Have you been deducting your R&D expenses as they occur? Starting in the new year, that option is obsolete pending any legislation change for year end. You will have to amortize them over multiple years. The IRS will require business owners to amortize Section 174 research expenses, which are qualifying research expenses or “QREs,” over… Read more

Many of us have rearranged, redecorated, or reimagined our homes to convert them into office spaces this year. This new swell of people working remotely has sparked questions regarding home office expenses and whether they qualify for a deduction. The answer is: it depends. If you are a W-2 employee, unfortunately, the answer is no…… Read more

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