On Thursday March 11, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) into law. The $1.9 trillion Act includes COVID-19 relief, as well as broader stimulus, but also includes several revenue-raising...more
In Notice 2020-32, released April 30, the IRS determined that expenses paid using the proceeds of Paycheck Protection Program (PPP) loans (Covered Loans) are not deductible expenses for income tax purposes if those loans...more
As part of the 2017 tax overhaul, provisions were put in place that allowed those holding property for rental purposes to write off up to a fifth of their rental income for tax purposes. The deduction was included in Code...more
10/18/2019
/ Business Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Partnerships ,
Pass-Through Entities ,
Property Owners ,
Real Estate Brokers ,
Real Estate Investments ,
Rental Income ,
Revenue Procedures ,
S-Corporation ,
Safe Harbors ,
Sole Proprietorship ,
Tax Deductions ,
Tax Reform
On Wednesday, December 20, 2017, the legislation previously known as the “Tax Cuts and Jobs Act” (the “Act”) passed the United States House and Senate. At this juncture, it appears President Trump will sign the Act into law...more
On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework (the Framework) with the stated goal of achieving pro-American,...more
On April 26, 2017, the Trump Administration announced a blueprint of tax reform principles that is described as “The Biggest Individual and Business Tax Cut In American History.” The Administration identified four goals for...more