As year-end approached in 2019, all was not deadlocked in Washington. You see, on December 20th the president signed off on an important new law called the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act. The new law, explained in my new article, makes significant changes in how you can… Save money for retirementUse your … [Read more...]
Tax Policy
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TCJA Changes Vacant Land Tax Strategies
Do you own a vacant lot or other unproductive land? If the answer is “yes,” it’s very likely you’ll need new strategies for tax years 2018 through 2025. You might even need to consider making different investments! Why? Because the Tax Cuts and Jobs Act (TCJA) has impacted every cost you incur to carry that vacant lot or unproductive land investment. Want to understand … [Read more...]
Know These Divorce-Related Tax Issues for Small-Business Owners
Are you going through a divorce or thinking about ending your marriage? If you are, I urge you to consider the important tax consequence you’ll face. Thanks to the Tax Cuts and Jobs Act (TCJA), those consequences have changed for tax-years 2018 and later. As a small business owner, what do you need to know in order to emerge from a divorce with the most favorable tax … [Read more...]
New Individual Coverage HRA Turns the Clock Back To Pre-ACA Health Care Options
It’s a fact. The Affordable Care Act (ACA) destroyed many benefits provided by the Section 105 medical reimbursement plan. To rectify this, the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), introduced in 2017, did help to some extent. How? By letting employers with fewer than 50 employees, reimburse certain health care costs up to a set limit … and … [Read more...]
New Partnership Audit Procedures For 2019
Howdy partner! If you run your business as a partnership, or an LLC taxed as a partnership, there are some important things you need to know. For starters, you should be aware that Congress changed the IRS procedures for auditing partnerships. These new procedures take effect beginning with your 2018 partnership tax return. Under the new rules, an audit can lead to a … [Read more...]