Observations

As the weather turns warmer and our thoughts turn to summer, we would like to remind you that some businesses who apply and receive federal research and development credits may… [Read More]

Just a little reminder from Maloney and Kennedy, though we think you may already be on top of it… If your S corporation pays health and accident insurance premiums on… [Read More]

Taxpayers can transfer substantial amounts free of gift taxes to their children or other donee each year per person through the proper use of the annual gift exclusion. The current… [Read More]

The state-sponsored New Hampshire Paid Family & Medical Leave insurance plan (“NH PFML”) is available for all employers and eligible employees. This plan allows employees to purchase PFML insurance that… [Read More]

The Taxpayer Certainty and Disaster Relief Act of 2020 provides a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary… [Read More]

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,… [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.