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 are syndicated conservation easements? In… 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 and a tax on the… 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 a North Carolina resident. N.C.… 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 deduction if they use a… 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, H.R. 1994) passed 417-3. Congress… 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 million limitation on the amount… 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 to 20% of the qualified… 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 our shared history. The HTC… Read more
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 action is nothing new, but… Read more
Great news: the new “Tax Cut and Jobs Act” (“TCJA”), doubles the estate tax exemption amount from $5.49 million per individual (the 2017 exemption amount) to $11,180,000 million. (For convenience, this article will use the $5.6 million projected exemption amount for… Read more
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