Archive for March 2019
Aprio Lease Accounting Solutions
The Deductibility of an Estate’s Excess Deductions to Beneficiaries
As we planned for and now prepare estate and trusts returns for 2018, beneficiaries and executors want to know: After the Tax Cuts and Jobs Act (TCJA), can a beneficiary still deduct excess estate tax deductions on his/her individual return? BackgroundPrior to the 2017 Tax Cuts and Jobs Act, individual taxpayers could deduct a variety…
Read MoreThe Accuracy-Related Penalty: New Disclosure Requirements
The Internal Revenue Service (IRS) has issued Revenue Procedure 2019-9, which outlines disclosure requirements to reduce or avoid accuracy-related penalty. This procedure applies to all tax returns prepared on 2018 forms. The accuracy-related penalty under Internal Revenue Code (IRC) 6662 is imposed if there is a substantial understatement of tax, defined for corporations as a…
Read MoreRetailers and Restaurateurs Cheer Legislation to Fix Expensing for Improvements
By: Ross Boardman, Tax Senior Associate, and Ciara Stephens, R&D Technical Writer Retailers and restaurateurs are breathing a sigh of relief now that new bipartisan legislation, S. 803, was introduced on March 14 to correct a drafting error in the Tax Cuts and Jobs Act (“TCJA”) that failed to include qualified improvement property as…
Read MoreWhy is there an IRC Section 163(j) note on my K-1?
By: Scot Goldring, Tax Senior Manager, and Kelsey Monaghan, Tax Associate If you own part of a company doing business as a partnership or S corporation, you’re eagerly awaiting the arrival of your K-1. This year, you may notice something different – disclosures related to new Section 163(j) limitations. What is Section 163(j)? The new…
Read MoreBusiness Technology Consulting Services Overview
Should your Medical Practice be a “C” Corporation?
The 2017 Tax Cuts and Jobs Act created the Internal Revenue Code (IRC) 199A, which provides for a maximum of 20% deduction of business profits for sole practitioners and pass-through entities and drops the corporate income tax rate to a flat 21%—a dramatic decrease from 35% previously. For specified service trade or businesses, which includes…
Read MoreIRS Issues Tax Relief for Victims of Alabama Storms
On Monday, March 11, 2019, the IRS announced a tax relief to aid recent victims of the tornadoes and severe storms that tore through Alabama earlier this month. The storms, which produced more than three dozen tornadoes and left a path of destruction nearly 70 miles wide, resulted in FEMA designating many areas as qualified…
Read MoreAprio Launches Forensic and Investigative Services
Investigative team to help clients find the truth behind the numbers ATLANTA (PRWEB) MARCH 06, 2019 Aprio, LLP, a nationally-recognized, CPA-led business advisory firm, announced today that the firm has launched Forensic and Investigative Services as part of its Litigation Support and Forensic Accounting Services group. Aprio’s Forensic and Investigative team, led by Nicole Ponziani,…
Read MoreLate Tax Return Filing May Mean Reduced Social Security Benefits
Late filing your tax returns? Here’s another reason to quickly get into compliance: You may be missing out on future social security benefits. Social security calculates retirement benefits based on earnings reported. While the Social Security Administration (SSA) directly gets earnings information from form W-2 (wages), it does not directly receive earnings from self-employment activities,…
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