As the tax code becomes increasingly complex more and more CPAs find themselves working with specialists. Picking the right referral partner is crucial, and our own Terri Johnson took to the pages of this month’s New Jersey CPA Magazine to share some tips on selecting your firm’s ideal partner. Today’s CPAs serve as true partners […]
IRS Proposed Regulations Offer Guidance Concerning the Deferral of Gains on Investments in a Qualified Opportunity Fund
On April 17, the IRS issued guidance that offered additional information on investments in qualified opportunity zones. The proposed regulations are meant to provide guidance under section 1400Z-2 of the Internal Revenue Code and relate to gains that taxpayers can defer as a result of investing in a qualified opportunity fund (QOF). The proposed regulations […]
Restoring Investment in Improvements Act (H.R. 1869)
Momentum continues to build towards a technical correction of the recovery period for Qualified Improvement Property (QIP). Two weeks ago, U.S. Senators Pat Toomey (R-Pa.) and Doug Jones (D-Ala.) introduced the Restoring Investments in Improvements Act (RIIA), which would firmly establish the recovery period of QIP as 15-year MACRS class life. Yesterday, Congressman Jimmy Panetta […]
Restoring Investments in Improvements Act (RIIA)
The status of Qualified Improvement Property (QIP) under the Tax Cuts and Jobs Act (TCJA) has been a topic of contention for some time, and taxpayers have long been hoping for an update. Last Thursday we saw the first step in a journey towards the long-awaited Congressional technical correction. On 3/14/19, U.S. Senators Pat Toomey […]
The Big Questions: Maximizing Tax Savings in 2018
The Tax Cuts and Jobs Act has generated a great deal of opportunity for commercial real estate owners, but the TCJA isn’t the only game in town. There are tax savings strategies old and new in play for 2018; thoughtful and comprehensive tax planning is more important than ever. To ensure that no opportunity is […]
Bruce Johnson Featured on PICPA Podcast
Our own Bruce Johnson was featured on PICPA’s “CPA Conversations” podcast recently, discussing the key benefits of 179D deductions. You can access the podcast link here. Bruce explains the eligibility requirements, the application process, and the nitty-gritty of how benefits are actually calculated. If you prefer reading to listening, there’s a transcript provided below the […]
The IRS Issues Clarification on Business Interest Deduction Limitation Rules (Rev. Proc. 2018-31; IR-2018-257); Rev. Proc. 2019-08
On December 24, 2018, the IRS issued Rev. Proc. 2018-31; IR-2018-257 which clarifies several outstanding questions regarding the business interest deduction rules established by the Tax Cuts and Jobs Act (TCJA). These rules are in effect for the 2018 tax filing season and businesses that wish to deduct business interest must consider their implications. Specifically, […]
Terri Johnson Featured Panelist in Edward Jones’ All-Star Tax Series
Terri S. Johnson, CRE, is a featured panelist in The Edward Jones All-Star Tax Series again this year. These courses tap nationally recognized subject matter experts who present in tandem, resulting in stimulating panel discussion. The All Star Tax program, “Maximizing Depreciation and Expense Deductions After Tax Reform,” will go live on Wednesday, November 7th, […]
Terri Johnson authors a CREW Network blog with an in-depth look at tax reform
Our own Terri S. Johnson is a longtime member and past president of CREW Philadelphia, and they asked her to take a closer look at what tax reform may mean for commercial real estate in 2018 and beyond. Her in-depth examination of the most relevant provisions of the Tax Cuts and Jobs Act can be […]
Heating Up on the Hill: Congress Urges Clarification of QIP Status
On August 16th several members of the Senate Finance Committee wrote a plainly-worded missive to the Treasury Department, clearly stating their intentions regarding QIP and requesting a technical correction that would reflect their legislative intent. “Specifically, in eliminating the separate definitions of qualified leasehold improvement, qualified restaurant, and qualified retail improvement property and providing a […]