Insights

The CARES Act provides some big wins for individual taxpayers who are in need of an economic lifeline amid the COVID-19 pandemic. Recovery Rebate for Individual Taxpayers The CARES Act includes a provision offering a one-time “2020 recovery rebate” of $1,200 ($2,400 for married couples), plus an additional $500 per child for eligible taxpayers. U.S.…

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, making it the largest emergency stimulus package in the history of the United States. The CARES Act comes in response to the coronavirus outbreak as it takes hold around the globe. Its mammoth $2 trillion economic stimulus brings…

On March 20, 2020, the IRS extended the federal tax filing deadline to July 15, 2020, three months after the normal April 15, 2020 deadline, to give all individuals and businesses an extra 90-day extension to file their returns. Published guidance is not available at this time. In addition to the federal deadlines, California updated…

Amid school and business closures, some gamers may be increasing their screen time and raking in the virtual dough. What does virtual currency mean for tax purposes? The IRS released a statement last month informing gamers who exchange virtual currencies in video games that they do not have to report these transactions on their tax…

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)…