How the New IRS Centralized Audit Procedures For Partnerships Affect You
In recent years, the popularity of partnership filings have increased as this entity type has grown. Partnerships provide a number of key benefits to business owners, including flexibility as well as operational, legal, and tax benefits. The IRS however, has found it both costly and burdensome to audit partnerships, and
New 20% Deduction for Qualified Business Income
The recently passed Tax Cuts and Jobs Act includes a significant new tax deduction taking effect in 2018. This deduction should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship. This type of income is commonly referred to
Tax Court Issues Taxpayer-Favorable Opinion Regarding Like Kind Exchanges
After deliberating for a decade, in the case G.H. Bartell, Jr. Est., U.S. Tax Court (August 11, 2016), the Tax Court has held that an intermediary with no benefits or burdens of ownership can hold title to real property outside of the established IRS “reverse” 1031 Exchange safe harbor without
Tax Alert: Kentucky Offering Tax Credit in Exchange for Charitable Gifts
The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of a charitable gift to a permanent endowment fund at a local community foundation (up to $10,000 per taxpayer) benefiting a Kentucky-based nonprofit. Married couples may receive a