The Tax Cuts and Jobs Act (TCJA) curtails business deductions for meals, entertainment and transportation. Under the TCJA, deductions for business-related entertainment expenses, once 50% deductible, are disallowed. Meal expenses related to business travel are still 50% deductible, but the 50% rule now also applies to meals provided on an employer’s premises for its convenience. The TCJA also eliminates employer deductions for providing employee transportation fringe benefits, such as parking allowances and mass transit passes. Contact us for more details.
On December 20, Congress completed passage of the Tax Cuts and Jobs Act. The new law means substantial changes for individual taxpayers. For example, it reduces tax rates for most brackets, nearly doubles the standard deduction and expands the child tax credit. And it provides alternative minimum tax (AMT) and estate tax relief. But it also reduces or eliminates many tax breaks. Most changes affecting individuals are only temporary, generally applying for 2018 through 2025. If you have questions or would like to discuss how you might be affected, contact us.
The recently passed Tax Cuts and Jobs Act includes a multitude of provisions that will have a major impact on businesses. For example, it creates a flat corporate rate of 21% and temporarily provides a new 20% qualified business income deduction for owners of flow-through entities (such as partnerships and S corporations) and sole proprietorships. It also enhances some breaks, but it limits or eliminates many others. The changes generally apply to tax years beginning after December 31, 2017. Contact us for more details and to discuss the impact on your business.
Dan Doyle, senior vice president of development at The Beach Co., offers his take on the key areas shaping the industry in the coming year, including renter segmentation, community engagement and customer service.
With multifamily development slowing, it is the perfect time for developers to invest in other real estate sectors.
Michigan, along with many other state revenue agencies, is requesting additional information in an effort to combat stolen-identity tax fraud to protect you and your tax refund. If you have a driver’s license or state issued identification card, please provide the requested information from it. Your return will not be rejected if you do not have a driver’s license or state-issued identification. Providing the information could help process your return more quickly. For more information regarding identify theft visit www.michigan.gov/identitytheft.
There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.
Senate Republicans have moved to put a tax overhaul on the Senate floor in the next few days. Republicans are readying a bevy of last-minute changes that could redirect billions of dollars in the US economy over the next decade, changes that senators hadn’t even seen in writing mere hours before they voted 52 to 48 to start debate on the tax bill.
Rising homeownership is adding to the jitters in the residential rental market, which has slumped recently after a long stretch near the top of the commercial real-estate industry. For most of the current economic expansion, declining ownership rates have enabled landlords of apartments and single-family homes to raise rents far faster than the pace of […]
Boomers are using technology more than ever before. They’ve officially adopted social media, search engines and smart devices to find the information they want and stay in touch with everyone and everything. It’s about time senior housing marketers take notice.