Many small businesses choose to operate as a corporation to take advantage of the limited liability protections. However, federal income tax law generally imposes two levels of tax on corporate profits: a corporate-level income tax… Read more
Recent Posts
U.S. Supreme Court Limits States’ Authority to Tax Out-of-State Trusts
On Friday, the U.S. Supreme Court unanimously affirmed the North Carolina Supreme Court’s decision in Kaestner Family Trust. That decision struck down a North Carolina statute that taxed trust income if a trust beneficiary is… Read more
The Home Office Tax Deduction: IRS Releases “Tax Tip”
On May 28, the Internal Revenue Service released Tax Tip 2019-66 discussing the rules and benefits of the home office deduction. The IRS reminds small business owners that they may qualify for a home office… Read more
House of Representatives Passes SECURE Act to Improve Retirement Savings Options
On Thursday, May 23, the U.S. House of Representatives approved a retirement savings package that Senate tax writers have waited to take up for action. The Setting Every Community Up for Retirement Enhancement (SECURE Act,… Read more
Virginia General Assembly – Tax Law Update
Last month the Virginia General Assembly (GA) wrapped up its legislative work, which included a multitude of changes to Virginia tax law. Historic Rehabilitation Tax Credit Since 2017, there has been in place a $5… Read more
IRS Releases Section 199A Safe Harbor Rules for Rental Real Estate Enterprises
Recently, the Internal Revenue Service released final regulations under Section 199A, a section in the Internal Revenue Code introduced with the 2017 Tax Act. These regulations provide a deduction to a non-corporate taxpayer for up… Read more
Save Taxes While Helping Preserve History: Historic Rehabilitation Tax Credit Programs
What are Historic Rehabilitation Tax Credits? The Historic Tax Credit (HTC) programs (federal and Virginia) are designed to promote the public policy that the preservation of historic community assets is an important part of protecting… Read more
Using Opportunity Zones to Revitalize Areas Throughout Virginia
Using Opportunity Zones One of the more innovative provisions in the 2017 Tax Cuts and Jobs Act (TCJA) provided for the creation of Opportunity Zones. Using the Internal Revenue Code to drive policy or incentivize… Read more
Section 199A: What do the proposed regulations mean?
Looking at a few points that amplify complexity. A Brief Primer Section 199A, enacted in December 2017 as part of the Tax Cuts and Jobs Act (“TCJA”), allows individuals and certain other non-corporate taxpayers to… Read more
Retirement Security and Disclosure Burdens
Executive Order Directs Department of Labor and Department of Treasury to Take Steps to Strengthen Retirement Security and Reduce Disclosure Burdens On August 31, 2018, President Trump signed an executive order (EO) announcing a goal… Read more