Thought Leadership

When it comes to thought leadership and staying informed, we’ve got you covered. See below for recent articles, webinars, and downloadable resources available.

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Do your rental activities qualify you as a real estate professional for tax purposes?

Do your rental activities qualify you as a real estate professional for tax purposes?

By Alan Zgoda For Real Estate Professionals (REPs), two of the most important questions asked for tax purposes are, “Did I materially participate?” and “Is this a rental activity or not?” For better or worse, the answers to these questions can completely change how you are treated for tax purposes. In 2019, two court cases […]

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PARTNERSHIP CAPITAL ACCOUNTS_ 2018 CHANGES AND NOTICE 2019-66 (1)

Partnership Capital Accounts: 2018 Changes and Notice 2019-66

By Miranda Aavatsmark Who has not frantically awoken from a bad dream in the middle of the night and been relieved to realize that it was not real? I have a reoccurring dream (nightmare) that I either have to go back to college and retake classes or sit for the CPA exam again. I used […]

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Partnership Basis Reporting Changes

Partnership Basis Reporting Changes

In September 2019, the IRS released a draft 2019 Form 1065 and Schedule K-1 with their respective instructions, suggesting that partnership capital accounts would have to report on the tax basis vs. GAAP or any other method of reporting. This change in capital account reporting meant that many partnerships would have to spend considerable amounts […]

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Ways Your Taxes will Change in 2020

Ways Your Taxes will Change in 2020

Even though the New Year is just upon us, and we are working diligently to get our taxes filed for 2019, it is also time to start looking ahead to the 2020 tax year. As it happens, just before the holidays, two important pieces of tax legislation were passed as part of a year-end appropriations […]

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Ways to Jumpstart Your 2020 Self-employed Tax Strategy

Ways to Jumpstart Your 2020 Self-employed Tax Strategy

Many self-employed taxpayers may be looking for strategies that could help jumpstart future tax years. Here are a few strategies that self-employed taxpayers can take advantage of to help minimize their tax burden. SEP IRA SEP IRA is a great way for the self-employed to be able to provide a retirement option to their employees […]

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Research and Development Credits Could Impact Your 2019 Tax Savings

Research and Development Credits Could Impact Your 2019 Tax Savings

Income taxes can be a major driving force in key business decisions on a daily basis. Income taxes have significant impact on cash flow, can influence decisions on how to price jobs, and can impact how much employees are paid. Taking advantage of tax credits can help strengthen cash flow and increase the ability to […]

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Highlights of Spending Package’s Tax Law Changes

Highlights of Spending Package’s Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement […]

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IRS Update: Rules for Using Per Diem Rates

IRS Update: Rules for Using Per Diem Rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem […]

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Spending Bill Extends Tax Breaks & Adds Retirement Account Provisions

Spending Bill Extends Tax Breaks & Adds Retirement Account Provisions

Congress reached an agreement on a massive government-wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. […]

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PARTNERSHIP CAPITAL ACCOUNTS_ 2018 CHANGES AND NOTICE 2019-66 (1)

Change in Accounting Method: Is now the time?

By Miranda Aavatsmark As I sit down to write this, it is a couple of days post-Halloween and I changed out my spring door wreath for my fall one. This year has been the first full year to realize most of the tax reform changes and needless to say, accounting professionals have been quite busy. But […]

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Form 990 Compensation Reporting

Form 990 Compensation Reporting

When your favorite time of year rolls around (completing your organization’s Form 990, of course!), it can be difficult to know what you should be providing to your tax return preparer when they ask for “compensation” to complete Form 990, Part VII as well as Schedule J, Part II, if applicable. Form 990 requires an […]

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Trim Your Tax Bill: Three Last-Minute Tips

Trim Your Tax Bill: Three Last-Minute Tips

Good news — there is still time to reduce your 2019 tax liability. Here are three strategies that may help you cut your taxes before year-end: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make your January 2020 payment this […]

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Updated rules for mileage-related deductions

Updated Rule for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates. […]

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R&D Credits for Small Manufacturers

R&D Credits for Small Manufacturers

Many manufacturers take advantage of the federal income tax credit for increasing research activities, more commonly referred to as the “R&D credit.” Enacted back in 1981, the R&D credit was a way for the federal government to reward companies based on their investment in developing new products and processes. The most common form of utilizing […]

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2 valuable year-end tax-saving tools for your business

Two Valuable Year-End Tax-Saving Tools for Your Business

At this time of year, many business owners are trying to do what they can to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture, or […]

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Webinars

Employer Tax Credits for Providing Paid Sick and Family Leave Related to COVID-19

The American Rescue Plan Act, enacted March 11, 2021, aims to deliver economic relief to families and workers. On April 21, President Biden announced a provision of the American Rescue Plan Act that allows eligible employers to claim refundable tax credits for providing emergency paid sick leave to employees who take time off for reasons […]

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IRS Deadline Extension

IRS Extends Tax Filing Deadline

On March 17, the IRS ended weeks of speculation and issued an information release (IR-2021-59), which provides individual taxpayers an additional month to file their income tax returns. Individuals now have until May 17, 2021, to file their Form 1040, and no interest or penalty on taxes due will begin to accrue until that date. […]

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IRS Deadline Extension

The American Rescue Plan Act – What it Means for your Income Taxes – Now and in the Future

By: Derek Gray, CPA, Director On Saturday, March 6, the Senate passed a $1.9 trillion COVID-19 relief package, The American Rescue Plan Act, with the House expected to pass the bill on Tuesday, March 9.  President Biden hopes to sign this bill into law before unemployment aid programs expire on March 14. Provisions in the […]

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Understanding the Employee Retention Credit (ERC)

On-Demand Webinar: Understanding the Employee Retention Credit (ERC): What You Need To Know

You’re Invited! On Wednesday, March 3, 2021, Blue & Co. hosted a webinar entitled Understanding the Employee Retention Credit (ERC): What You Need To Know. In this session, you will learn more about the expansion of the Employee Retention Credit (ERC). The panelists discuss: Explanation of the credit and amounts Who is eligible to take […]

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