IRS issues proposed regulations on the pass-through business income deduction

August 22, 2018

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or […]


A Strategic Plan Should Also Include a Succession Plan

Many small businesses prepare — and regularly update — a strategic plan, but many overlook this important task. Whether your business falls into the “have” or a “have-not” category, a strategic plan can be an invaluable resource to help your company accomplish its ultimate objectives. And part of this process involves having a succession or exit plan. […]


Workplace Retaliation: Reduce the Chances of a Claim

EEOC statistics show that in fiscal 2017, retaliation lawsuits totaled 41,097, compared with 26,663 a decade earlier in 2007.    Retaliation is the most frequently alleged basis of discrimination in the federal sector and the most common discrimination finding in federal sector cases, according to the U.S. Equal Employment Opportunity Commission (EEOC). The laws enforced by the […]


What’s Next for State Tax Nexus?

The recent Wayfair decision has drastically altered the landscape for states that want to collect sales and use taxes. Prior to this landmark U.S. Supreme Court case, economic “nexus” for tax purposes was established only if the seller of goods or services exhibited a “physical presence” in the state. Under Wayfair, sales and use tax obligations may be imposed […]


IRS Issues Guidance on New Bonus Depreciation Rules

August 15, 2018

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed […]


Is more tax reform on the horizon?

July 30, 2018

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of […]


Does Your Buy-Sell Agreement Need Updating?

If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to review and perhaps revise the document […]


Is Your Website ADA Compliant? Take a Look at these Standards

Is a company’s website a place of public accommodation? That question is the key test of whether a business is subject to the Americans with Disabilities Act (ADA). The Department of Justice (DOJ), which enforces the ADA, hasn’t issued detailed regulations on the subject at this time. But, the DOJ stated, “the fact that the regulatory […]


The ABCs of Higher Education Tax Breaks

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect individual taxpayers. But, in terms of tax breaks for higher education, the new tax law generally maintains the status quo, with a few minor tweaks here and there. Here’s the rundown on education-related tax breaks for 2018 and beyond. TCJA Eliminates Employee Deductions for […]


Supreme Court Opens Door to Taxation of Online Sales

June 25, 2018

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the […]