Merritt

Dear Friends: In December 2017, Congress enacted the Tax Cuts and Jobs Act (“TCJA”) and changed how your children were taxed by the IRS on their investment-type income. These TCJA changes led to much higher tax bills for minor children and college-age dependents. Congress recently passed the SECURE Act (Setting Every Community Up for Retirement [...]

Dear Friends: As has become the new normal, Congress passed some meaningful tax legislation right before it recessed for the holidays. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) was signed into law by President Trump on December 20, 2019. The SECURE Act made many changes to how you [...]

Hello Friends, Back in January, we warned you about a seismic change in business deductions for entertaining your clients and potential customers. Later, in May, we dug a little deeper and learned that key tax-writers in Congress had not intended to make such drastic changes and that they were looking for a way to address [...]

Recent Tax Law Changes Affecting Partnerships and LLCs and their Owners The Tax Cuts and Jobs Act (“TCJA”), passed by Congress and signed into law by President Trump in December 2017, includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes, and their members. While most [...]

Business Entertainment write-offs are SO 2017 Dear Friends: Lawmakers finally did it. They eliminated some important tax deductions for business owners. In 1986, they reduced the directly related and associated entertainment deductions to 80 percent with that year’s Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with [...]