Archive for December 2019
IRS Releases Draft Revision of Schedule K-1 and Notice on Reporting Partnership Capital
This year, the IRS released a new draft revision of Schedule K-1 proposing several changes for tax year 2019. Of the changes, the most significant requires that a partner’s capital account provided in Part 1, question L of the form, be reported on a tax basis. Prior to this revision, partner’s capital account could be…
Read MoreState & Local Tax (SALT) Newsletter Nov-Dec 2019
https://www.aprio.com/media/newsletters/SALT-Newsletter-122619.html
Read MoreSpending Bill Extends Tax Breaks, Adds Retirement Account Provisions
With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end…
Read MoreNavigating S Corporation and Partnership Loss Planning Rules and Limitations
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), the largest tax overhaul in decades, individuals could freely deduct their flow-through business losses from their partnerships and S corporations against their wages and other investment income, subject to basis, at risk and passive activity limitations. As a result, a taxpayer with sufficient…
Read MoreThe Nonprofit Parking Tax Has Been Repealed
Thanks to a bipartisan effort in the U.S. House and Senate, the nonprofit parking tax (commonly referred to as the “Church Parking Tax”) was repealed. The repeal was included in the $1.4 trillion spending package signed by President Trump on Dec. 20, 2019. In December of 2017, President Trump signed into law the Tax Cuts…
Read MoreAprio Combines with Leading North Carolina Accounting Firm, LBA Haynes Strand
Combination Accelerates Firms’ National Expansion and Creates Foothold in Carolinas Contact: Kayla Harris 770-845-8515 or kayla.harris@aprio.com ATLANTA – December 19, 2019 – Aprio, LLP, a nationally recognized, CPA-led business advisory firm, announced today that it has combined with LBA Haynes Strand, LLC, a leading accounting firm in North Carolina. The combination of Aprio’s comprehensive service…
Read MoreExit Strategy Using an ESOP
At a glance The main takeaway: Employee stock ownership plans (ESOPs) are unique and nontraditional vehicles to streamline the business succession and exit planning process. Impact on your business: Below, we explain how Aprio helped one long-term client implement an ESOP and navigate the complex challenges that often come with exit planning. Next steps: Contact…
Read MoreReal Estate Newsletter December 2019
https://www.aprio.com/media/newsletters/RE-insights-Dec-19.html
Read MoreRenovations Placed in Service Provide Tax Deductions for Hospitality Business Owners
As 2019’s tax year begins to wind down, restaurant, hotel, and food distribution owners have the opportunity to take advantage of a variety of tax depreciation incentives. These tax deductions can be substantial if a business owner purchases a high quantity of fixed assets or a major buildout, or if a refurbishment project for their…
Read MoreCalifornia Issues Ruling on Sourcing of Income Paid to Independent Directors
Individuals who serve as independent members of a corporation’s board of directors may find that that their board compensation is not necessarily reported to the state where the board meetings are held. By Betsy Tuck, SALT Manager Do you receive compensation for serving as an independent board director of a corporation? If so, you probably…
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