Whether you’re a partner or an associate in a law firm, the IRS has rules that apply specifically to you as well as several opportunities. Following is a list of tax provisions that affect attorneys in particular. Tax Benefits for Partners The following deductions and benefits pertain to partners in a law firm: Home office… Read more

The IRS announced that they will be keeping a watchful eye on certain land donation deals that receive significant tax deductions. This pronouncement was disclosed in IRS Notice 2017-10 and later modified by IRS Notices 2017-29 and 2017-58. Taxpayers who are involved with land donation deals known as syndicated conservation easements will be under a… Read more

The Treasury Department and the IRS recently issued final regulations blocking all states from trying to circumvent the tax reform’s $10,000 cap on state and local tax deductions. In September 2018, CA Governor Jerry Brown vetoed the proposed bill to workaround the federal SALT cap, anticipating future federal regulations to ban these state circumvention strategies…. Read more

The IRS recently released a safe harbor method that harmonizes 100% bonus depreciation with the annual depreciation limits for passenger automobiles (other than leased vehicles). Passenger automobiles are defined as four-wheeled vehicles driven on public roads, having a gross vehicle weight of $6,000 lbs or less. If a vehicle is acquired and placed in service… Read more

If you want to teach your child the value of a dollar this summer, take a look at some interesting tips on how they can leverage their summer job salaries. At seventeen years old, one rarely thinks about retirement savings. But if you break down the numbers, they may think twice about how they spend… Read more