Tax Warrior Chronicles

Divorce on Schedule 1 – Alimony

Posted on Thu, Aug 08, 2019

divorce-resized-600By: Sherri Sorbello, CPA

 

The tax treatment of alimony was one of the many items modified by the Tax Cuts and Jobs Act of 2017 (“TCJA”).  Alimony received is no longer taxable income to the recipient spouse and alimony paid is no longer deductible by the payer spouse for divorce or separation agreements executed after 2018, unless...

 

This change does not apply to divorce or separation agreements executed ... Read More

Help Us Help You – Getting Us Your Tax Documents

Posted on Mon, Aug 05, 2019

Jane-ScaccettiBy: Jane Scaccetti, CPA, MT, PFS

 

Outside, it’s 90 degrees, the sands of the Jersey Shore are beckoning and summer vacations are in full swing. The furthest thing on anyone’s mind in these last lazy days of summer is taxes. However, for those with extended tax return filings through September 15th (businesses) and October 15th (individuals), now is the time to deliver your information to your tax advisors. The earlier the ... Read More

Tax Considerations for Pass-Through Entities: §§ 199A and 163(j)

Posted on Tue, Jul 30, 2019

Ferman1By: Jeremy Ferman, CPA, MA

 

The Tax Cuts and Jobs Act (“TCJA”) added several complicated tax laws to the books, adding a level of complexity for even the smallest pass-through entity returns.  As we enter the home-stretch of the extended filing season, we will examine arguably the two most difficult areas for pass-throughs to navigate: §§ 199A and 163(j). 


Section 199A: The 20% Pass-Through Deduction

Written to help ... Read More

New Form 1040 for Seniors Proposed

Posted on Mon, Jul 29, 2019

full-changes(2)-resized-600By: Rachel Kieser, CPA, MT

 

Starting with their 2019 tax returns, seniors may say "goodbye" to the 1040 Postcard and "hello" to a new tax return form called the 1040-SR. The IRS recently released a draft of the 1040-SR for comments on its website.  But, like its 1040 counterpart, 1040-SR is not as simple as it looks.

 

The new form contains two pages, similar to the new Read More

"Back to Basis"- Basis Schedule of S Corporation

Posted on Fri, Jul 26, 2019

SCORP!!

By: Febby A. Sugianto

 

Since the sweeping changes in the Tax Cuts and Jobs Act of 2017 went into effect, many businesses have rethought how they are structured. S Corporations have a certain appeal and may be a good fit for some. Today, we’ll help you understand the importance of tracking your basis in an S Corporation.

 

When investing in an S Corporation, it is important to know your basis. ... Read More

TCJA: What it Said vs. What it Did

Posted on Mon, Jul 22, 2019

Brunell1By: Joe Brunell, CPA

 

The Tax Cuts and Jobs Act of 2017 (TCJA) is the most significant tax code overhaul since the Tax Reform Act of 1986.  The TCJA had four goals; tax relief for middle-income families, simplification for individuals, economic growth and repatriation of oversea income.   It cut individual income tax rates, doubled the standard deduction, eliminated personal exemptions and capped state and local itemized deductions.  While on the surface ... Read More

HOLY COW! Navigating the IRS Just Got Easier—Or Did It?

Posted on Tue, Jul 16, 2019

subway-map-bigBy: Eric R. Elmore

 

In March of this year, National Taxpayer Advocate Nina Olson announced her retirement, which takes place at the end of this month. However, her exodus is preceded by one more valuable nugget of wisdom and guidance for U.S. taxpayers. Her office’s “IRS Subway Map” demonstrates the elaborate intricacies that may follow the innocent and naïve directive of, “just call the IRS.” It’s easier said than done!

 

Growing up ... Read More

Are Donor-Advised Funds the Right Tool for You?

Posted on Thu, Jul 11, 2019

KarolynBy: Karolyn Banks, CPA, MT

 

Donor-advised funds are great tax planning vehicles, especially when you want to make a large tax-deductible contribution but have not identified specific charities to support.  Though many donor-advised funds administrators are available, the one you choose should be driven by your philanthropic goals. Today’s blog covers a few things to consider when making your decision.

 

What is a Donor-Advised ... Read More

New Law Limits a Key Business Sales Tool

Posted on Wed, Jul 10, 2019

D&S Marketing_060-1By: Dylan Haughey, CPA

 

A recent Wall Street Journal poll showed that some businesses have engaged in fewer client meals and invested in fewer entertainment events over the last year—falling some 70%.  There is a definite shift in how businesses apply resources around client acquisition, and the reason may be simpler than you think.

 

Before the Tax Cuts and Jobs Act of 2017 (TCJA), meals ... Read More

NYC Residents Will Pay Higher Real Estate Transfer Taxes Beginning July, 2019

Posted on Tue, Jul 02, 2019

D&S Marketing_069By: Irina Moyseyenko, CPA, MT

 

If you are considering buying real estate in New York City, be prepared to pay additional taxes.    The Big Apple altered New York State’s ‘mansion tax’ by enacting a scale of graduated rates on homes with a purchase price of $1M or more.  The rate starts at 1% and goes as high as 4.15% for homes in excess of $25M.

 

The revised New York City ‘mansion tax’ ... Read More