Purchasing a new home can be an exciting time, especially if it is your first. It can be a whirlwind—planning your budget, securing a loan and potentially improving the property. One thing that may get overlooked is how a new loan can affect your tax return. Properly deducting interest as well as other allowable expenditures… Read more

Reminder: September 15th and October 15th are the deadlines to file Forms 3115 to proactively comply with the Tangible Asset and Repair Regulations (TARS), which went into effect for taxable years beginning on or after January 1, 2014. Although Forms 3115 are not required with every return, the omission of these forms indicates acceptance of… Read more

As you may recall from a previous article, the IRS issued final regulations that provide guidance on whether businesses can deduct or must capitalize amounts that they pay to acquire, produce or improve tangible property. The new Tangible Asset and Repair Regulations (TARS) went in to effect for taxable years beginning on or after January… Read more

When working with partnership formation agreements for traditional partnerships and Limited Liability Companies, it has become increasingly more common to see a preference for targeted partnership allocations versus the more traditional agreement that liquidates based on positive partner capital accounts. This type of partnership has become popular for real estate partnerships, as it paints a… Read more

As you may recall from a previous article, the new IRS rule on classifying tips and service charges was set to go into effect in June of last year, but the compliance deadline was extended to January 1, 2014. With the deadline quickly approaching, the IRS released its final rules on how to handle tips… Read more