Updates on Tax Reform Guidance on Qualified Improvement Commercial Property and Section 179
As we all welcome a new year, we are revisiting two prior points from the Tax Cuts and Jobs Act of 2017 (TCJA), one which is still being discussed and one not yet discussed. As part of the TCJA, Qualified Improvement Property was redefined as any improvement to an interior portion of a commercial building […]
Comprehensive list of all states and legislation passed related to the Wayfair matter
Revised State Tax Chart
Tax Cuts and Jobs Act: S Corporation vs. C Corporation
By Jennifer Kobylarz, CPA, MST Recent guidance by the IRS specifically addressed conversion of an S corporation to a C corporation, which has left a lot of business owners wondering if a change would be beneficial. The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the top federal tax rate on a C Corporation […]
Basics of Qualified Opportunity Zones, Funds and Tax Deferral of Capital Gains
By Jennifer Kobylarz, CPA, MST The Qualified Opportunity Fund (QOF) is a new type of investment which originated from the Tax Cuts and Job Act of 2017 (TCJA). It created new “Zones” or designations of economically distressed communities, where certain new investments (“Funds”) maybe eligible for federal capital gain tax deferral. These Qualified Opportunity Funds […]