Tax Warrior Chronicles

Seize the Day: There’s Never Been a Better Time to Consider Cost Segregation

Posted on Wed, Jun 17, 2020

Everyone wants to maximize tax savings on their commercial real estate, and while Cost Segregation Studies have long been a solid IRS-approved strategy, these days they are more popular than ever, especially with some of the changes under the CARES Act,Today’s guest blogger, Terri S. Johnson of Capstan Tax Strategies, is here to explain why “cost seg” studies are all the rage, and to walk us through the top-three prime cost segregation scenarios.    

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Opportunities to Increase Cash Flow from 2018–2020 Business Losses

Posted on Wed, Apr 22, 2020

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides relief to taxpayers with net operating losses (“NOLs”) and excess business losses (“EBLs”) arising in taxable years 2018 to 2020.  The IRS recently issued guidance related to the new NOLs rules under the CARES Act, which are favorable to taxpayers seeking such relief.

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Disallowance of Excess Business Losses

Posted on Thu, Oct 03, 2019

By: Steven A. Braun, CPA


The Tax Cuts and Jobs Act added Section 461(l) to the Internal Revenue Code (“the Code”), which limits the excess business losses of noncorporate taxpayers.  The limitation applies to sole proprietors, partnerships, S Corporations, limited liability companies, estates and trusts for years beginning after December 31, 2017 and before January 1, 2026.

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Business Interest Limitation and the Tax Cuts and Jobs Act - Part I

Posted on Wed, May 30, 2018

Despite what you may have heard, The Tax Cuts and Jobs Act (“TCJA”) adds more intricacy to the already complex U.S. Tax Code.  One of the new provisions in the TCJA is the Business Interest Expense Limitation, IRC section 163(j).  Today, in the first of two parts, we’ll try to crack the code (pardon the pun) and shed some light on one of the more complex changes of the new tax law.

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Tax Reform NOL Changes May Impact Struggling Companies

Posted on Thu, Mar 22, 2018

By: Jenny Zhang, CPA, MT


Before the Tax Cuts and Jobs Act of 2017, taxpayers could carryback a Net Operating Loss (NOL) for two years and carry it forward up to 20 years.  The NOL wasn’t subject to a limitation based on the taxable income except for alternative minimum tax purposes.  But those good old days have ended. Now, as part of recent Tax Reform, a business’s options to deduct losses has changed and not all for the good.

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Tax Code Changes in the 2017-2018 PA Budget

Posted on Fri, Nov 17, 2017

By: Joseph Brunell, CPA


Governor Tom Wolf finally put an end to the 2017-2018 Commonwealth of Pennsylvania budget deadlock on October 30, 2017, by signing additional legislation needed to implement the budget. From this legislation (House Bill 542) comes various changes and additions to the Pennsylvania tax code. In today’s post, The Tax Warriors® will highlight the key changes.

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Carryback and Carryforward Periods for NOLs – A Tax Lifeline for Business Owners

Posted on Mon, May 11, 2015

With the economy continuing to trend upward since the 2008 recession, many businesses have returned to profitability.  No business owner ever wants to operate at a loss, but sometimes the economy and other factors dictate otherwise.  However, a loss isn’t always a bad thing when you’ve been profitable in prior years or anticipate large profits in future periods.

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