The Tax Cuts and Jobs Act of 2017 (TCJA) expanded what a 529 plan can be used for. TCJA allows that distributions from a 529 plan for no more than $10,000 per designated beneficiary per year can be made for enrollment in public, private or religious elementary or secondary schools. While this is a significant …
To Use A 529 Plan For K-12 Or Not? That Is The Question. Read More »
If you are in a partnership (or an LLC taxed as a partnership), two significant tax changes may give you cause to review – and possibly revise – your partnership agreement. The first tax change has been a long time coming. The Bipartisan Budget Act of 2015 created a replacement for audit rules for “large …
Partnership Taxation is Changing. Should You Change, Too? Read More »
The reach of the recently enacted Tax Cuts and Jobs Act is far and deep, and even extends into the type of IRA you should consider: regular or Roth? And if you have a regular IRA, should you convert it to a Roth IRA and when? Keep in mind that an investment in a regular …
The recently enacted Tax Cuts and Jobs Act includes a tax cut that should be very beneficial for owners of “pass through” entities such as S Corporations, partnerships, LLCs taxed as partnerships, and sole proprietorships. Starting in the 2018 tax year, business owners who qualify may be able to exempt up to 20% of their …
By Kevin F. Howley, CPAGray, Gray & Gray, LLP Royalty payments from the licensing of intellectual property can be a significant source of revenue for a business. But not all licensees keep up to date with their royalty payments, and others may pay a lower amount than required by their agreement. Which is why a …
Make Sure Your Licensees are Paying Their Royalties Read More »
The federal gift and estate tax is (virtually) dead. The recently enacted Tax Cuts and Jobs Act of 2017 has essentially doubled the gift and estate tax exemption to $11.2 million for individuals and $22.4 million for married couples. Estates that exceed these amounts will be subject to a flat tax of 40 percent on …
The ramifications of the recently enacted Tax Cuts and Jobs Act of 2017 are far ranging. While the full details of the new tax law are still being sorted out, and many provisions lack clear guidance from the IRS, it appears that one area that will almost certainly be impacted is trusts and estates, which …
On January 2, the Internal Revenue Service (IRS) posted the final regulation on the new rules governing the audits of partnerships. The final regulation does not make many significant changes. Confirmed were the limitations on the number of partners, and which type of entity is considered to be an eligible partner. All types of trusts, …
IRS Issues Final Regulations on Partnership Audits Read More »
The most sweeping change to the U.S. tax code in 30 years, the Tax Cuts and Jobs Act, was approved by Congress on December 20th and is currently on its way to the White House. What could this mean for you?For your convenience, we are providing a summary of the potential changes that you can …
As tax reform is completed it is important to consider its ramifications. The Tax Cuts and Jobs Act of 2017 is a complex and far-reaching revision to the country’s tax laws, and the most dramatic in 30 years. It will take some time to completely analyze its impact on businesses and individuals. However, there are …
Must-Know Information About the Tax Cuts and Jobs Act Read More »