makeup has changed somewhat with the Republicans...

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Blog Categories

Tax Tips

A Few Other Resources We’ve Created for Our Customers

What is the Energy Efficient Commercial Buildings Tax Deduction?

What is the Energy Efficient Commercial Buildings Tax Deduction?

Building owners who have made energy efficiency improvements to their properties can utilize the statute of limitations for amending tax returns to receive immediate tax deductions under the Energy Efficient Commercial Buildings Tax Deduction, commonly called the...

Business Tax Update

Business Tax Update

Below please find a corporate tax article prepared by Sal Schibell, which was recently published in various trade magazines. In this piece, Mr. Schibell reviewed some of the more important tax changes that President Donald Trump has proposed and he expanded upon...

Tax Tip – Health Insurance Marketplace, (Affordable Care Act)

Tax Tip – Health Insurance Marketplace, (Affordable Care Act)

Taxpayers who obtain health insurance through the Affordable Care Act Health Insurance Marketplace must advise the Marketplace of changes in certain circumstances. Any life event may impact an individual eligibility for the Premium Assistance Credit, or effect the...