Tax Warrior Chronicles

WEBINAR - The Experts Discuss Qualified Opportunity Zones

Posted on Mon, Feb 11, 2019

DS Webinar SeriesBuried within the Tax Cuts and Jobs Act of 2017 are six pages that create a massive tax-savings opportunity. Sections 1400Z-1 and 1400Z-2 define a completely new tax incentive for Qualified Opportunity Zones and Qualified Opportunity Funds. In short, individuals with capital gains obtain tax benefits by investing those gains in Qualified Opportunity Funds, which, in turn, invest in economically distressed areas designated as Opportunity Zones.

 

It’s a hot topic, and although recent ... Read More

Tax Wars, Episode III: Revenge of the Business Interest Expense Limitation

Posted on Tue, Feb 05, 2019

DSMarketing024-1By: Jeremy Ferman, CPA, MAcc

 

Last year, we discussed Internal Revenue Code §163(j) created by the Tax Cuts and Jobs Act of 2017 ("TCJA").  At the time, we knew business interest expenses were limited to 30% of Adjusted Taxable Income  + business interest income + floor plan financing interest expense.  We also knew businesses with gross receipts of $25 million or less were "excepted" from the limitation and that ... Read More

Tax Rates and Brackets at Your Fingertips!

Posted on Mon, Feb 04, 2019

D&S Marketing_060-1Memorizing the different tax brackets, rates, standard deduction amounts, etc., is near impossible for most. Unless you are an accountant, these numbers don’t come naturally. Truth be told, even we need to look up something every now and then. As a handout at our presentations, we’ve prepared a two-page 2017-2019 comparative federal tax sheet. It is extremely helpful to have at your ... Read More

Section 199A Aggregation Rules

Posted on Wed, Jan 30, 2019

TCJA-2017By: Lana Goldina, CPA, and Dan Marques, CPA, MT

 

The infamous Section 199A, also known as “20% pass-through deduction,” is considered one of the most complex areas of the Tax Cuts and Jobs Act of 2017. On Friday, January 18, the IRS issued final regulations on parts of the law. Among the many issues and questions needing clarification under Section 199A is how you can elect to aggregate ... Read More

Did Your Hobby Became More Expensive Under TCJA?

Posted on Mon, Jan 28, 2019

D&S Marketing_069By: Dylan Haughey, CPA and Rosalind W. Sutch, CPA, MT

 

Hobbies are a great way to occupy your free time.  If you’re lucky, you may earn a few bucks in the process and if you’re even luckier, you may earn enough to offset some or all the costs of your hobby.  The IRS has strict rules about what is a hobby and what is a business and those rules matter now more than ever. 

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Why Isn’t Philadelphia Advertising Wage Tax Refunds Available for Low-Income Families?

Posted on Thu, Jan 24, 2019

Rosalind-W-SutchBy: Rosalind W. Sutch, CPA, MT

 

Everyone living or working in Philadelphia knows the significant wage tax burden that comes along with the privilege.   At its height, the Philadelphia Wage Tax reached 4.96% in 1985. Since the mid-1990s, rates have slowly dropped.  But did you know that certain low-income taxpayers may qualify for a 0.5% reduction in their Philadelphia Wage tax and are due a refund?

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Simplified Tax Form May Not Be A Reality

Posted on Tue, Jan 22, 2019

TCJA-2017By: Michael Weiner

 

One of the major goals of the Tax Cuts and Jobs Act of  2017 (“TCJA”) was to simplify the tax law so the average American can more easily file their federal taxes. The tax code has always had a bad reputation for being too long and too confusing. But, the TCJA’s attempt to make the tax code more approachable and comprehendible seems to be counterproductive.

 

The TCJA contained 1,097 pages ... Read More

Standard vs. Itemized Deductions: Which is Best for You?

Posted on Fri, Jan 18, 2019

DecisionsBy: Cecilia Fernandes

 

You can claim the standard deduction or itemized deductions on your tax return. You can use whichever gives you the lowest tax liability, but you cannot claim both.  In 2018,  personal exemption amounts are no longer allowed. So, which is best for you? In today’s post, we’ll explore some facts that may help you decide.

 

The amount of standard deduction you can take depends on your ... Read More

Which States Will Conform to Tax Law Changes?

Posted on Thu, Jan 17, 2019

DAN MARQUES - OFFICIAL - 2016By: Dan Marques, CPA, MT

 

Have you heard of the Tax Cuts and Jobs Act (“TCJA”)?  Of course, you have. And, you’ve likely heard more about the TCJA than any other tax law before it.  The last time the federal tax code was significantly transformed was in 1986, the year I was born, so the TCJA is a big deal. The question is, will states conform to the changes?

 

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Changes to Uniform LLC Act May Have Unexpected Impact

Posted on Fri, Jan 11, 2019

HerbFineburgFrom time to time, The Tax Warriors® at Drucker & Scaccetti call on highly skilled friends of the firm in the areas of law and wealth management to share knowledge that can help you better understand your own tax situation. Today, attorney Herbert Fineburg, of the law firm Offit Kurman discusses the changes to the PA Uniform LLC Act and how these changes may have an adverse impact on members.

 

The recently enacted changes under the Pennsylvania Uniform Limited Liability Company Act, 15 ... Read More