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The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of.


In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap.

Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for state and local taxes.

National Taxpayer Advocate (NAS) Nina Olson, who is scheduled to retire on July 31st, 2019, addressed Congress for the 37th and presumably last time in her role. Olson, who has held the role of NAS for 18 years, addressed Congress to review the 2019 tax season and the state of the IRS.

Under a new provision created by the Tax Cuts and Jobs Act (TCJA), for the tax years 2018 and 2019 you may qualify for a tax credit if you set up or amend a paid-family leave program. Under Section 45S of the Internal Revenue Code, employers that voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually under a written policy, may claim the credit.

Well…it’s over.  This year’s individual tax return filing deadline has come and gone.  As the dust settles and we take stock of this year’s tax season, a few trends have appeared.

On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.

Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?

Like any good consultant, my answer is: It depends.

The sad reality is more than 50% of marriages end in divorce. The median duration of a marriage in the United States is 11 years. Divorce is a reality and there are some important things you need to know from a financial and tax perspective.

The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.

The IRS recently provided guidance to real estate investors regarding the Qualified Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.