In the last days of December, Congress passed, and the President signed, an end-of-year appropriations bill, H.R. 1865. In addition to funding the government, the bill contained the “Setting Every Community Up for Retirement Enhancement”… Read more

In the last days of December, Congress passed, and the President signed, an end-of-year appropriations bill, H.R. 1865. In addition to funding the government, the bill contained the “Setting Every Community Up for Retirement Enhancement”… Read more

On November 12, 2019, the Internal Revenue Service issued a news release announcing a significant increase in enforcement actions for syndicated conservation easements, designating those transactions as a priority compliance area for the agency. What… Read more

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

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

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

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

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

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

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