On January 17, 2019, the IRS delivered final regulations on one of the most complicated provisions of the new tax law, Section 199A, commonly referred to as the 20% pass-through deduction. The regulations provide clarity and much needed guidance on Section 199A that was enacted on December 22, 2017, as part of the Tax Cuts and Jobs Act. Along with the final regulations the IRS also issued two significant rulings; one allows a safe harbor for certain rental properties and the other a method of determining W-2 wages.
Learn moreOn December 10, 2018, the IRS issued long-awaited guidance on the application of one of the new tax provisions added by the Tax Cuts and Jobs Act, Section 274(a)(4). This provision under the Act is effective January 1, 2018. Notice 2018-99 provides guidance for taxable entities on how to compute the non-deductible amounts related to parking provided to employees under IRC Section 274(a)(4).
Learn moreThe 2017 Tax Cuts & Jobs Act grants employers who voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually, a tax credit for a portion of wages paid in 2018 and 2019. In order to be eligible for the credit, the employer’s written policy containing specific language must be in place before the leave is taken.
Learn moreOn August 9, 2018 the IRS released guidance on new Code Section 199A, commonly referred to as the “pass-through entity deduction”. Code Section 199A allows business owners to deduct up to 20% of their qualified business income (QBI) from partnerships, S corporations, trusts and sole proprietorships.
Learn moreOn February 9, President Trump signed the Bipartisan Budget Act of 2018 into law. The Act contains an extension of over 30 otherwise expired tax breaks. The following is a listing to the tax provisions extended by the Act through 2017 (unless otherwise noted).
Learn moreRubinBrown is proud to provide a comprehensive overview of the Tax Cuts and Jobs Act (H.R. 1) that was signed into law on December 22, 2017. Read detailed information about the sweeping changes as well as the impact on individuals and businesses.
Learn moreUnder tax law applicable for expenditures before January 1, 2018, generally meal and entertainment expenses were 50% deductible. With changes made with the recent legislation (H.R. 1) entertainment expenses are 100% NOT deductible for amounts paid or incurred after December 31, 2017.
Learn more