The 2017 Tax Cuts and Jobs Act introduced major changes to the tax code and sweeping changes through Section 199A
...Continue readingLearn to Calculate an Asset’s Cost Using Basis: One of the Most Important Tax Functions
Learning to calculate basis is key to helping your financial services clients minimize their tax liability. If you’re not sure
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Master New Federal Meal and Entertainment Deduction Rules
Entertainment expenses have long been a hallmark of business tax deductions, whether for wining and dining prospective clients or pampering
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Get to Know the New Form 1040: Fewer Line Items to Fill, More Schedules to Attach
Thanks to the Tax Cuts and Jobs Act of 2017, the venerable IRS Form 1040 will look and feel different
...Continue readingSection 754: What You Need to Know About Depreciation, Amortization Benefits
Making the Section 754 election is a big deal if your client is in the midst of handling partners, partnerships,
...Continue readingHelp Clients Reduce Taxes Due on Cancellation of Debt Income
Taxpayers in the throes of bankruptcy or foreclosure don’t just have the pain of losing their funds or property to
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New Tax Bill Takes Aim At Foreign Transactions and Income
Ten months in and the Tax Cuts and Jobs Act (TCJA) continues to keep tax pros and businesses on their
...Continue readingFederal Income Tax Update: Get to Know the New Form 1040
Internal Revenue Service (IRS) Form 1040 will look and feel different this coming tax season. But the revision hasn’t made
...Continue readingTax Overhaul Severely Restricts Capital Gains Exemptions
Investors looking to defer all capital gains have long looked to the tax benefits of the 1031 exchange. But there
...Continue readingKnow Your New Duties for Representing Clients Under IRS Circular 230
Tax pros naturally try to do the right thing, but, in reality, offering tax preparation services and counsel is complicated.
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