House Unanimously Approves LGBTQ Fix to Tax Code The House of Representatives has approved the Promoting Respect for Individuals’ Dignity and Equality (PRIDE) Act of 2019. The bill will allow same-sex couples who married before the Defense of Marriage Act…
Ten Commandments for Building a Growing Company 1. Thou Shalt Have a Pre-Incorporation Agreement Limit the primary participants to people who can consciously agree upon and contribute directly to that which the enterprise is to accomplish, for whom, and by…
FASB to Propose Delaying Effective Dates for Lease Accounting FASB plans to propose delaying effective dates for companies implementing the new lease accounting standards. The plan also called for delays in the effective dates for certain companies for accounting for…
Home Office Deductions for Owners of LLCs and S Corporations Self-employed individuals whose businesses are set up as sole proprietorships routinely use the home-office deduction for expenses related to the business use of their homes. The deduction is available to…
New Bill Would Expand Federal Tax Refund Claims for Select Same-Sex Couples For years, same-sex couples in states that recognized legal marriage were denied federal refunds because the Defense of Marriage Act (“DOMA”) did not allow them to file federal…
How to Convert an S Corporation into an LLC Tax-Free Using an S Corporation Inversion Many businesses start as S corporations for good tax reasons, but later in their life cycle want to convert to a tax partnership or an…
Cannabis Industry Ordinary and Necessary Business Expenses Limited by IRS Internal Revenue Code Section 280E does not allow for the deduction of ordinary and necessary business deductions for any trade or business that consists of trafficking in controlled substances within…
How Commercial Real Estate Owners Use Effective Tax Strategies to Mitigate and Avoid Taxes In the 2017 tax overhaul, the deductions for real estate taxes and mortgage interest on a home were severely curtailed for homeowners. Not so for owners…
IRS Audit Rates Continue to Decline to Under 1% The Internal Revenue Service’s audit rate went down again in 2018, according to data released by the IRS recently. The IRS Data Book for 2018 showed that compared to 2017, there were fewer…
Using a Qualified Opportunity Zone Fund to Defer and Exclude Capital Gains A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a…