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PRESIDENT SIGNS CARES ACT

PRESIDENT SIGNS CARES ACT In an attempt to grant additional relief to Americans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed and signed by the President on Friday [...]

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IRS and State Tax Filing Deadlines

IRS and State Tax Filing Deadlines As COVID-19 affects many people in the United States, recent Federal legislation and certain States are offering relief to taxpayers.  The Federal government [...]

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New Partnership Audit Regime

WHAT IS THE NEW CENTRALIZED PARTNERSHIP AUDIT REGIME? If you own an interest in a partnership or LLC, you may have heard about the new audit rules that went into effect as part of the tax reform [...]

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Qualified Opportunity Zone Updates

In a previous version of our newsletter we discussed Opportunity Zone investments and the potential for tax savings by investors. Final guidance for these investments has arrived and below are [...]

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Provisions Expiring in 2019

As 2019 comes to an end, some changes to tax provisions are taking effect on January 1, 2020 while some are ending entirely. A few common ones to look out for are alimony deductions and income, [...]

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Secure Act

The newly signed Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which is part of the government’s new spending bill, includes a variety of changes for individuals with [...]

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Qualified Opportunity Zone Updates

In a previous issue of our newsletter we discussed Opportunity Zone investments and the potential tax savings to investors. As of this writing, final guidance has not yet been released, which [...]

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Section 199A

Under the Tax Cuts and Jobs Act new IRC §199A, individual taxpayers may deduct up to 20% of their domestic “qualified business income” (QBI) beginning in tax year 2018. The deduction phases [...]