In a statement (IR-2019-132) issued on July 26, 2019, the IRS announced that it would be sending letters to taxpayers who may have unreported income relating to virtual currency transactions, or who may not have reported the transactions correctly on previously filed returns. In this statement, Charles Rettig, the IRS commissioner, encouraged all taxpayers to… [Read More]
Recently the IRS released additional guidance on a large number of issues related to the Qualified Business Income (QBI) Deduction (Section 199A). This deduction allows certain taxpayers who have flow thru businesses (S Corporations, partnerships, sole proprietorships) to take a 20% deduction on the related income. To qualify, the activity has to rise to the level of a trade or business. Question: is rental activity a trade or business?
A long, long time ago (well, 2015), a Republican Congress enacted and President Obama signed the Bipartisan Budget Act of 2015. One feature of that legislation was the enactment of new IRS audit rules for partnerships. The effective date was set as January 1, 2018. Now, with preparation of the 2018 tax returns, the time has come to talk again about the impact of these rules.
Maloney & Kennedy, PLLC, Certified Public Accountants, would like to announce the appointment of Richard J. Maloney, CPA, ABV (Rick) to the Board of Directors for Girls, Inc. Rick is honored to be involved with this organization, where he hopes to apply over 30 years of business planning and financial experience in a way which… [Read More]
June 28, 2018 In a 5-4 vote and an opinion written by Justice Kennedy on June 21, 2018, the US Supreme Court decided South Dakota v. Wayfair, Inc. Basically, this opinion states that physical presence is not a necessary requirement in determining nexus rules (i.e. whether a business has a connection to a state). The… [Read More]
2018 Fly-in Participant Press Release
Richard Maloney presented “The New Tax Law” at the New Hampshire Association for Justice’s annual Continuing Legal Education Seminar on Family Law on February 9. Attended by over 100 attorneys, speakers included judges and experienced family law practitioners. The seminar was intended to assist trial attorneys in understanding and navigating through the complex issues associated… [Read More]
Presenting on February 9, 2018 in Concord New Hampshire at the New Hampshire Business and Industry Small Business Day, Kevin Kennedy, CPA, CFE on the new federal tax law “The Tax Cut and Jobs Act” and its implications to small New Hampshire businesses. Presenting along with Kevin were Karl A. Heafield, CPA MST, John Rich,… [Read More]