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

The president signed a “continuing resolution” on January 22, delaying three health-related taxes: the medical device excise tax, the Cadillac tax and the health insurance tax. Medical Device Tax Just days before medical device companies were set to make their first payment to the IRS, the excise tax relief was extended another two years. While… Read more

The IRS recently provided interim guidance to qualified small businesses on a new option for claiming the research credit. Eligible businesses are now able to offset payroll taxes by applying the research credit against their payroll tax liability, something that could only be applied toward income tax liability prior to 2016. As part of the… Read more