Blockchain may soon drive business worldwide
Posted by Kim Chen on June 11th, 2018
“Blockchain” may sound like something that goes on your car, but it’s actually a digitally distributed ledger typically shared on a peer-to-peer network. Entries are stored in blocks, with each block containing a timestamp and providing a link to the previous block. Nothing can be altered without changing every block under the approval of most […]
Timing and Taxes: Two Critical Issues when Buying or Selling a Home
Posted by Kim Chen on June 7th, 2018
You might be in a rush to buy or sell a home before summer starts or interest rates increase even more. But, first, it’s important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and work-related moving expenses. Beware: Some rules have changed under the Tax Cuts and […]
Penalties—Husband-wife LLC Wasn’t a Disregarded Entity
Posted by Kim Chen on June 3rd, 2018
The petitioner was an LLC wholly owned by a husband and wife. Its 2010 and 2011 tax returns (Form 1065, which were filed late, stated that the election to be covered under TEFRA unified audit procedures was still in existence and in force. In 2014, the IRS attempted to collect unpaid income tax liabilities and […]
Capital Gains Rates Before and After the New Tax Law
Posted by Kim Chen on May 31st, 2018
Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you’re not alone. Here’s what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Old Rules Prior to the TCJA, individual […]
IRS Releases Fact Sheet for New Depreciation and Expensing Rules:
Posted by Kim Chen on May 26th, 2018
The IRS has released a fact sheet that highlights new depreciation and expensing rules from the Tax Cuts and Jobs Act (TCJA). Among other things, the maximum Section 179 deduction is increased from $500,000 to $1 million, and the phase-out threshold is increased from $2 million to $2.5 million for property placed in service in […]
