The Twelve Days of Taxmas – Retirement Plans Startup Costs Tax Credit
On the ninth day of Taxmas, my accountant gave to me a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA, or qualified plan.
The Twelve Days of Taxmas – Gift Tax Exclusion
On the eighth day of Taxmas, my accountant gave to me an annual Gift Tax exclusion of $15,000.
The Twelve Days of Taxmas – Cost Segregation Studies
By Klatzkin Tax Team
On the seventh day of Taxmas, my accountant gave to me a Cost Segregation Study.
The Twelve Days of Taxmas – Qualified Business Income Deduction
On the sixth day of Taxmas, my accountant gave to me the Qualified Business Income (QBI) deduction.
The Twelve Days of Taxmas – R&D Tax Credit
On the fifth day of Taxmas, my accountant gave to me, a Research & Development (R&D) study.
The Twelve Days of Taxmas – Employee Retention Credit
On the fourth day of Taxmas, my accountant gave to me the Employee Retention Credit (ERC) and the Paid Sick Leave and Family Leave Credit.
The Twelve Days of Taxmas – Qualified Improvement Property
By Klatzkin Tax Team
On the third day of Taxmas, my accountant gave to me a technical correction to the definition of Qualified Improvement Property.
The Twelve Days of Taxmas – Section 179D
On the second day of Taxmas, my accountant gave to me an expanded bonus and Section 179 depreciation.
The Twelve Days of Taxmas – Net Operating Loss
By Klatzkin Tax Team
On the first day of Taxmas, my accountant gave to me – temporary Net Operating Loss (NOL) rules.
New IRS Notice Facilitates SALT Cap Workaround
When signed into law on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was the most significant change to the U.S. tax code in more than 30 years. The goal was to simplify the tax code while making the United States corporate tax rate more competitive globally.