Tax Topics

Eli S. Noff, Esq. CPA It is undisputed that U.S. individuals who own foreign companies were treated unfavorably under the Tax Cuts and Jobs Act of 2017 (TCJA) compared to U.S. corporate shareholders. However, an election that allows individuals to treat themselves as corporations can, in the right circumstances, help alleviate the harsh results. Changes […]

Eli Noff, Partner On June 21, 2018, the Supreme Court delivered its highly anticipated decision in South Dakota v. Wayfair, Inc., et al.[1]The 5-4 decision discards the antiquated “physical presence rule” — a rule which has allowed retailers lacking a physical presence in a state to avoid any obligation to collect and remit sales taxes. […]

The Internal Revenue Service recently announced a major expansion of its Offer in Compromise program, which is aimed at helping individuals with past-due to taxes to pay off their debts to the IRS. Taxpayers who participate in the program are permitted to settle their tax debts for less than they owe if they are unable […]

According to the February 21, 2018, IRS news release, IR-2018-32, there are still circumstances for which interest on home equity loans is still deductible under the Tax Cuts and Jobs Act of 2017. The IRS has now clarified that “taxpayers can often still deduct interest on a home equity loan, home equity line of credit […]

Leanne Broyles, Esq. Part I Everyone has their own personal reasons for charitable giving, whether it be sharing with those less fortunate, supporting an alma mater, or assisting a deserving cause or an organization that means something to them. Regardless of your charitable motives, before making a substantial gift or bequest to a charity, you […]

Glen E. Frost, Managing Partner When the Tax Cuts and Jobs Act reduced the C corporation tax rate from 35% to 21%, it also created a significant tax break for flow-through entities and structures in an attempt to level the playing field for small businesses.1As such, beginning January 1, 2018, S corporations, partnerships, limited liability […]

Glen E. Frost, Managing Partner The Tax Cuts and Jobs Act of 2017 (TCJA) introduced Qualified Opportunity Zones (QOZ),1created to stimulate economic and property development in low-income communities in order to reduce poverty and increase employment. The program is immensely attractive to investors, because those who invest in QOZs using Qualified Opportunity Funds (QOFs) and […]

On March 23, 2018, the IRS issued IR-2018-71, reminding taxpayers that they must report income from virtual currency transactions on their income tax returns. The IRS defined virtual currency as “a digital representation of value that functions in the same manner as a country’s traditional currency.” The IRS emphasized that, as with any other property […]

Eli S. Noff, Esq. CPA, Partner The Tax Cuts and Jobs Act of 2017 created new Internal Revenue Code (IRC)§199A. Undoubtedly, the new section provides a significant tax break to flow-through entities and structures. Under this new section, subject to certain limitations, taxpayers (excluding C corporations) may be able to deduct up to 20% of […]

Glen E. Frost, Esq., CPA, Managing Partner Donald Trump has proposed to make several tax changes when he enters office in January, 2017. It is important to examine the possible tax changes that could result from the new plan so that taxpayers are aware of the potential advantages and disadvantages the new tax plan may […]