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Clarity Offered for Business Interest Expense Limitation
Posted by Claudia Mullen on Fri, Jun 14, 2019 @ 08:20 AM

The IRS released proposed regulations to provide taxpayers with guidance on applying a tax reform provision related to business interest expense deductions. The 2017 tax law commonly known as the Tax Cuts and Jobs Act (TCJA) set new limits on business interest expense deductions for most businesses, including C corporations and partnerships.

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Topics: Claudia Mullen, Tax Reform, Tax Cuts and Jobs Act, TCJA, tax reform bill, Business Interest Expense Limitation, Section 163(j)

4 Ways to Improve Your Cybersecurity Strategy
Posted by Ray Gandy on Thu, Jun 13, 2019 @ 05:17 PM

Cybersecurity, data security, and data privacy continue to be hot topics for all market segments. Information security incidents put a lot at stake and can cause financial harm, brand and reputational damage, increased regulatory scrutiny and personal liability for business leaders, and of course, repercussions for customers, clients and others in the value chain.

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Topics: cybersecurity, cyber attacks, Ray Gandy, cyber security

Take a Closer Look at the Final QBI Deduction Regulations
Posted by Jeremy Sherman on Thu, Jun 13, 2019 @ 02:38 PM

One of the most significant provisions of the tax reform law known as the Tax Cuts and Jobs Act (TCJA) has been Internal Revenue Code Section 199A. This new provision introduced the qualified business income (QBI) deduction, which allows pass-through entity owners to deduct up to 20 percent of their share of business income. The new law initially left pass-through entities and their tax preparers with many questions about how the QBI deduction would work. In August 2018, the IRS released proposed regulations that fleshed Section 199A and gave taxpayers substantial guidance about how it would impact their returns. The final version of these regulations was released on Jan. 18, 2019, which deviates only slightly from the proposed version – with a few key exceptions.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, Jeremy Sherman, Section 199A

Opportunity (Zones) Unlocked
Posted by Tony Pisani on Wed, Jun 12, 2019 @ 02:07 PM

The highly-anticipated second round of IRS guidance concerning tax benefits under the new Qualified Opportunity Zone (QOZ) program was published on April 17. It clarifies many of the terms established under previous proposed regulations and seeks comments on remaining questions. The newly proposed regulations address several operational and exit issues, including the criteria used to determine qualifying investments and requirements applicable to leased property used by a taxpayer within the QOZ program.

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Topics: IRS, TCJA, Tax Reform Act, Tony Pisani, Qualified Opportunity Zone, QOZ, QOZ Fund

Lessors: Don’t Forget These 3 Simplifications for the Leasing Standard Adoption
Posted by Thomas McGauley on Tue, Jun 11, 2019 @ 06:10 PM

Late in 2018, the Financial Accounting Standards Board (FASB) released minor changes to lessor accounting designed to make adopting the new leasing standard easier. As lessors begin making the required changes to their lease accounting, they will want to ensure they have factored these updates into their implementation plans.

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Topics: lease accounting changes, Leasing, leasing standard, ASC Topic 606, Leases, Thomas McGauley

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