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Tax Law And Changes Archives - The SPSCPA Blog

 

Tax Law And Changes

Forget the Playoffs, College Football’s All About New Tax Laws and Tickets

College Football is all about New Tax Laws and Tickets

In 1986, two years into Ronald Reagan’s second term, the Democrats regained a Senate majority. David Pryor, a Democratic senator from Arkansas, used his new position as chairman of the Senate Subcommittee on Oversight of the Internal Revenue Service, to launch an attack on what he called the IRS’ “questionable, overreaching activities”. Among the IRS’ “overzealous, heavy-handed, and often illegal Read More »

Opportunity Funds: Do Well by Doing Good

All about Opportunity Funds by SPSCPA.com

There’s a new type of investment fund available called “Opportunity Funds” that might benefit two groups of people. Interestingly, these groups are often not well-acquainted with each other: 1) those who have large investment profits and  2) low-income communities. Let’s begin with a few facts that help show why “opportunity funds” might be an idea whose time has come: At Read More »

Old School Rules Control Taxes on New Age Cryptocurrencies 

Investing in cryptocurrency can lead to new tax bills

Investing in cryptocurrency moved mainstream last year and now more people are staring down tax bills from their big gains. The only official IRS guidance about the tax consequences of your adventures in the Jurassic jungle of cryptocurrency trading is from 2014. And that four-year-old publication offers mere guidance, rather than strictly controlling rules. So the best basic advice when Read More »

Section 1031 Exchange, New Rules You Want to Know

New IRS Regs - Section 1031 Exchange, New Rules You Want to Know

Changes in the Tax Cuts and Jobs Act have made this strategy even more attractive to real estate investors. Under the new Tax Cuts and Jobs Act, the benefits of combining cost segregation and Section 1031 exchanges have become an even more important tax strategy for real estate investors than ever. With the recently passed TCJA, the rules for Section Read More »

Online Retailers Must Charge Sales Tax to Everyone

United States Supreme Court

Written by Adam Liptak, Ben Casselman and Julie Creswell Americans have done more and more of their shopping online in recent years, drawn by the promise of low prices, wide selection and buy-from-home convenience. But e-commerce has also had another edge: Many of those sales were, in effect, tax-free. The Supreme Court on Thursday moved to close that loophole, ruling Read More »

How Long Do I Need to Keep Tax Returns and Related Records?

tax forms - How Long Do I Need to Keep Tax Returns and Related Records?

One of the most frequently asked questions that we get from clients is “ How long do I have to keep all of my records and tax returns?”. The general rule for copies of tax returns is – indefinitely. With the advent of scanning and electronic storage programs, this is slightly less onerous than in previous years. Documentation related to Read More »

New Tax Return Due Dates for 2016 Tax Returns

shutterstock 239424322 - New Tax Return Due Dates for 2016 Tax Returns

The Internal Revenue Service has made several changes in due dates for some Federal tax returns, effective for the filing of 2016 tax returns, due in 2017. The changes affect Partnership, LLC and C Corporation tax returns. The due dates for S Corporation returns, individual income tax returns and estimated tax payments have not changed, however, there is one due Read More »

Mortgage Interest Deduction for Unmarried Couples

Mortgage Interest Deducation for Unmarried Couples 1 - Mortgage Interest Deduction for Unmarried Couples

The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence basis. The case involved California domestic partners, who had purchased a home in Beverly Read More »

Is it Time to Make Those Gifts to Family Members?

Estate Planning, Los Angles CPA

For decades, one of the most popular and effective methods to transfer family wealth to younger generations was through Family Limited Partnerships (FLP). Parents would set up an FLP and contribute assets, such as real property, to the FLP. They would then make gifts of minority interests in the Limited Partnership to their children and grandchildren. Since a minority interest Read More »