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 [...]
On December 14, 2017, the Pennsylvania Department of Revenue (“PADOR”) released an informational notice regarding the Withholding on Non-Employee Compensation and Business Income paid to individuals and unincorporated business that are non-residents of Pennsylvania. A link to the entire notice is here. This is a significant change and if you have a business operating in [...]
The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed [...]
Standard Mileage Rates Increasing 2018 Standard Business Mileage Rate increased by 1 penny per mile WASHINGTON ― The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage [...]