
The Section 199A 20% tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your rental property profits can create the deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to
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Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck. In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court ruled for the IRS. Good-bye, $28,749 tax deduction. Pertinent Facts The contract between Boyce and Dan
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The AICPA has asked the IRS to be kind to tax payers who haven’t had enough taxes withheld from their checks or haven’t prepaid enough of their taxes. The Tax Cuts and Jobs Act made substantial changes to the way our taxes work, but many Americans didn’t make the corresponding changes to their withholding to
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City’s Net Assets Plunge by over $1 Billion A few days before Christmas, the City of Houston released its Comprehensive Annual Financial Report (CAFR) for FY2017-2018. In recent years, the City’s standard operating procedure has been to release the CAFR over the holidays to minimize the attention it will receive because the news is generally
Read MoreTaxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29. Draft Form 1040 The new Form 1040 will be finalized this summer as IRS works with the tax professionals to finalize the form. The
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In times of yore, children were warned that television would rot their brains. Today, though, there’s an impressive selection of edutainment, programming that both teaches and tantalizes. These shows have given many children an entrepreneurial edge that will serve them well the rest of their lives. This AICPA Insights article shares a shortlist of shows
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The Internal Revenue Service released a new five-year Strategic Plan outlining goals to improve taxpayer service and tax administration. The Fiscal Year 2018-2022 IRS Strategic Plan will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community.
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All, please see the great events in May related to the College of Engineering. Much to be thankful for!! As I was recollecting some of my recent HBU memories this morning, I came to observe a pattern of Memories and Miracles in May as seen below: • May 28, 2015 Dr. Sloan began a small
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