Insights

In recently-proposed regulations, the IRS states that, in general, taxpayers can deduct 50% of the ordinary food and beverage expenses necessary for operating their trade or business. Similar to before, the expenses may not be lavish or extravagant as related to the context in which they are used, and the taxpayer or employee must be present. The IRS…

Donor-advised funds (DAFs) have grown in popularity over the past decade. According to the National Philanthropic Trust 2019 Donor-Advised Fund Report, the sky-rocketing growth has led to nearly double the amount of recommended grants—over $23 billion—to qualified charities over the past five years. So, what are donor-advised funds, and why are we seeing this spike in…

Over the past few years, we have seen some of the greatest shifts in tax legislation. And just as the dust starts to settle on the unprecedented tax reform changes of 2018, we now turn our attention to one of the most extensive pieces of retirement legislation to become law in over 13 years. The…

Whether you’re a partner or an associate in a law firm, the IRS has rules that apply specifically to you as well as several opportunities. Following is a list of tax provisions that affect attorneys in particular. Tax Benefits for Partners The following deductions and benefits pertain to partners in a law firm: Home office…

The IRS announced that they will be keeping a watchful eye on certain land donation deals that receive significant tax deductions. This pronouncement was disclosed in IRS Notice 2017-10 and later modified by IRS Notices 2017-29 and 2017-58. Taxpayers who are involved with land donation deals known as syndicated conservation easements will be under a…

‘Tis the season for giving! In a recent announcement, the IRS presented the highly-anticipated final regulations on gift and estate tax exclusion amounts made between 2018-2025, confirming there will be no clawback after the exemption amount sunsets. The IRS and the Treasury Department have established that taxpayers who take advantage of the $11 million (indexed)…

As we continue to expand our digital footprint, it is important to incorporate our digital lives into an estate plan so our digital legacy may be preserved. Some call these instructions a “digital will.” This set of instructions is a section of your estate plan that covers email addresses, social media accounts, passwords, website login…

As we closed out the 2018 tax filing season, we saw significant changes over the last year with most of the tax provisions in the Tax Cuts and Jobs Act (TCJA) taking effect. The last few months of 2019 will provide taxpayers with the opportunity for year-end tax planning as we enter another round of…

The first year of filing under the new Tax Cuts and Jobs Act (TCJA) is in the books. With most of the provisions taking effect for the 2018 tax year, corporations saw a substantial reduction in their tax rate from 35% to a flat 21%, and some owners of pass-through entities saw a large reduction…