On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018.
Read moreTCJA Disallowance of Hobby-related Deductions
If you operate an unincorporated for-profit business activity that generates a net tax loss for the year, you can generally deduct the loss on your federal income tax return.
Read moreRental Real Estate Income Qualifying for Section 199A Deduction
Recent tax legislation added a new tax deduction for business owners. It permits individuals, estates, and trusts to deduct up to 20% of their “qualified business income.”
Read moreNew and Improved Child Tax Credit
Under pre-TCJA law, the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every $1,000 (or part of a $1,000) by which their Adjusted Gross Income (AGI) exceeded $110,000.
Read moreChoice of Business Entity under New Tax Law
The Tax Cuts and Jobs Act (TCJA) reopens the discussion of whether a business should be conducted as a C corporation or pass-through entity (such as a partnership, S corporation, or sole proprietorship). This is primarily due to the new 21% corporate tax rate.
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