Tax Insights

Significant Tax Savings for Pass-Through Businesses

The recent tax reform act created a new deduction for owners of certain pass-through businesses that could potentially create significant tax savings for many of our business owner clients who receive a substantial amount of their income from a pass-through entity. This new deduction is referred to as Section 199A, of the Internal Revenue Code…

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What are the New Partnership Audit Rules?

Starting in 2018, changes in the partnership audit rules will impact partnerships and LLC’s taxed as partnerships. The Bipartisan Budget Act of 2015 changed the partnership audit rules beginning in 2018 by making the partnership, not the partners, liable for payment of any assessments from an audit. Also, the audit adjustments will now be reflected…

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Changes Resulting from the Tax Cuts and Jobs Act

The tax reform legislation recently signed into law significantly changes the landscape for individuals and businesses beginning January 1, 2018, and continuing for many years to come. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. It should be noted that most of the…

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Tax Cuts and Jobs Act: What Can I Do to Prepare?

On December 15, 2017, the Conference Committee reconciled the House and Senate versions of tax reform into the final proposed “Tax Cuts and Jobs Act” that is expected to be signed into law this week. The proposal outlines some of the most substantial changes to our tax system in decades. How these changes will impact…

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2017 Year-End Tax Planning Guide

On November 16th, the House of Representatives passed its tax reform bill, followed by the passing on the Senate version of the tax bill.  The Senate’s plan differs from the House bill on several key issues. Now, both chambers will then have to hammer out a compromise. President Trump would like to sign by year-end. Almost all of the…

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Year-End Tax Planning for Individuals

Below, the tax accounting professionals at bgr CPAs provide year-end tax planning tips for individuals. To speak with a qualified tax CPA regarding your year-end accounting, contact bgr CPAs! Individuals who are not active participants in an employer pension plan may make deductible contributions to an IRA. The annual deductible contribution limit for an IRA…

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Year-End Tax Planning for Businesses

Below, the tax accounting professionals at bgr CPAs provide year-end tax planning tips for businesses. To speak with a qualified tax CPA regarding your year-end accounting, contact bgr CPAs!  Deferring income to the next taxable year is a time-honored year-end planning tool. Expectations are that the new tax bill will significantly lower corporate tax rates.…

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2016 Year-End Tax Planning Guide

  As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.  One factor that compounds the already complicated planning challenges is the outcome of the Presidential election. We could likely see some significant tax…

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Year-End Tax-Planning Moves for Businesses & Business Owners

  Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2016, the expensing limit is $500,000 and the investment ceiling limit is $2,010,000. Expensing is generally available for most depreciable property (other than buildings), off-the-shelf computer software, and qualified real property-qualified leasehold improvement property, qualified restaurant…

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