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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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What are the New Sick Leave Requirements?

On January 12, 2018, the Maryland Healthy Working Families Act was passed. This override Governor Hogan’s veto of the Act that took place in May of 2017, in which he had proposed a different sick leave legislation. The law is currently scheduled to go into effect on February 11, 2018. This Act requires Maryland employers with…

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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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Real Estate Tax Update

On December 27th, the IRS issued an advisory regarding the deductibility of real estate property taxes in light of the new tax law. The “Tax Cuts and Jobs Act” caps the 2018 property and state tax deduction at $10,000 for those who itemize their deductions. According to the IRS, the property taxes must be assessed…

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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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Key Takeaways from the 2017 AICPA Auto Dealership Conference  

Here, the bgr CPAs auto dealership industry experts discuss some of the key takeaways related to the state of the industry, and provide guidance for business owners. This year, the automobile industry experts at Berman Goldman & Ribakow were excited to have the opportunity to attend the 2017 AICPA Auto Dealership Conference for the 12th year. As…

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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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