Tax Considerations for Converting a Second Home into a Rental Property

Accountants and tax preparers need to have a clear understanding of the tax implications which follow from the passive income deriving from rental property....

Tax Benefits of Opportunity Zones

Opportunity Zones are the hot new investments of 2019. Before you convince your high net worth clients to invest, let’s understand some...

New Deduction for Taxpayers with Rental Income

The Tax Cuts and Jobs Act (TCJA) added a new tax deduction for owners of pass-through entities – a 20% deduction of...

Resident vs Nonresident Taxation Differences

Is your client an alien? Sounds funny, but the IRS considers all individuals who are not U.S. citizens or U.S. nationals, aliens....

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Paycheck Protection Program Flexibility Act – Passed by the House

Earlier today the House of Representatives passed H.R.7010 - Paycheck Protection Program Flexibility Act of 2020 that would favor many small business owners. This bill is now sitting on the Senate to vote on and move forward.

How to “Cloud Accounting” for Tax: The Template for Change Management

In the last article, I address the three pillars of change management. Please read that here. Once you have a good, fundamental...

IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for...

The Internal Revenue Service announced today, May 28, that later this summer taxpayers will for the first time be able to...