Blog

Tax Cuts and Jobs Act

Tax Reform's Technical Errors on QIP

Errors
by Connie Wan
Due to a drafting error in the new tax law, the cost recovery for interior building improvements placed in service in 2018 is currently 39-years with no bonus depreciation. Read more

Qualified Business Income (Pass-Through) Deduction Update

Business man looking through magnifying glass
by Lora Ament
On August 8, 2018 the Internal Revenue Service released long awaited guidance in the form of proposed regulations on this new deduction which provides definitions and clarifies several points that are of special interest to many taxpayers. The following are the key points. Read more

Section 199A in Review

Deduction
by Lora Ament
Passed on December 22, 2017, the new deduction referred to as the Section 199A deduction for qualified business income has limitations in terms of eligibility, the types of activities that qualify, and the amount that can be deducted. Read more